SUI Network Founder reveals why he Left Facebook at 50 to Build What Crypto Couldn't | E125

Introduction

This tutorial explores the insights shared by Evan Cheng, co-founder and CEO of Mysten Labs, during a conversation about his journey from Facebook to launching the Sui Network. By breaking down his experiences, strategies, and lessons learned, this guide aims to provide a roadmap for those interested in entrepreneurship, blockchain technology, and the future of cryptocurrency.

Step 1: Understand the Problems with Current Blockchain Infrastructure

• Recognize the issues with existing blockchain systems:

  • Centralization: Many projects have failed to achieve true decentralization, reverting back to centralized solutions.
  • Inefficiency: Current technologies often do not meet the needs of users and businesses.

• Learn from past failures:

  • Reflect on why significant projects like Facebook's Libra initiative were shut down.
  • Identify key areas where previous crypto attempts fell short.

Step 2: Embrace the Entrepreneurial Spirit

• Consider starting a company later in life:

  • Evan Cheng began his venture at age 50, demonstrating that it's never too late to pursue new opportunities.
  • Embrace the motivation that comes from being overlooked or underestimated.

• Build a strong co-founder team:

  • Collaborate with like-minded individuals who share your vision.
  • Establish clear roles and responsibilities to manage a team of multiple co-founders effectively.

Step 3: Focus on User and Business Needs

• Shift the focus from investors to end-users:

  • Design technology that addresses real business problems and enhances user experience.
  • Engage with potential users to understand their pain points and expectations.

• Create infrastructure that businesses want:

  • Develop solutions that prioritize speed, privacy, security, and accessibility.
  • Look for feedback to iterate and improve the technology continuously.

Step 4: Secure Funding and Resources

• Explore fundraising strategies:

  • Mysten Labs raised $300 million to support its vision; consider various funding sources, including venture capital and angel investors.
  • Build a compelling narrative around your project to attract potential investors.

• Utilize partnerships to enhance growth:

  • Form alliances with established entities in the blockchain space.
  • Leverage resources and expertise from partners to strengthen your project.

Step 5: Maintain a Long-Term Vision

• Commit to a 20-year vision:

  • Establish clear long-term goals for your project, acknowledging that the journey may be lengthy and challenging.
  • Adapt and evolve your strategies based on market changes and technological advancements.

• Stay motivated despite challenges:

  • Use skepticism from outsiders as fuel to prove your vision's validity.
  • Celebrate small wins while remaining focused on the bigger picture.

Conclusion

Evan Cheng's journey emphasizes the importance of addressing foundational issues in technology, embracing entrepreneurship at any age, and prioritizing user needs in product development. By understanding these key principles and maintaining a long-term vision, aspiring entrepreneurs can navigate the complexities of the blockchain landscape and potentially revolutionize the industry. For further exploration, consider researching the Sui Network and its applications in the cryptocurrency space.