Monad - The End Game of Blockchain Infrastructure?

The blockchain industry is built on the shoulders of previous engineering undertakings that have helped shape its advancement until now. Many teams with decades of combined engineering experience have built multiple working platforms for the ecosystem. Even though perfection seems elusive, Monad Labs is working on the best possible blockchain that will push blockchain infrastructure forward.

The game starts at Devnet

Why This Blockchain Could Be the Endgame of Crypto Infrastructure

This article is not an attempt to proselytize my monad-maxi opinions but to explain why I think it would be a game-changer for the entire blockchain ecosystem. Also, I think if Monad gets it right (when Monad gets it right), it will unlock many additional opportunities that will lead to the advancement of blockchain research for other blockchain teams.

Monad

The blockchain ecosystem has never lacked constant innovation on its engineering side, but when it comes to real-world adoption, there are many nagging issues. Apart from some devs with a focus on building projects that have little to no immediate use case for the public (or retail, to use crypto-native terms), there is the speed and cost problem. Transactions can be slow and gas fees can eat into the benefits of whatever activity a blockchain is used for.

Enter Monad, a next-generation blockchain platform poised to be a game-changer across four key cryptocurrency use cases: Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Store of Value, and International Payments.

Accelerating the EVM

The Secret Weapon

What are some of the characteristics of Monad that give it the potential to disrupt how blockchain apps will work in the next few months?

Unmatched Speed, Efficiency and Fees

Boasting a staggering 10,000 transactions per second (TPS), Monad leaves traditional blockchains in the dust. Imagine transferring funds in DeFi protocols, buying and selling NFTs, or sending money internationally – all happening in a flash. This translates to a seamless user experience, free from the frustration of waiting for transactions to clear. With Monad, we can now forget the slow transactions of yesteryear’s blockchains. Monad obliterates them with the mind-blowing transactions per second it is capable of processing. This lightning-fast processing power dwarfs even the most established players, offering users a truly frictionless experience. It is also important to note that with the way transactions are counted on the Monad chain, internal actions like votes used in the consensus which lead up to a full transaction record are not included directly as a single transaction.

Barry Monad Allen

But Monad doesn’t stop there. It also boasts gas fees that are less than a cent. This eliminates a major barrier to entry for DeFi users, NFT enthusiasts, and anyone looking to leverage the power of blockchain technology. Imagine borrowing and lending on DeFi platforms without hefty transaction fees eating into your returns, or buying and selling NFTs without significant gas costs. Monad empowers users to participate actively in the blockchain ecosystem without worrying about crippling fees.

The Future of Blockchains

Monad’s unparalleled speed and cost-effectiveness position it as a frontrunner in the race to make blockchain technology a mainstream reality. For DeFi, NFTs, international payments, and beyond, Monad offers a glimpse into a future where blockchain is fast, affordable, and accessible to everyone.

Ethereum’s Best Friend (or Replacement?):

Monad isn’t here to burn bridges. Its EVM compatibility allows developers to seamlessly migrate their existing Ethereum applications. Imagine the vast ecosystem of Ethereum apps running on a hyper-speed engine with fees so low that it can be neglected. That’s the power of Monad. As seen with the thriving community on Twitter, Telegram and Discord, Monad enthusiasts do not exhibit hostile behaviours towards other ecosystems.

Pyth Contributooooor

From the based founders of Monad, we see a close bond with people from other ecosystems, even with those competing directly with them. With contributions to top blockchain protocols by some of Monad’s core team members across other ecosystems like Pyth Network on Solana, we see an approach that reflects the values of Monad where everyone wins.

Security Without Sacrifice

Monad doesn’t compromise security for speed. It leverages a custom MonadBFT consensus mechanism, building upon the robust Byzantine Fault Tolerance (BFT) properties of HotStuff. This ensures a secure and reliable network, even in the face of malicious actors.

Special Database

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

Did you know that James, the co-founder and CTO of Monad Labs is an SSD-maxi? Lesson in there!

A Developer’s Dream

Monad isn’t just fast; it’s developer-friendly. Open-source and built with familiar tools like MetaMask and Etherscan in mind, it lowers the barrier to entry for developers eager to tap into its potential. One of the homies in Pipeline asked if Uniswap would be available once Monad is live on mainnet. Anyone can deploy a fork of an EVM-compatible dapp provided it is open source.

