The blockchain technologies all around have been getting better and an example of what the future holds in the blockchain world is Monad, a Layer 1 blockchain that promises a throughput of 10000 TPS, and much more. But how does it do so? Let’s discuss that for someone who doesn’t know much about Monad.
Monad (read more) is a high-performance Layer 1 blockchain that aligns the best features of portability and performance. On the portability front, Monad provides full compatibility with Ethereum’s Virtual Machine (EVM) bytecode, enabling applications designed for Ethereum to transition to Monad without any code adjustments. Moreover, Monad ensures full compatibility with Ethereum RPC, allowing users to employ familiar tools like MetaMask and Etherscan effortlessly.
Performance – What Monad can do?
Regarding performance, Monad boasts an impressive throughput of 10,000 transactions per second (tps), equivalent to 1 billion transactions per day. It achieves this while maintaining swift 1-second block times and 1-second finality. These attributes enable Monad to cater to a significantly larger user base and deliver more interactive experiences than existing blockchains, all at a notably reduced per-transaction cost.
While we’ve seen such claims and even performances from some blockchains around, it has been mentioned by the team that this level of performance and the throughput of 10,000 transactions per second is going to be one of the firsts from any EVM blockchain, which makes it the most interesting one.
The Monad client prioritizes performance and is meticulously crafted in C++ and Rust from the ground up.
What does it mean for users?
From a user’s standpoint, Monad closely resembles Ethereum in its functionality. You can employ the same wallets, such as MetaMask, and utilize block explorers like Etherscan to either sign transactions or examine transaction details. Furthermore, the compatibility is so seamless that applications originally developed for Ethereum can be effortlessly transitioned to Monad without necessitating any modifications. This means you can anticipate using many of your beloved Ethereum applications on the Monad platform. Additionally, Monad shares the same address space as Ethereum, enabling you to continue using your existing cryptographic keys.
Much like Ethereum, Monad adopts a system of linear blocks and maintains a linear arrangement of transactions within each block. Similarly, Monad operates as a proof-of-stake network, upheld by a decentralized consortium of validators. This decentralized structure empowers anyone to establish a node for autonomous transaction verification, emphasizing minimizing hardware requirements.
Currently, Monad is in its early development phase, and once it will need Nodes to run, you can try running a Node and for that, the following are the expected minimum hardware requirements for Monad full node.
- CPU: 16-core CPU
- Memory: 32 GB RAM
- Storage: 2 TB NVMe SSD
- Bandwidth: 100 Mb/s
Is it all claims about great tech and there’s nothing in reality like how a lot of names in the Crypto and blockchain world do? Not apparently here, because Monad has already done a closure of a $19 million seed funding round led by Dragonfly Capital, which also saw additional participation from 70 investors, including Placeholder Capital, Lemniscap, Shima Capital, Finality Capital, and some of the notable names from the industry including Cobie and Hasu amongst others.
“Monad Labs is building the smart contract platform with the performance needed to truly unlock the transformative power of decentralized computation,” said Keone Hon, Co-Founder & CEO of Monad Labs. “The Monad blockchain will set the industry standards for the speed, transparency, security, and scalability that all Layer1 protocols should have, and its true impact will be felt across both the Web2 and Web3 ecosystems. This successful seed round demonstrates the need for Monad in the marketplace and the shared commitment from all to advance the industry. We are excited to work alongside our investors to bring Monad to market, build out its capabilities, and show the world exactly what blockchains can do.”
James Hunsaker, Co-Founder & CTO of Monad Labs, added, “The capabilities of any Dapp are in part determined by the power of the blockchain on which it is built. The high cost of computation on existing blockchains significantly limits what can be built on-chain, and forces developers to choose between security and computation efficiency, ultimately leading to security issues. At Monad Labs we are creating a blockchain that addresses these issues, creating the potential for rapid innovation in the decentralized landscape.”
Where does Monad stand currently?
There is a hard-core community already gathering on the Discord of Monad but that’s not it, developers and teams are joining the ecosystem, with some DEX protocols, Liquidity providers, lending and borrowing protocols, and other builders too. Here’s a quick gist of what you see on Monad right now as we write this.
Monad is also looking to onboard developers onto their ecosystem and thus has a Grant program going on. The Monad Developer Grant Program is designed to support early developers whose projects or initiatives benefit and deeply align with the Monad ecosystem. The grants are offered to developers in several verticals as mentioned in the image below. Apart from the fund ($5000 to $100,000) that is given in the grant, developers would be getting high-touch support from the core team, access to top-tier collaborators and future partners, co-marketing, branding and product development resources, and more.
Want to join Monad to learn more? Here’s the Discord server that you can join.