Interpretation of Monad: The Master of Parallel EV

Original author: Snownad

Original source: mirror

Original title: Monad - The End Game of Blockchain Infrastructure?

Compiled by: Deep Wave TechFlow

On March 12, Fortune reported that venture capital firm Paradigm was negotiating to lead a $200 million round of financing for Monad Labs, valuing the startup at $3 billion, according to people familiar with the matter. .

What is it about Monads that gives Paradigm FOMO? Share the latest article from community member Snownad, explaining the unique advantages of Monad and what it means to the entire blockchain industry.

The following is the full text of the article:

The blockchain industry is built on pre-engineering projects that have helped shape its development to this day. Many teams with decades of engineering experience have built multiple operational platforms for the ecosystem. Even though perfection seems elusive, Monad Labs is still working hard to develop the best possible blockchain and push blockchain infrastructure forward.

Why This Blockchain Could Be the Beginning of Crypto Infrastructure

This article is not an attempt to promote my bullish view on Monad, but rather to explain why I think it will be a game-changer for the entire blockchain ecosystem. Furthermore, I think that if Monad is successful, it will bring many additional opportunities, thereby promoting the advancement of blockchain research by other blockchain teams.

Monad

The blockchain ecosystem has never lacked continuous innovation in terms of engineering, but there are many unsatisfactory problems in terms of practical application. Aside from a few developers focused on building projects with few immediate use cases for the public, there are also issues of speed and cost. No matter what activity a blockchain is used for, transaction speeds can be slow, and gas fees can eat into blockchain revenue.

Monad is a next-generation blockchain platform that will be a game-changer for four key cryptocurrency use cases: decentralized finance (DeFi), non-fungible tokens (NFTs), store of value, and international payments.

Accelerate EVM

secret weapon

What features of Monads give it the potential to disrupt the way blockchain applications work in the coming months?

Unparalleled speed, efficiency and cost

Monad stands out with an astonishing transaction speed of 10,000 transactions per second (TPS), leaving traditional blockchains in the dust. Imagine moving funds within a DeFi protocol, buying and selling NFTs, or transferring money internationally—all in a split second. This means the user experience is seamless and instant, without the frustration of waiting too long for a transaction to be confirmed. With Monads, we can now forget about the slow transactions of blockchains of yesteryear. Monad crushes them all with the impressive transaction volume it can handle per second. This lightning-fast processing power dwarfs even the most mature blockchains, providing users with a truly smooth experience. It is also important to note that due to the way transactions are counted on the Monad chain, internal operations such as voting used in consensus that lead to a complete transaction record are not directly included as individual transactions.

But Monad doesn't stop there. It also has a gas fee of less than a penny. This removes a major barrier to entry for DeFi users, NFT enthusiasts, and anyone looking to harness the power of blockchain technology. Imagine borrowing and lending on a DeFi platform without having to worry about heavy transaction fees cutting into your returns, or buying and selling NFTs without paying excessive gas fees. Monads enable users to actively participate in the blockchain ecosystem without worrying about high fees.

The future of blockchain

Monad’s unparalleled speed and affordability make it a leader in making blockchain technology a mainstream reality. For areas like DeFi, NFTs, international payments, and more, Monads offer a glimpse into a future where blockchain is fast, affordable, and accessible to everyone.

Ethereum’s Best Companion (or Replacement?)

Monad is not here to tear down the east wall to make up for the west wall. Its EVM compatibility allows developers to seamlessly migrate existing Ethereum applications. Imagine the vast ecosystem of Ethereum applications running on a super-fast engine with negligible fees. This is the power of Monads. As demonstrated by the thriving communities on Twitter, Telegram, and Discord, Monad enthusiasts are not hostile to other ecosystems.

Python contributors

From Monad’s founders, we see strong connections with people from other ecosystems, even those who compete directly with them. Some of Monad’s core team members contribute to top blockchain protocols in other ecosystems (such as Pyth Network on Solana), reflecting Monad values: everyone is a winner.

No need to sacrifice security

Monad does not sacrifice security for speed. It utilizes a custom MonadBFT consensus mechanism, built on HotStuff’s powerful Byzantine Fault Tolerance (BFT) features. This keeps the network safe and secure, even in the face of malicious actors.

dedicated database

MonadDB, the platform’s state management system is another secret sauce. This optimized database is designed for parallel processing, allowing it to handle large volumes of transactions with ease. On EVM-compatible chains, state is stored in a general-purpose database like LevelDB or PebbleDB to facilitate memory access. However, these databases cannot support asynchronous IO operations for parallel memory access. This bottleneck is solved by creating a custom database called MonadDB. This database will allow efficient SSD storage and asynchronous IO operations. Multiple virtual machines will be able to work in parallel to access Monad block state.

