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 creators of the Sui layer-1 blockchain.
In a statement released on April 17, BytePlus outlined its plans to leverage its expertise in 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.
By integrating BytePlus’ technology, Sui’s analytics capabilities could be significantly enhanced, allowing for infinite scalability and real-time data processing, according to the announcement.
Mysten Labs will benefit from the high-performance and low-maintenance features of ByteHouse, which could expedite data delivery for users on the Sui network.
Evan Cheng, the co-founder and CEO of Mysten Labs, expressed his belief that the partnership has the potential to revolutionize data analytics in the Web3 sphere.
Li Long, the general manager MEA of BytePlusAs, told Cointelegraph that this move comes as a response to the growing trend of social and gaming platforms built on blockchain and Web3. Their objective is to enhance the Web3 social experience, foster close-knit communities, and create more immersive engagements.
This is not the first time ByteDance has explored Web3 technology. In 2019, the company partnered with a state-owned Chinese media group to establish business ventures focused on blockchain and AI.
In June 2020, ByteDance applied for a virtual banking license in Singapore to enter the digital finance scene.
On the other hand, Sui is a newer layer-1 network introduced by Mysten Labs in March 2022. However, its ecosystem has witnessed significant development 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 announced that the Greek stock exchange, ATHEX, would utilize the Sui blockchain ecosystem for its new fundraising mechanism.
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