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Monad Explained

Monad Explained

Learn about Monad, a next-gen blockchain platform, delivering rapid transactions and Ethereum compatibility, poised to transform smart contracts.

Summary: Monad's Layer 1 network is poised to redefine EVM scalability, capable of processing up to 10,000 transactions per second with one-second block times. This performance is powered by its innovative MonadBFT consensus mechanism and compatibility with the Ethereum Virtual Machine, ensuring rapid and efficient processing. The platform's integration of parallelized processing  substantially enhances its throughput and is a similar design to that of Solana.

Recently, Monad Labs, led by Keone Hon, raised $225 million in a Paradigm-led funding round, supporting its strategic development and expansion. Monad is scheduled for a public testnet debut in mid-Q2 2024, with a mainnet launch anticipated later in the year.

Monad Overview
4.5 out of 5.0 by Datawallet
Monad is a next-generation decentralized Layer 1 smart contract platform that offers rapid transactions, Ethereum compatibility, and advanced features like parallel execution, aiming to revolutionize the blockchain space.
Technical Details
EVM-compatible Layer 1 blockchain.
Fundraising
$19 Million by Dragonfly, Placeholder, Hasu and others.
Consensus Mechanism
MonadBFT with 10,000 TPS.

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What is Monad?

Monad is an innovative Layer 1 smart contract platform built by Keone Hon (@KeoneHD) that marks a new generation in blockchain scaling. It offers rapid transaction processing, handling up to 10,000 transactions per second, with a remarkable one-second block time and instant finality. This high efficiency is made possible through its unique MonadBFT consensus mechanism and its compatibility with the Ethereum Virtual Machine (EVM), making it a seamless option for developers and users within the Ethereum ecosystem.

A key feature of Monad is its parallel execution capability, which processes multiple transactions simultaneously, unlike the sequential approach used in traditional blockchain systems. This approach utilizes Optimistic Concurrency Control (OCC) and Software Transactional Memory (STM) to ensure data integrity and maximize network throughput without sacrificing reliability or security. Such technical enhancements position Monad as a high-performance alternative in the blockchain space.

What is Monad

How does Parallel Execution Work?

Monad distinguishes itself in the Layer 1 blockchain space through its advanced parallel execution and pipelined consensus mechanism, MonadBFT. Unlike Ethereum's sequential transaction processing, Monad processes multiple transactions simultaneously, employing techniques like Optimistic Concurrency Control (OCC) and Software Transactional Memory (STM) for accuracy and integrity. This enables a significant increase in throughput.

MonadBFT, a unique consensus mechanism, separates transaction ordering and execution into different stages, facilitating instant finality within each block. This pipelined approach allows Monad to achieve up to 10,000 transactions per second (TPS), offering a competitive edge over Ethereum's lower TPS capacity and aligning closely with high-throughput blockchains like Solana. Additionally, Monad's Ethereum Virtual Machine (EVM) compatibility ensures ease of adoption within the Ethereum ecosystem.

Parallel Execution

Monad Key Benefits

Monad, as a next-generation smart contract platform, offers several key benefits:

  • High Transaction Throughput: Monad can process up to 10,000 transactions per second, significantly outperforming many existing blockchains. This high throughput is ideal for applications requiring rapid transaction processing.
  • Parallel Execution: Utilizing parallel execution, Monad processes multiple transactions simultaneously, enhancing network efficiency and reducing latency compared to traditional sequential execution methods.
  • Instant Finality: Thanks to the pipelined consensus mechanism, MonadBFT, transactions achieve finality instantly within each block, providing faster and more reliable transaction settlement.
  • Ethereum Compatibility: Monad is fully compatible with the Ethereum Virtual Machine (EVM), making it easier for developers to port existing Ethereum applications and for users to transition with familiar tools and interfaces.
  • Optimized for Scalability: The innovative architecture of Monad, including its parallel execution and pipelined consensus, is specifically designed to address scalability issues, enabling the platform to support a growing number of transactions and users.
  • Lower Operational Costs: The efficiency of Monad's system potentially leads to lower transaction fees, making it an economically attractive platform for users and developers.

Monad Raise

Monad Lab has successfully secured a $225 million funding round led by Paradigm. This significant financial boost will support the expansion of Monad's team and its progression towards production. The investment round also saw contributions from notable firms like Electric Capital, Coinbase Ventures, Castle Island Ventures, GSR Ventures, and Greenoaks. Prominent angel investors, including figures such as Inversebrah, Ansem, Hsaka, punk6529, Eric Wall, Rune Christensen, Bryan Pellegrino, Luca Netz, and Mert Mumtaz, also participated.

Monad Raise

When is Monad Mainnet?

Monad's mainnet launch is scheduled for Q4 of this year, following the initiation of its Devnet, which has already demonstrated capabilities of handling 10,000 transactions per second. Currently, the project is in the Devnet phase, focusing on refining and expanding its innovative Ethereum-compatible Layer 1 blockchain before proceeding to the public testnet and subsequent mainnet release.

Bottom Line

Monad is set to significantly advance parallelized EVM blockchains with its innovative Layer 1 platform, capable of processing up to 10,000 transactions per second with immediate block finality. This efficiency is achieved through its distinctive parallel execution and the MonadBFT consensus mechanism, which together enhance performance and ensure seamless integration for Ethereum developers. With its Devnet already operational and demonstrating its next-level throughput, Monad is progressing towards a mainnet launch anticipated in Q4 this year.

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