The cryptocurrency space may soon witness a major innovation that promises to keep transactions flowing even without internet connectivity. The Sui blockchain, developed by Mysten Labs, is at the forefront of this technological advancement with their new 'internet-less transactions.'
New Technology by Mysten Labs
Mysten Labs co-founder Adeniyi Abiodun highlighted the capability of transmitting transactions using alternative communication channels. This includes mobile networks, radio waves, and even under-water wave signals. According to Abiodun, these methods have been tested successfully. 'We can transmit transactions using multiple communication channels without the internet as a relay,' he explained.
Capabilities and Applications
This development is especially critical for areas frequently facing internet disruptions. These areas include those prone to natural disasters or where internet access is generally poor. The technology ensures that cryptocurrency users can continue their transactions uninterrupted. Moreover, the Sui blockchain’s internet-less transactions could transform the Internet of Things (IoT) devices. These devices are integral to decentralized physical infrastructure (DePIN) projects. Such projects are increasingly gaining traction in the decentralized web space, known as Web3. DePINs are envisioned to disrupt industries like cloud computing. They enable public participation in managing a collective piece of infrastructure while potentially earning rewards. Abiodun expressed his enthusiasm for DePINs, noting their natural integration into public infrastructure projects.
Partnership and Future Plans
In scenarios where cellular connectivity fails, Sui’s solution involves using mesh networks. These networks can operate independently of traditional internet and cellular data services, utilizing satellites or radio relays instead. Financial inclusion remains a key focus for the Sui team. They are dedicated to lowering barriers to accessing financial services, thereby reaching more users. 'The more people that can access, the stronger the network effects you create,' Abiodun stated, emphasizing the importance of expanding financial services to underserved populations. Mysten Labs is collaborating with Chip Wireless, a Canadian mobile service provider, to refine and expand their technology. Their target markets include Africa, where they see significant potential to bridge the digital divide without incurring high costs for users.
Sui’s internet-less transactions represent a significant step toward ensuring continuous access to cryptocurrency services, regardless of internet availability. This technology not only promotes resilience in face of connectivity issues but also broadens the scope of digital financial inclusion globally.
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