MONAD: BECAUSE ETHEREUM DIDN’T HAVE ENOUGH COFFEE!

I got into Monad Labs' private Telegram group a while back thanks to my bro Iamdotify. I’ll admit, at first, I didn’t pay it much attention. But recently, something drew me to it, and I started researching on what’s being built over there. What I discovered blew my mind and in this article, I’ll share my findings with you.

🟪ABSTRACT
Monad is an emerging modular execution layer tailored for Ethereum, aiming to supercharge its scalability and efficiency while ensuring full compatibility with existing Ethereum applications and tools. With promising advantages like 10,000 transactions per second, lower fees and enhanced security, it’s no wonder it’s garnering significant attention. Its modular design and compatibility with Ethereum’s Virtual Machine bytecode and RPC API mean a seamless transition for current Ethereum users and developers.

• So…

🟪WTH IS MONAD
Basically Monad is an advanced Ethereum-compatible L1 platform. It’s like an upgraded version of Ethereum, designed to run things faster and more efficiently. Monad uses a method called "parallel execution." It’s like when a group of friends cleans a room together. Instead of one person doing all the work one by one, everyone works at the same time, finishing the job faster.

Monad also uses something called "pipelining." Imagine doing laundry. Instead of washing, drying and folding one batch before starting the next, you start washing the second batch as soon as the first is drying. It’s a smarter way to get tasks done quicker.

• Incase your wondering…

🟪WHY ISN’T MONAD A L2?

Layer 2 solutions are like add-ons to an existing blockchain, helping it handle more actions. But even on Ethereum, they can't go beyond 2,000 actions per second because they're held back by Ethereum's limits.

• So why isn't Monad the same?

Monad’s way of growing is different. Instead of just making blocks bigger or adding more parts to the network, it’s crafting a top-notch system to run and decide on transactions, shooting for top speed and growth. The goal is to boost how much it can handle without risking security or turning it too central. Plus, we’ve already got plenty of L2s, it’s time for something fresh!

🟪WHY DOES MONAD MATTER?

1. Better Apps: Decentralized apps (like games, financial tools, etc.) are cool because they are open, transparent and can’t easily be shut down. But they need a strong platform to run on. That’s where Monad comes in.
2. Reaching More People: Right now, a lot of decentralized apps can't handle too many users at once. Monad changes that, allowing more users and more interactions.
3. Using the Best Parts: With Monad, developers can take all the good stuff that's been built for Ethereum and use it in a faster, more efficient environment.
4. Advantages Over Ethereum: There are also some advantages Monad has over Ethereum that makes it something we cant ignore: advantages like throughput of 10,000 transactions per second, Lower fees, Faster finality and More security.

• So, we’ve been talking about how good Monad is and all that but how does it achieve this?!
• Well, Monad introduces optimizations in four major areas:

1. MonadBFT
2. Deferred Execution
3. Parallel Execution
4. MonadDb

• In this next phase, we’ll be explaining these major areas of improvement using analogies for better understanding.

🟪MONADBFT
This is a new consensus mechanism that is more efficient and secure than Ethereum’s PoW consensus mechanism. This consensus mechanism is based on Byzantine Fault Tolerance. BFT consensus mechanisms are more efficient and secure than Proof-of-Work consensus mechanisms, but they have traditionally been difficult to implement in a decentralized setting. MonadBFT solves this problem by using a novel approach that is based on threshold cryptography.

🔮Basically here’s how it works:👇👇

Imagine you're playing a game with your friends, where everyone has to agree on the color of the next balloon to be blown up.

MonadBFT is like a special rulebook for this game.

• Choosing a Leader: Each turn, one friend gets to suggest a color. This friend is called the "leader".
• Suggesting a Color: The leader shows a colored card (let's say blue). If most friends like the color, they give a thumbs up.
• Agreeing on the Color: If enough friends give a thumbs up, the color is chosen, and a blue balloon is blown up. But if some friends don't see the color in time or if the leader plays a trick, everyone shows a timeout sign (like crossing their arms).
• Double-checking: To make sure no one is cheating, the next leader will show the previous color (blue) again and a new color they suggest. If most friends agree twice in a row, the blue balloon is definitely chosen.
• Special Signatures: Imagine every friend has a special stamp. Instead of everyone showing all their stamps every time, they can combine them into one big group stamp. This makes the game faster!

So, MonadBFT is like a rulebook to make sure everyone agrees on the balloon's color without any cheating or confusion!

🟪DEFERRED EXECUTION
Deferred Execution is a technique that allows Monad to process transactions in parallel, without sacrificing security. This is done by deferring the execution of certain types of transactions until after they have been validated by the network. This allows Monad to achieve significantly higher throughput than Ethereum, without sacrificing security.

🔮Here’s how it works in simple terms:👇👇

Let's imagine a school cafeteria:

In most cafeterias (like Ethereum's), students first get their food, and then they line up to pay. This means they pick their meal (execution) and then stand in line to show what they have and pay for it (consensus). If the food runs out or takes too long to prepare, the whole line can get held up.

Now, in the Monad cafeteria, things are a bit different:

• Consensus Line: Instead of getting food first, students first stand in line and tell the cashier what they want to order. The cashier quickly writes down the order of food items, like "burger, then pizza, then salad," and so on. They don't actually see or handle the food yet, they just note down the order.
• Execution Kitchen: After telling the cashier, students go to the kitchen counter. Here, they actually receive the food they ordered. While one student is getting their food, the cashier is already taking the next student's order.

This way, even if one food item takes longer to prepare, the cashier's line keeps moving quickly. Everyone knows what they're going to get, and the order is already decided.

