BytePlus, the enterprise technology division of ByteDance, the parent company of TikTok, has announced its foray into Web3 through a strategic partnership with Mysten Labs, the developers of the Sui layer-1 blockchain.
In an announcement made on April 17, BytePlus outlined its plans to leverage its existing expertise in artificial intelligence (AI) and data warehousing to empower the Sui ecosystem, with a specific focus on Web3 gaming and SocialFi projects.
The partnership will involve the integration of BytePlus’ advanced solutions, including ByteHouse, a cloud-native data warehouse, with Sui’s full-node data.
According to the announcement, the integration of BytePlus could potentially enhance Sui’s analytics capabilities by enabling unlimited scalability and real-time data processing.
Mysten Labs stands to benefit from the high-performance and low-maintenance features of ByteHouse, which could ultimately accelerate data delivery for users on the Sui network.
Evan Cheng, the co-founder and CEO of Mysten Labs, expressed his belief that the partnership could revolutionize data analytics in the Web3 space.
Cointelegraph has reached out to ByteDance for further details on its Web3 endeavors.
It is worth noting that this is not the first time ByteDance has explored Web3 technology. In 2019, the company reportedly established a joint venture with a state-owned Chinese media group to develop blockchain and AI-focused business ventures.
In June 2020, ByteDance applied for a virtual banking license in Singapore as part of its efforts to enter the digital finance scene.
On the other hand, Sui is a relatively new layer-1 network introduced by Mysten Labs in March 2022. However, ecosystem development has gained significant momentum in recent months through various partnerships.
In February, the Sui Foundation collaborated with a university in the United Arab Emirates to launch a blockchain academy. A month later, it was revealed that the Greek stock exchange, ATHEX, would utilize the Sui blockchain ecosystem for its new fundraising mechanism.
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