Now let’s delve deeper into how Monad will help facilitate the most important use cases of blockchains:

DeFi

Monad’s blazing-fast speed and minimal fees unlock the full potential of DeFi. Users can swap tokens, borrow and lend with ease, all without worrying about slow transaction times or exorbitant gas costs. This fosters a vibrant and dynamic DeFi ecosystem where users can leverage financial tools and products with unprecedented efficiency. This removes the entry barrier for the regular people in some countries seeking to avoid the predatory monetary system of their government.

NFTs

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

Store of Value

Monad’s security and efficiency make it a compelling store of value option. With fast and affordable transactions, users can transfer their holdings quickly when needed, while still benefiting from the security and transparency inherited from almost a decade of research and development from the Ethereum network.

Standing on Business

International Payments

Monad offers a faster and cheaper alternative to traditional international payments. Transactions are settled almost instantaneously, with minimal fees compared to bank transfers. This can be a game-changer for individuals and businesses alike, facilitating seamless cross-border transactions and unlocking new global economic opportunities. Solana, a non-EVM chain has gained popularity for cross-border settlements since it is also very fast and cheap.

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

A Quick Dive into Monad

Based on the provided links, here’s a comprehensive analysis of Monad, a high-performance Ethereum-compatible Layer 1 blockchain platform:

Core Features

1. Exceptional Throughput: Monad boasts an impressive 10,000 transactions per second (TPS), significantly surpassing existing blockchains like Ethereum and offering faster transaction processing.
2. Ethereum Virtual Machine (EVM) Compatibility: Monad is fully compatible with the Ethereum Virtual Machine (EVM), allowing seamless migration of existing Ethereum applications and smart contracts to the Monad platform. Developers can leverage their existing codebase with minimal modifications.
3. Proof-of-Stake (PoS) Consensus Mechanism: Monad utilizes a Proof-of-Stake (PoS) consensus mechanism, ensuring energy efficiency and security for the network.
4. Scalability and Performance Optimizations: Monad implements various optimizations like parallelized execution and pipelining to achieve its high throughput and efficiency.

Technical Overview

1. MonadBFT Consensus: This is a custom consensus mechanism based on HotStuff with additional research improvements, aiming to provide secure and efficient block validation.
2. Deferred Execution: This technique separates transaction execution from consensus, allowing for a larger execution budget and potentially faster transaction confirmation times.
3. SuperScalar Pipelining: Monad leverages pipelining techniques to streamline transaction processing, further enhancing network performance.

Did you know there is a community squad of interns on Monad called The Pipeline? Study Pipeline Interns. Lesson in there.

1. Security: Monad emphasizes security and undergoes rigorous audits to ensure the platform’s reliability and protection against vulnerabilities.

Benefits for Users and Developers

1. Faster Transactions: Users can expect faster confirmation times and a smoother user experience compared to congested blockchains like Ethereum.
2. Cost-Effectiveness: With faster transactions, users potentially benefit from lower gas fees associated with interacting with the network.
3. Seamless Application Migration: Developers can readily migrate their existing Ethereum applications to Monad, minimising development overhead and leveraging the platform’s improved performance.

I even heard a rumour that Molandak came from Ethereum Classic.

Study Molandak.

1. Open and Accessible: Monad’s open-source nature promotes transparency and fosters community involvement in its development.

The Endgame is Here

With its unparalleled speed, seamless integration with existing Ethereum applications, and unwavering commitment to security, Monad presents a compelling case for being the ultimate blockchain infrastructure. 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 under development. However, the project’s roadmap and the team’s dedication inspire confidence. As the platform matures and the community flourishes, one thing is certain – Monad is a force to be reckoned with, and its impact on the future of blockchain is likely to be significant.

Join Us

Whether you’re a seasoned developer or a curious newcomer, Monad offers a glimpse into the future of blockchain. Keep your eyes peeled for further developments, and consider joining the vibrant Monad community (or cult, whatever). Connect with the purple folks on Twitter, Discord and Telegram. The endgame of blockchain infrastructure might just be closer than we think. Devnet in a bit!

Additional Resources:

1. Briefings: Explore Monad’s user experience briefing page, highlighting its compatibility with familiar Ethereum tools like MetaMask and Etherscan.
2. Technical Discussion: delve deeper into specific technical aspects like parallel execution and consensus mechanisms.

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