What is Monad?
Monad is a new Ethereum Virtual Machine (EVM)-compatible layer 1 network that aims to address the challenges encountered by existing layer 1 protocols. It offers up to 10,000 transactions per second with a block time of one second, seeking to optimize the Ethereum functionality for enhanced throughput. Unlike other EVM blockchains that execute transactions sequentially, Monad processes transactions in parallel. This approach allows multiple transactions to be handled simultaneously, resulting in significantly lower costs per transaction.
Monad, backed by a $19 million investment in its seed round, is under development by a collaboration of companies including Jump Crypto, Jump Trading, Quant Lab, Pattern Research, Arista, and Monad Labs.
In terms of application portability, Monad offers full byte compatibility for the Ethereum Virtual Machine (EVM). This means that applications designed to run on Ethereum can be ported to Monad without any code modification or adaptation, including popular platforms such as MetaMask or Etherscan. Furthermore, these applications can be used on Monad using the same wallet key as on Ethereum. Monad’s complete Ethereum RPC compatibility ensures a seamless transfer of infrastructures and various tools. Like Ethereum, Monad has linear blocks and a linear ordering of transactions within a block. Also, like Ethereum, Monad is a proof-of-stake network maintained by a decentralized set of validators. Anyone can run a node to continuously verify transactions, regardless of their execution, and contribute to maintaining Monad’s decentralized structure. (Monad’s hardware requirements are kept to a minimum to allow anyone to run a node.)
What is the Difference of Monad?
Monad enables exceptional performance by bringing parallel execution and superscalar pipelining to the Ethereum Virtual Machine (EVM).
Parallel Execution: Parallel execution is the practice of using multiple cores and threads to strategically execute work in parallel while continuing to process the results in the original order. Despite processes being executed in parallel ‘under the hood,’ users and developers perceive them as running serially. This ensures that the outcome of a series of processes remains consistent, as if they were executed sequentially.
Superscalar pipelining is the practice of creating phases of work and executing the phases in parallel. The concept can be illustrated with a simple diagram:
When using two washing machines for laundry, traditionally, we complete the entire process-washing, drying, folding, and placing-for the first load before starting the second. In the superscalar strategy, the second washing machine starts washing when the first load enters the dryer. Pipelining allows work to be done more efficiently by utilizing multiple resources simultaneously. For further information: https://docs.monad.xyz/briefings/monad-for-users…
What are the features of Monad?
Open Source Structure/Composability: Decentralized applications have an open-source structure that can be read and used by other decentralized applications, allowing developers to build more complex functionality on top of existing components. This accelerates development and progress, and the Monad project is a notable example of this approach.
Speed and Low Cost: Monad provides a throughput of up to 10,000 transactions per second, boasting a one-second block time. Leveraging parallel transaction execution, Monad processes multiple transactions simultaneously, resulting in significant cost reduction.
Transparency: The way Monad works and its infrastructure is entirely expressed through code, enabling anyone to grasp and examine its logic. The implementation is transparent and auditable.
Portability: Monad offers full byte compatibility for the Ethereum Virtual Machine (EVM). Applications designed for Ethereum operation, like MetaMask or Etherscan, can be ported to Monad as-is without code modification or adaptation.
Censorship Resistance and Trusted Neutrality: The network cannot be censored or blocked for the masses; anyone can send transactions or install applications on the network without permission. Unlike traditional finance, users cannot be blocked by an authority. Monad is open for everyone to use.
Security: Monad is a proof-of-stake network maintained by a decentralized set of validators. Anyone can run a node to continuously verify transactions, regardless of their execution, and contribute to maintaining Monad’s decentralized structure.
Superscalar Sequential Layout Architecture: Current blockchains often face performance challenges compared to modern computing standards. Monad is purposefully designed for high performance, closing the gap between decentralized and traditional platforms through superscalar, pipeline execution, and optimized architecture.
Global Reach: Anyone with internet access can access key financial services through Monad, regardless of whether they have a bank account.
What can be done for the Monad?
Monad’s first public testnet is set to go live in the coming months. Once it’s active, you can add an appropriate RPC URL and ChainID to your Ethereum-compatible wallet, allowing you to use Monad just like any other Ethereum-compatible network. Currently, the network is undergoing active testing with a node group of 200 people. However, specific roles will be assigned to those who consistently contribute to the community by performing tasks regularly updated on Discord. Community building, making friends, industry observations and discussions, and participating in conversations, even those that may seem a bit chaotic, are all essential for earning these points. The team emphasizes the significance of these points, stating: ‘Social credit points are important, and we’re always watching.’ Things You Can Do to Collect Points:
Discord XP The community team will reward members with XP for participating in Discord events. Tasks like asking questions before AMA events or achieving milestones, such as winning poker nights, will be rewarded with XP. The Monad missions channel will generally use XP as a reward system. You can check your ranking on the check rank channel and see the leaderboard at https://mee6.xyz/en/monad.
Roles Discord roles are crucial and reflect the time you spend in the community and your contribution style.
Monvangelist: Members who go above and beyond and help significantly.
MonOG: Long-term supporters and contributors.
Running Hot: Those who extinguish fires. This is a community-nominated role, so you can only win if someone nominates you for this role. It is renewed and saved from time to time.
Nads: Recognizing the quality and quantity of conversation. This role is XP gated and can be earned at level 6.
Quant: Recognizing high-signal contribution in a niche. If you brag well about something, it’s you.
WHAT: Meme collection and spinner, a badge for being unusual.
Pioneer: Early settler and semi-retired role for members who joined before DC went public.
POAPS POAPs and NFTs will be distributed on special occasions to reward participants of games, events (online and IRL), and competitions. It is highly beneficial to keep these. A list of previous POAPs and their reasons is available at https://monad.fyi.
NAD List If you create good original content and fit in with our community, you’re eligible to join the Nads List on Twitter. You can tweet about anime or movies all day long, but as long as you’re part of the community, we’ve got you covered on the Nad list.
Introducing the Team and the Project The community team across all platforms aims to document valuable inputs, noting their quality and impact. This list encompasses everything from active participation in conversations to the creation of assets.
You can join the community on the Monad Discord server and engage with enthusiasm as a Nads…
Discord: https://discord.com/invite/monad
Twitter: https://twitter.com/monad_xyz
Website: https://monad.xyz
Substack: https://monadlabs.substack.com
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