Monad - Layer 1 blockchain, aiming to process 10,000 transactions per second
Monad is a first-layer blockchain that uses a proof-of-stake consensus mechanism and is highly compatible with the Ethereum Virtual Machine (EVM). The project successfully raised $19 million in a seed round led by Dragonfly Capital. So what is so special about the Monad project? Let's find out through the following article!
Monad Project Overview
What is a Monad?
Monad is a first-layer blockchain that uses a proof-of-stake consensus mechanism and is highly compatible with the Ethereum Virtual Machine (EVM). In addition, Monad uses a parallel execution mechanism that enables the network to process 10,000 transactions per second (TPS - transactions per second).
The project was founded and developed by former members of Jump Trading LLC and aims to make Monad a secure EVM layer-1 blockchain with fast and low-cost transaction processing capabilities.
How Monads work
Currently, blockchain EVMs are still struggling to improve scalability because they use a sequential execution mechanism. Although the sequential execution mechanism is widely used in blockchain EVMs, its disadvantage is that only one transaction is executed at a time, and these transactions must be processed in sequence.
For example, Ethereum currently only processes about 10 transactions per second (TPS), while the fastest EVM chain is BNB Chain, which only achieves over 200 TPS. From this we can see that EVM blockchains using sequential execution are not impressive in terms of processing throughput, and it takes time for users when transactions take a long time to be confirmed.
In order to recognize the limitations of sequential execution, Monad developed a parallel execution mechanism, but still highly compatible with EVM. This mechanism allows Monad to classify independent transactions and process them efficiently at the same time. Therefore, Monad aims to be able to process 10,000 transactions per second, helping users save time by not having to wait for each transaction to be confirmed in turn like other blockchain EVMs.
For example: John receives money from Harry and Chris receives money from James. We can see that these are two separate transactions. In the EVM blockchain, these two transactions will be processed sequentially, while in Monad, these two transactions will be executed in parallel at the same time.
Highlights of Monads
EVM compatibility: Monad is highly compatible with the EVM, which will enable developers developing on Ethereum or other EVM blockchains in the future to easily extend their products to Monad.
Use parallel execution mechanism: Monad adopts parallel execution mechanism, which can process multiple transactions at the same time, and the network can handle 10,000 transactions per second. In addition, Monad's high compatibility with EVM combined with parallel execution will help users reduce transaction fees without affecting security.
Token Basics
Currently, Monad has not released any information regarding the token launch. Coin68 will update the project as soon as it releases the latest information.
Development Roadmap
Currently, Monad has not updated its specific development roadmap. However, the project has announced that it will launch a testnet to users on May 19.
development team
Monad's development team is mainly composed of former members of Jump Trading LLC or personnel from well-known financial institutions, such as:
Keone Hon: He is currently the co-founder and Chief Executive Officer (CEO) of Monad Labs. Keone previously worked as Head of Trading at Jump Trading LLC for 8 years and as Head of DeFi Application and Blockchain Infrastructure Development at Jump Crypto.
James Hunsaker: He is currently the co-founder of Monad Labs. James has held senior positions such as vice president at financial institutions such as J.P. Morgan and Goldman Sachs. Before starting Monad Labs in February 2022, James worked as a software engineer at Jump Trading LLC for 8 years.
Eunice Giarta: She is currently the Chief Operating Officer (COO) of Monad Labs. Eunice has worked as a trader and product manager at financial institutions such as Bank of America, Broadway Technology, and Shutterstock.
investor
Monad successfully raised $19 million in a seed round led by Dragonfly Capital. In addition, Monad also received financial support from other investment funds such as Shima Capital, Placeholder and Lemniscap.
Partner
Currently, Monad has no specific information about its official partners.
Summarize
Monad is a first-layer blockchain that uses a proof-of-stake consensus mechanism and is highly compatible with the Ethereum Virtual Machine (EVM). In addition, Monad uses a parallel execution operation mechanism that enables the network to process 10,000 transactions per second. However, the project is still in the testnet stage, and we need to wait for the project to be officially launched on the mainnet to verify the feasibility of the blockchain.
Through this article, you must have some basic information about the Monad project so that you can make your own investment decisions.
