Today, we announce Sui to the world. Sui is the first permissionless Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in web3. Sui is horizontally scalable to support a wide range of application development with unrivaled speed at low cost. In 2021, we decided to leave the comfort of Meta to build Mysten Labs — a company dedicated to rethinking web3 infrastructure from first principles. Sui is our first act, and it’s a big step. It is not a derivative of the Diem network or an incremental improvement. It is a step-function advancement in blockchain technology to meet the needs of the next generation of crypto users and developers. Parallel agreement — a breakthrough in system design: Sui scales horizontally with no upper bound to meet application demand while maintaining extremely low operating costs per transaction. Its system design breakthrough eliminates a critical bottleneck in existing blockchains: the need to achieve global consensus on a total-ordered list of transactions. This computation is wasteful given most transactions are not contending for the same resource against other transactions. Sui takes a significant leap in scalability by enabling parallel agreement on causally independent transactions. Sui authorities commit such transactions using Byzantine consistent broadcast, eliminating global consensus’s overhead without sacrificing safety and liveness guarantees. This breakthrough is only possible with Sui’s novel data model. Thanks to its object-centric view and Move’s strong ownership types, dependencies are explicitly encoded. As a result, Sui both agrees on and executes transactions on most objects in parallel, while a minority of transactions that affect shared state are ordered via Byzantine fault tolerant consensus and executed in parallel.