$Alibaba(BABA)$
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The cloud computing arm of Alibaba has signed a deal with a crypto firm to work on advancements to Web3 ecosystems, marking a push into the blockchain space by the Chinese e-commerce company.
Alibaba Cloud—the fast-growing high-tech arm of Alibaba (ticker: BABA)—signed a memorandum of understanding with Mysten Labs, the original developer of the Sui blockchain network, Mysten announced Tuesday.
Sui is a so-called layer-1 blockchain—standing alone as a network like Bitcoin or Ethereum —as opposed to layer-2 blockchains like Polygon, which sit atop other networks. Along with being the initial developer of Sui, which is now decentralized, Mysten is focused on infrastructure for Web3—a future vision of the internet based on decentralization with the crypto economy at its heart.
Decentralized systems, which are used by many cryptocurrencies, rely on a network of many individuals to support operations, rather than a single entity.