Summary: Monad is an advanced decentralized Layer 1 smart contract platform offering high-speed transaction capabilities and full Ethereum compatibility. Utilizing unique features like parallel execution, the platform can handle 10,000 transactions per second. Founded by Keone Hon and backed by $19 million in seed funding, Monad Labs aims to revolutionize the blockchain space with a testnet release by end of Q4 and a mainnet launch to follow.
What is Monad?
Monad is a next-generation, decentralized Layer 1 smart contract platform designed to be both Ethereum-compatible and highly efficient. It stands out for its rapid transaction capabilities, boasting 10,000 transactions per second, 1-second block times, and instant finality, all underpinned by its MonadBFT consensus mechanism.
The platform employs advanced features like parallel execution and superscalar pipelining to optimize performance while maintaining full compatibility with the Ethereum Virtual Machine (EVM) and Ethereum RPC API. This makes it a seamless and high-performance alternative for developers and users who are already embedded in the Ethereum ecosystem.
How does Parallel Execution Work?
In Monad, parallel execution is a technique used to process multiple transactions simultaneously rather than one at a time, as is commonly seen in traditional blockchain systems like Ethereum. The idea is to accelerate the throughput and efficiency of the network. However, this doesn't mean that the transactions are executed in a fundamentally different manner. Monad's blocks retain the same linearly ordered set of transactions as in Ethereum, and the result of executing these transactions also remains the same.
To keep things accurate, Monad employs "optimistic execution." Here, transactions start running even if prior ones in the block aren't done. If a transaction uses outdated data, it's flagged for a rerun with updated info. This check is done by comparing transaction inputs and outputs. Techniques like Optimistic Concurrency Control (OCC) and Software Transactional Memory (STM) are used to maintain data integrity while maximizing speed. So, Monad aims to handle more transactions quickly without compromising reliability or security.
Who Founded Monad Labs?
Keone Hon (@keoneHD on X.com) is the visionary founder and CEO of Monad Labs, a team focused on optimizing the Ethereum Virtual Machine through pipelined execution. With a rich background in high-frequency trading firms, Keone saw the limitations of the current blockchain infrastructure and set out to reimagine the EVM for high-performance trading.
Monad Labs has secured $19 million in seed funding, led by Dragonfly Capital, to scale its Ethereum-compatible smart contract platform. The protocol was co-founded by Keone Hon, Eunice Giarta, and James Hunsaker in 2022. The funding will be used to double the team size and is backed by 70 participants including Placeholder Capital and Naval Ravikant. The platform is set for a testnet phase soon, with a mainnet launch later this year.
When is Mainnet?
Monad Labs plans to roll out their testnet by the end of Q4 this year. The mainnet launch is expected to follow sometime later, although an exact date hasn't been announced yet.
In conclusion, Monad offers a promising next-generation, decentralized smart contract platform emphasising speed, efficiency, and Ethereum compatibility. With features like parallel execution and MonadBFT consensus, it can handle a staggering 10,000 transactions per second, making it a viable alternative for those already in the Ethereum ecosystem.
Led by Keone Hon, who brings expertise from high-frequency trading, Monad Labs has secured $19 million in seed funding and is poised for testnet and mainnet launches. As the platform matures, it stands to become a key player in the blockchain space, especially for those seeking high-performance and reliable smart contract capabilities.