United

Evan

Foundation

BytePlus — the enterprise technology arm of ByteDance, TikTok’s parent company — has announced a move into Web3 through a strategic partnership with Mysten Labs, the developers behind the Sui layer-1 blockchain.&nbsp;
In a statement on April 17, BytePlus explained how it plans to use its existing knowledge and experience in artificial intelligence (AI) and data warehousing to empower the Sui ecosystem, with a particular focus on Web3 gaming and SocialFi projects.
The partnership will see BytePlus integrate its cutting-edge solutions, including ByteHouse — a cloud-native data warehouse — with Sui’s full-node data.
According to the announcement, a BytePlus integration could potentially boost Sui’s analytics capabilities by enabling infinite scalability and real-time data processing.
Mysten Labs will benefit from the high-performance, low-maintenance nature of ByteHouse, which could ultimately accelerate data delivery for users on the Sui network.
Evan Cheng, the co-founder and CEO of Mysten Labs, said the partnership could “revolutionize” data analytics in the Web3 sphere.
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 “Integrating cutting-edge AI and visual algorithms into Sui signifies a leap forward for user experience within Web3 gaming platforms and SocialFi projects."
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Cointelegraph has reached out to ByteDance for additional information on its move into Web3.&nbsp;
Related: <a href="https://cointelegraph.com/news/blockchain-revolutionize-digital-securities-management-stock-exchanges" rel="noopener noreferrer nofollow">Can blockchain revolutionize digital securities management for stock exchanges?</a>
This is not the first instance of ByteDance exploring Web3 technology. In 2019, it was reported that the company <a href="https://cointelegraph.com/news/tiktok-owner-reportedly-working-with-chinese-state-media-on-blockchain" rel="noopener noreferrer nofollow">launched a joint venture</a> with a state-owned Chinese media group to develop business arms directed at blockchain and AI.
In June 2020, ByteDance sought out a <a href="https://cointelegraph.com/news/chinese-tech-group-behind-tiktok-looks-to-enter-finance" rel="noopener noreferrer nofollow">virtual banking license in Singapore</a>&nbsp;in an effort to enter the digital finance scene.
Sui, on the other hand, is a newer layer-1 network introduced by Mysten Labs in March 2022. However, development in the ecosystem has greatly accelerated over the last few months with new partnerships.
In February, the Sui Foundation <a href="https://cointelegraph.com/news/sui-foundation-blockchain-academy" rel="noopener noreferrer nofollow">partnered with a university</a>&nbsp;in the United Arab Emirates to launch a blockchain academy. A month later, it was revealed that the Greek stock exchange, ATHEX, would <a href="https://cointelegraph.com/news/greek-stock-exchange-sui-blockchain-on-chain-fundraising" rel="noopener noreferrer nofollow">deploy its new fundraising mechanism</a> via the Sui blockchain ecosystem.
Magazine: <a href="https://cointelegraph.com/magazine/blockchain-transactions-per-second-tps-stupid-big-questions/" rel="noopener noreferrer nofollow">Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions</a>

TikTok parent company explores on-chain possibilities for Web3 gaming and AI

Cointelegraph

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