Monad(MON): A new type of Layer 1 blockchain that enhances speed and efficiency in the cryptocurrenc

Monad(MON) is a completely new Layer 1 blockchain platform. It is fully compatible with the Ethereum Virtual Machine (EVM), yet offers significant performance improvements. Monad supports smart contracts and DApps similar to those on Ethereum, but with enhanced speed, cost-effectiveness, and scalability. Its processing capacity exceeds 10,000 TPS per second. Whether it’s for DeFi, GameFi, or other high-concurrency applications like those in the metaverse, Monad can operate smoothly, providing developers and users with a more efficient and cost-effective experience.

Who created Monad(MON)?

The organization that supports Monad blockchain is the Monad Foundation. This independent entity is responsible for developing technologies, promoting their application, and ensuring their 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 the co-founders of this company. He has extensive experience in computer science and blockchain technology. Before leading Monad, he worked in several tech startups. Under his leadership, Monad strives to improve the efficiency and transparency of blockchain operations.

Eunice Giarta, co-founder and general manager of the Monad Foundation, also has years of experience in both technology and finance. She has worked as a product manager at large companies like Shutterstock and Broadway Technology. She also has experience in banking, trading, and software development. Keone Hon and Eunice Giarta are working together to make Monad a major player in the blockchain industry.

Which venture capital firms have supported Monad(MON)?

Monad has attracted significant interest from investors. In 2023, Monad secured $19 million in funding from companies such as Dragonfly Capital,Placeholder Capital, Lemniscap, Finality Capital, Shima Capital, Naval Ravikant, Cobie, and Hasu. Later that year, in 2024, Monad raised another round of funding worth $225 million, led by Paradigm, a leading blockchain venture capital firm. Other major investors in this round included Electric Capital and Coinbase Capital.

How does Monad work?

Monad achieves excellent performance through various innovative technologies:

1. MonadBFT consensus mechanism

Efficient protocols

Monad uses a consensus protocol called MonadBFT, which is an optimized version of the HotStuff algorithm. This system simplifies communication between nodes (computers in the network) and block leaders (nodes responsible for proposing new blocks), thereby reducing the number of steps required to reach an agreement on new blocks.

Alternative handling mechanism

If the block leader fails to propose a valid block in time, MonadBFT has a backup mechanism in place. This ensures that the network can still reach an agreement even in the event of delays or problems.

2. Asynchronous execution

Decoupled processes

In Monad, the process of determining the order of transactions (consensus) is separate from the process of executing those transactions. This allows nodes to decide the order of transactions without immediately executing them, enabling both processes to run simultaneously in different “channels”.

Efficient use of time

By decoupling these processes, Monad ensures that both consensus validation and transaction execution can operate independently within the entire block time (1 second), thereby improving performance.

3. Parallel execution

Parallel processing

Unlike traditional blockchain systems, which process transactions one by one, Monad can execute multiple transactions simultaneously. This is achieved through a method called “optimistic execution”: transactions are processed in parallel, and conflicts are resolved by re-executing affected transactions.

Dependency management

Monad uses tools to predict which transactions may affect each other. By understanding these dependencies, it can arrange transactions more effectively, reduce potential conflicts, and avoid unnecessary re-executions.

4. MonadDb storage system

Custom databases

MonadDb is a specialized database designed for efficient storage of blockchain data. It utilizes a structure called Patricia Trie, which helps organize data in a way that saves space while ensuring fast access.

Asynchronous input/output

To support simultaneous execution of multiple transactions, MonadDb avoids delays during data reading and writing. This is achieved through asynchronous input/output operations, allowing the system to continue processing other tasks while waiting for data operations to complete.

Direct storage access

MonadDb can bypass traditional file systems and directly write data to storage devices. This approach reduces overhead and improves performance, especially when using modern solid-state drives (SSDs).

Efficient data management

As the blockchain ecosystem grows, MonadDb uses compression and organization techniques to manage old data. This ensures that the system remains fast and does not consume unnecessary storage space.