Monad (MON): A New Layer-1 That Enhances the Speed and Efficiency in Crypto
What is Monad (MON)?
Monad (MON) is a new Layer-1 blockchain designed to be compatible with and to enhance the Ethereum Virtual Machine (EVM). This means it can run the same smart contracts and dApps as Ethereum. However, Monad aims to improve upon Ethereum by offering faster transaction speeds, lower costs, and better scalability. With 10,000+ TPS, Monad can support a multitude of large-scale dApps in various categories such as DeFi, GameFi, metaverse, etc.
Who Created Monad (MON)?
The Monad Foundation is the organization behind Monad blockchain. This independent group is responsible for developing the technology, promoting its adoption, and ensuring its long-term success. The foundation focuses on community engagement, governance, and providing resources for developers who want to build applications on Monad.
Keone Hon, the CEO of Monad, is one of its co-founders. He has a strong background in computer science and blockchain technology, having worked at several tech startups before leading Monad. Under his leadership, Monad has focused on improving blockchain efficiency and transparency.
Eunice Giarta, the co-founder and General Manager of Monad Foundation, also brings years of experience in technology and finance. She has worked as a product manager at major firms like Shutterstock and Broadway Technology and has experience in banking, trading, and software development. Together, Keone Hon and Eunice Giarta are driving Monad toward becoming a major player in the blockchain space.
What VCs Back Monad (MON)?
Monad has attracted significant interest from investors. In 2023, Monad raised $19 million from Dragonfly Capital, Placeholder Capital, Lemniscap, Finality Capital, Shima Capital, Naval Ravikant, Cobie, Hasu, and others. Then, in 2024, the project raised $225 million in a funding round led by Paradigm, one of the biggest names in blockchain venture capital. Other major investors in this round included Electric Capital, Coinbase Capital, among others.
How Monad (MON) Works
Monad achieves its impressive performance through several innovative technologies:
1. MonadBFT Consensus Mechanism
Efficient Agreement
Monad uses a consensus protocol called MonadBFT, an optimized version of the HotStuff algorithm. This system streamlines communication between nodes (computers in the network) and block leaders (nodes proposing new blocks), reducing the number of steps needed to agree on new blocks.
Fallback Mechanism
If the block leader doesn't propose a valid block in time, MonadBFT has a backup process. This ensures the network can still reach an agreement, even if there are delays or issues.
2. Asynchronous Execution
Decoupling Processes
In Monad, the process of agreeing on the order of transactions (consensus) is separated from the process of executing those transactions. This means nodes can decide on the order of transactions without immediately executing them, allowing both processes to run simultaneously in different "lanes."
Efficient Use of Time
By separating these processes, Monad ensures that both consensus and execution can use the full block time (one second) independently, leading to better performance.
3. Parallel Execution
Concurrent Processing
Unlike traditional blockchains that process transactions one after another, Monad executes multiple transactions at the same time. This is possible through a method called optimistic execution, where transactions are processed in parallel, and any conflicts are resolved by re-executing affected transactions.
Dependency Management
Monad uses tools to predict which transactions might affect each other. By understanding these dependencies, it schedules transactions more effectively, reducing the chances of conflicts and the need for re-execution.
4. MonadDb Storage System
Custom Database
MonadDb is a specialized database designed to store blockchain data efficiently. It uses a structure called a Patricia Trie, which helps organize data in a way that's both space-saving and quick to access.
Asynchronous Input/Output (I/O)
To support multiple transactions happening at once, MonadDb handles data reads and writes without causing delays. This is achieved through asynchronous I/O, allowing the system to continue processing other tasks while waiting for data operations to complete.
Direct Storage Access
MonadDb can bypass traditional file systems, writing data directly to storage devices. This reduces overhead and improves performance, especially when using modern solid-state drives (SSDs).
Efficient Data Management
As the blockchain grows, MonadDb manages old data by compacting and organizing storage space. This ensures the system remains fast and doesn't consume unnecessary storage.
Closing Thoughts
Monad is an exciting new blockchain that promises to bring high speed, low costs, and better efficiency to smart contracts and decentralized applications. By using parallel execution, an optimized virtual machine, and an improved storage system, Monad aims to solve Ethereum’s biggest problems while remaining compatible with its ecosystem.
If Monad succeeds, it could become a major player in the blockchain space, offering a faster and more scalable solution for developers and users worldwide. However, it will need to prove its reliability, security, and ability to attract adoption in the competitive crypto landscape.
Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading guidance. Qualified professionals should be consulted prior to making financial decisions.
