Taking an important step towards embracing the growing creative economy, Dentsu Group, a major Japanese company, announced on July 25 that it is collaborating with altcoin developer Mysten Labs to build a creative economy on the Sui Blockchain. Here are the details…
Dentsu Group became a partner with the Altcoin project
The creative economy is gaining momentum around the world with the proliferation of social media platforms and innovative monetization methods. With this project, Dentsu is building a robust ecosystem on the Sui Blockchain. It aims to further stimulate the growth of the creative economy, particularly in the Japanese gaming industry and digital entertainment industry. The project is a joint effort between Dentsu’s research and development organization “Dentsu Innovation Initiative” and its group company “3RD GEAR”. To support the development of Sui, Dentsu Ventures has invested in Mysten Labs, which was founded by experts formerly included in Meta’s Diem (formerly Libra). This investment brings valuable knowledge and technological expertise from Diem to enhance Sui’s capabilities.
【お知らせ】
セプテーニグループの3RD GEARは、株式会社電通グループと共同で、Mysten Labs, Inc.のオフィシャルパートナーとして、Mysten Labsが考案したブロックチェーン「Sui」上でDIDs技術を活用し、クリエイターエコノミー形成に向けたプロジェクトを開始しました。https://t.co/RVS19JnbRy— セプテーニHD 広報・IR (@Septeni_PR) July 25, 2023
Sui stands out as a Blockchain platform thanks to its extraordinary processing power and high scalability. To increase the adoption of Japanese intellectual property (IP) in the Web3 space, Dentsu plans to leverage Distributed Identity (DID) technology on the Sui Blockchain. This will facilitate seamless collaboration between overseas games and Japanese intellectual property. It will also foster a robust development ecosystem. One of the key features of Sui is the launch of “Sui Move”, an enhanced version of Diem’s programming language, which allows developers to create smart contracts on the Blockchain. The use of “Delegated Proof-of-Stake (DPoS)” as a consensus mechanism further increases the efficiency and scalability of the platform.
How will Sui and Dentsu work?
As Sui operates as an L1 Blockchain with smart contract functionality, Dentsu and Mysten Labs are diligently working to improve security by applying parallel processing to increase the platform’s transaction capacity. This approach is expected to increase the overall stability and reliability of the Blockchain. Dentsu’s vision for this venture extends beyond the instant project. It aims to create a society in which personal credit formation and autonomous decentralized information distribution are carried out primarily through Blockchain technology, especially in the field of entertainment content.
Dentsu aims to usher in a new era of collaboration, creativity and innovation by empowering creators and developers with tools and resources to use Japanese IP in the Web3 space. The potential impact of this project on the creative economy in Japan and beyond is huge, as it will likely lead to a more inclusive and decentralized ecosystem that directly rewards creators for their contributions. The partnership between Dentsu and Mysten Labs represents a powerful combination of traditional industry expertise and cutting-edge Blockchain technology. Backed by Dentsu’s long-established presence in the Japanese market and Mysten Labs’ technical prowess inherited from Diem, the Sui blockchain stands ready for success in driving the growth of the creative economy.
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