• And there's a special system in place: There are cameras taking pictures of the food when it's handed out. Later, everyone can check these photos to make sure they got the right order. If there's a mistake, the kitchen knows to fix it for next time.

In the end, Monad cafeteria is super speedy because it separates the ordering and the actual food serving, making lunchtime smoother for everyone!

🟪PARALLEL EXECUTION
Monad can execute transactions in parallel, which significantly increases throughput. This is done by dividing transactions into smaller chunks and processing them in parallel. Monad also uses a number of other techniques to optimize parallel execution, such as pipelining and batching.

🔮Basically, here’s how it works:👇👇

Imagine you and your friends are playing with building blocks. Each of you has a set of blocks to build something specific.

• Parallel Execution: Imagine all of you start building your toys at the same time instead of waiting for one to finish before the next starts. That's like Monad doing many things at once.
• Optimistic Execution: Sometimes, you might need a block your friend is using. Instead of waiting for your friend, you pretend you already have it and keep building. But if you realize later that you made a mistake because you didn't really have that block, you'll have to fix your toy. That's what Monad does too! It hopes everything will work out fine, but if something goes wrong, it fixes it.
• Scheduling: This is like planning who gets to use which block first. If you know beforehand that your friend will need a certain block, you won’t use it until they’re done. So, you try to guess which blocks your friends will need and plan accordingly. This way, fewer mistakes are made.

In simple terms, Monad is like a super-smart way of playing with building blocks, where everyone tries to build things fast and efficiently, but sometimes they need to fix things if they make a mistake.

🟪MONADDB
MonadDb is a specially designed database for blockchain data storage. It’s optimized to quickly and efficiently handle data using a trie structure, supporting parallel transaction processing and utilizing advanced asynchronous input/output techniques to speed up tasks. Think of it as a high-speed warehouse tailored just for blockchain information.

🔮To understand how MonadDb works:👇👇

Imagine you have a big toy box where you keep all your toys. Most kids use toy boxes that are just like big containers where they toss in all their toys. But imagine if inside your toy box, you had smaller boxes that were designed to perfectly fit certain toys, making everything neater and easier to find.

That's what MonadDb is like! It's a special toy box (or database) for storing information. Instead of using regular boxes (like other systems), it uses a custom-designed box that fits the toys (or data) perfectly.

Also, when you want to play with a toy that's buried at the bottom, you don't have to wait and dig through everything. You can ask for that toy, and while it's being fetched, you can play with another toy. This is like MonadDb's ability to multitask and not wait around.

Lastly, some toy boxes have lots of extra layers and wrappings that make it hard to quickly grab a toy. MonadDb is smart and removes these unnecessary layers, so everything is faster and smoother!

Basically, MonadDb is like a super-efficient toy box that makes it easier and faster to play with your toys!

🟪TEAM

Monad team is led by Keone Hon, who has over seven years of experience in building low-latency, high-frequency-trading systems at Jump Trading. The team also includes experienced engineers and researchers from top tech companies.

🔮Twitter Links:

• https://twitter.com/keoneHD: CoFounder
• https://twitter.com/0x_eunice: COO/CoFounder, Prev @mit @bwaytech @shutterstock @bankofamerica.
• https://twitter.com/intern: Ecosystem growth @monad prev @cmsholdings.
• https://twitter.com/billmondays: Cult leader @monad_xyz
• https://twitter.com/JohnWRichKid: Memelord at monad
• https://twitter.com/IcedQuad: Ecosystem growth

🟪PROJECTS BUILDING ON MONAD

Even though the testnet/mainnet isn’t live yet, Monad ecosystem is already showing impressive growth. Over 40 projects are set to be developed on Monad, as confirmed by its co-founder, Keone Hon. This list below includes both current partner projects and potential future collaborations.

• @ambient_finance
• @CatalystAMM
• @ElixirProtocol
• @SwaapFinance
• @Dexponentx
• @TimeswapLabs
• @AITProtocol
• @switchboardxyz
• @TimeswapLabs
• @tayaswap
• @ShrimpDEX
• @MonadName
• @MonadNomadsNFT
• @poply_xyz.

🟪FUNDING AND PARTNERSHIPS

Monad has successfully secured $19 million in seed funding led by Dragonfly Capital with participation from @placeholdervc (@cburniske), @Lemniscap, Shima Capital, Finality and others. Notable individual participants include @cobie, @hasufl and @0xMaki. Monad has also formed strategic partnerships with prominent blockchain entities such as Avalanche, Polygon and Tatum.

🟪WEN LAUNCH?!

Monad mainnet is scheduled to launch in the middle of 2024, following the conclusion of the testnet. The testnet is expected to start either in late 2023 or early Q1 of 2024.

🟪PERSONAL SENTIMENT

it’s rare to stumble upon a project as promising and innovative as Monad. It isn’t just another name in the crowd; it’s an effort to change the way we perceive scalability and efficiency in the blockchain space. Through my journey of understanding Monad, I’ve been reminiscent of the early days of Ethereum and the excitement that surrounded it. But what sets Monad apart is its fresh approach to age-old problems and its commitment to pushing the boundaries of what’s possible. I am very excited about monad, and I am following it closely.

🟪USEFUL LINKS

To know more about monad use the links below:

• Website: https://monad.xyz/
• Twitter: https://twitter.com/monad_xyz
• Substack: https://monadlabs.substack.com/
• Discord: ​https://discord.gg/monad
• Telegram Announcement Channel: https://t.me/monad_xyz
• Telegram Meme Library: https://t.me/MonadMemeLibrary
• Nigerianad Telegram Channel: https://t.me/Nigerianads

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