The Primer
It’s as if you were in a game where every move requires a second of your life wasted on waiting and your character freezes right before you make a crucial movement in the game. Quite annoying, isn’t it? Monad is trying to fix that but in the confines of the blockchain world. With its cutting edge scalable architecture and AI fueled transaction systems, Monad seeks to bring an end to any delays brought about by blockchain networks along with complicated fees. Let’s see how the new blockchain achieves that. Also, don’t worry, we will use simple and amusing illustrations that will make everything clear, even for those who have never heard anything about blockchain – the crypto world!
What Is Monad Exactly?
You will understand it like that, if Ethereum and Solana had a child, they would have named it Monad. It is the offspring of a combination of two blockchains, directly the high performance Solana and smart contract systems Ethereum together with their low costs. The aim? Design a blockchain that is incredibly cheap, quick, scalable relative to other traditional blockchain while ensuring security.
Monad is a Layer One blockchain that was built with the next generation in mind. Enhanced security, incredible speed, scalability, and highly efficient. Perfect for Decentralized applications (dApps), NFTs, Decentralized Finance (DeFi) and much more. Monad aims to reach upwards of 10,000 transactions per second (TPS).
You can use existing Ethereum applications without difficulty since Monad operates fully on the Ethereum Virtual Machine (EVM).
The Project has been established by Keone Hon.
Attributes of Monad Blockchain
- 🚀 Lightning Speed Transactions: Monad’s transaction processes are incredibly swift. Its thousands of transactions per second (TPS) capability exceeds that of numerous classical blockchains.
- 💸 Economical Fees: Due to Monad’s optimized design, fees associated with transactions are very reasonable, and sending crypto will not result in a financial strain.
- 🔒 Security Matters: Monad’s speed does not come at the cost of security. The blockchain employs sophisticated cryptographic methods to protect your assets, which keeps them safe.
- 🌱 Environmentally Friendly: It is more powerful than the Bitcoin blockchain because of its lesser energy usage fuels consensus mechanism.
Why Is Monad So Fast?
Let’s make a visual analogy. Have you ever been stuck in traffic during rush hour? Imagine traditional blockchains, like Ethereum, as this traffic – time-consuming and costly. But thanks to Monad, there is a solution to this problem with some clever tricks:
- Parallel Execution
- Monad provides Parallel Execution. Imagine having several chefs in a restaurant – each of them cooking a different dish simultaneous. Monad works on a similar principle, instead of waiting for each transaction to finish, it executes multiple transactions simultaneously. Does it sound familiar to sharding? Read more Blockchain Sharding
- To achieve optimal efficiency, Monad splits the execution of a transaction from its consensus. Nodes agree on transaction ordering before they actually execute them which allows the consensus processes to proceed without waiting for the execution. Due to these consensus processes not being bound by execution results, the bottlenecks in throughput are reduced. Furthermore, Monad permits the parallel execution of transactions; because of multi-core processing, executing more than one transaction at the same time is possible. This additional feature enhances the performance even more (Read more Monad Deferred Execution)
- Optimized Consensus
- Now imagine voting where there are no long discussions and everyone is on the same page. Which is why, Monad utilizes this methods for faster consensus, enabling finalizing transactions in milliseconds.
- Technical: Monad utilizes MonadBFT, a pipelined two-phase Byzantine Fault Tolerant (BFT) consensus algorithm, for butter smooth operations. MonadBFT, like HotStuff, optimizes transaction ordering in the presence of Byzantine actors and in a partially synchronous environment. Normal cases achieve linear communication overhead while timeout cases suffer from quadratic communication during leader timeouts. Rapid consensus can therefore be achieved with minimal latency (Read more MonadBFT)
- MonadDb: High Performance State Backend
- As a state backend for the blockchain, MonadDb is optimized for quick retrieval and storage of data. In addition, it manages the state trie and other important data structures so that state management does not limit performance. This is essential for Monad to maintain high transaction throughput with low latency.
- EVM Compatibility
- Runs the code for Ethereum but much faster, a thousand times faster to be exact, like a favorite video game being played on new generation console.
- Technical: Monad is fully aligned with the Cancun fork’s requirements, which enables compatibility with the Ethereum Virtual Machine (EVM). As a result, all pre-existing smart contracts on Ethereum can run on Monad without any changes being made. Moreover, developers can make use of well-known frameworks and tools like Hardhat and Foundry for smart contract deployment and management. For users, Monad provides Ethereum-standard wallet support through MetaMask and Phantom, which gives users a familiar interface to work with, and better performance. (Read more Monad For Developer)
With Monad, high gas costs are no longer an issue, enabling the instant purchase of NFTs and token swaps.
Why Is Monad Blockchain Unique?
Unlike other blockchains, Monad is not troubled by the Blockchain Trilemma where compromises need to be made on speed, security, and decentralization. Monad positions itself uniquely using inventive architecture to solve these problems:
- 🔗 Speed: Optimized transaction processing guarantees that Monad users get fast results promptly.
- 🔗 Security: Robust cryptography guarantees that all data is secure.
- 🔗 Decentralization: Being PoS based allows Monad to decentralize while maintaining powerful performance.
Real-World Use Cases
- 🏦 DeFi Platforms: These characteristics make Monad well suited for other DeFi applications, such as lending and trading, which need low latency and low-cost transactions.
- 🎮 Gaming: The ability to realize lag-free, real-time blockchain gaming makes Monad the ideal choice for this.
- 🖼 NFTs: NFT transactions become easier and more cost-effective, facilitating growth of the NFT ecosystem.
- 📦 Supply Chains: Companies can monitor movement of specific goods in real-time, reducing ambiguity and operational costs.
Monad vs. Other Blockchains
How does Etherum or Solana compare to Monad? Let’s simplify it:
| Blockchain | Speed (TPS) | Fees | EVM-Compatible | Consensus |
|---|---|---|---|---|
| Monad | 10,000 | Low | ✅ Yes | Optimized PoS |
| Ethereum | 30 | High | ✅ Yes | Proof of Stake |
| Solana | 65,000 | Low | ❌ No | Proof of History |
💡 While Solana has a greater advantage in speed, Monad combines speed with EVM compatibility, making it easier for Ethereum developers to switch over.
Benefits for Developers and Users
For developers, the transition to the Monad ecosystem is made easier because of it’s interoperability with Ethereum’s Solidity programming language. For users, the simplicity and practicality of utilizing cryptocurrency increases with quicker transactions and decreased fees.
💻 Developers: Build dApps faster with the same tools.
💳 Users: Get fast, affordable transactions for daily usage of cryptocurrency.
Future of Monad Blockchain
With the increased acceptance of blockchains, speed and scalability will continue to be commanding advantages. Monad is positioned to lead this shift by providing a platform that’s both fast and efficient. Expect more dApps, DeFi platforms, and NFT marketplaces to launch on Monad which will further drive its growth.
Conclusion
This wraps up the basic overview of the Monad blockchain. With its amazing speed, low costs, and integration with EVM, Monad is likely to make cryptocurrency cheaper, faster, and easier to use than ever. From trading NFTs and playing blockchain games to developing the next revolutionary crypto application, Monad has got everything covered.
What is your take on Monad? Feel free to express your views below.
Want to see what else Monad can do for you? Visit their official documentation to get started Monad’s official documentation .