Developer friendly

Monads are not only fast, but also developer-friendly. It's open source and takes into account familiar tools like MetaMask and Etherscan, lowering the barrier for developers to take advantage of its potential. A friend at Pipeline asked if Uniswap would be available once Monad is running on mainnet. Anyone can deploy a fork of an EVM-compatible dapp as long as it is open source.

Now let’s dive into how Monads will help facilitate blockchain’s most important use cases:

DeFi

Monad’s blazing speed and low gas fees unlock the full potential of DeFi. Users can easily exchange tokens, borrow and lend, all without having to worry about slow transaction times or excessive gas fees. This has helped promote the development of a vibrant and dynamic DeFi ecosystem, where users can utilize financial tools and products with unprecedented efficiency. This removes a barrier to entry into Web3 for ordinary people in some countries seeking to avoid their governments’ predatory currency systems.

NFT

Forget about painful wait times for NFT minting, or being left out because you can’t afford space in your Ethereum art collection. Monads’ high throughput allows for near-instantaneous confirmation times and cheap access to the Ethereum art space, revolutionizing the NFT experience. Artists can mint and sell their works quickly and efficiently, while collectors can seamlessly acquire unique digital assets. This paves the way for a more fluid and accessible NFT market, in which previously marginalized artists will be able to join.

store of value

Monads’ security and efficiency make them a compelling store of value option. Thanks to fast and economical transactions, users can quickly transfer their holdings when needed, while still benefiting from the security and transparency inherited from nearly a decade of research and development on the Ethereum network.

international payment

Monad provides a faster and cheaper alternative to traditional international payments. Compared to bank transfers, Monad transactions are completed almost instantly and fees are low. This could be a better solution for both individuals and businesses, facilitating seamless cross-border transactions and unlocking new global economic opportunities. Solana is a non-EVM chain popular for cross-border settlements due to its speed and cheapness.

Let’s take a look at some of the components that make up the Monad blockchain.

A quick introduction to Monads

Monad is a high-performance Ethereum-compatible Layer 1 blockchain platform:

Core features

• Excellent throughput: Monad stands out with an impressive speed of 10,000 transactions per second (TPS), far exceeding existing blockchains such as Ethereum and providing faster transaction processing.

• Ethereum Virtual Machine (EVM) Compatibility: Monad is fully compatible with the Ethereum Virtual Machine (EVM), allowing existing Ethereum applications and smart contracts to be seamlessly migrated to the Monad platform. Developers can leverage their existing code base with minimal modifications.

• Proof of Stake consensus mechanism: Monad utilizes the Proof of Stake consensus mechanism to ensure the energy efficiency and security of the network.

• Scalability and performance optimization: Monad implements various optimizations such as parallel execution and pipelining to achieve its high throughput and efficiency.

• Security: Monad emphasizes security and undergoes rigorous auditing to ensure platform reliability and prevent vulnerabilities.

Technical overview

• MonadBFT Consensus: This is a custom consensus mechanism based on HotStuff with additional research improvements designed to provide safe and efficient block verification.

• Delayed Execution: This technique separates transaction execution from consensus

• Superscalar pipeline: Monad uses pipeline technology to optimize transaction processing and further improve network performance.

Benefits to users and developers

• Faster transactions: Users can expect faster confirmation times and a smoother user experience compared to crowded blockchains like Ethereum.

• Cost-Effectiveness: Due to faster transaction speeds, users may benefit from lower gas fees associated with interacting with the network.

• Seamless application migration: Developers can easily migrate existing Ethereum applications to Monads, minimizing development overhead and taking advantage of the platform’s performance improvements.

• Open and accessible: The open source nature of Monad increases transparency and fosters community involvement in its development.

at last

With its unparalleled speed, seamless integration with existing Ethereum applications, and unwavering commitment to security, Monad makes a strong case for becoming the ultimate blockchain infrastructure. With faster transactions, lower fees, and a vibrant developer ecosystem, Monad has the potential to usher in a new era of blockchain adoption.

While Monad's potential is undeniable, it's important to remember that it's still a work in progress. However, the project’s roadmap and the team’s dedication are both compelling. As the platform matures and the community thrives, one thing is certain – Monads are a force to be reckoned with, and their impact on the future of blockchain could be significant.

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