The CEO of Mysten Labs seeks to raise more than $100 million for a Web3 fund
It is reported that Evan Cheng, CEO of Sui development company Mysten Labs, is seeking to raise more than US $100 million for a Web3 fund.
Interpretation of this information:
Evan Cheng, the CEO of Mysten Labs, a technology development company, is reportedly looking to gather more than $100 million for a Web3 fund. The objective of this financial resource is to finance developmental projects that are committed towards creating a more user-friendly, decentralized internet. The initiative is in response to the ever-increasing popularity of block-chain technology, which has a huge potential to upgrade internet functions, paving the way for a second phase of the internet’s evolution.
The blockchain technology offers many advantages over the current internet system. Its smart contracts allow for secure sharing of data and the tracking of transactions. This is because of the decentralized nature of the system, which means that there is no central authority controlling the network. This development will promote more transparency in applications, allowing users to control their data and personal information. Also, it will have a considerable impact on the financial sector, where transactions will become faster, safer and with fewer intermediaries.
Mysten Labs has been developing and experimenting with blockchain applications for a couple of years, and its CEO is convinced that the technology is the future of the web. With blockchain technology, users have the benefit of returning control of their data to themselves. The development of applications, which utilize blockchain technology, and other decentralized web features is critical. The Web3 fund that Evan Cheng is trying to raise will go a long way in developing these kinds of applications.
Cheng is reputed in the blockchain industry, having served as a vital developer on Ethereum at its critical and formative stage. His expertise in the blockchain industry is seen as crucial in attracting investors for the planned Web3 fund. It will be interesting to watch how the Web3 fund raises the capital it requires to see the light of day, considering global economic struggles due to the pandemic.
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