Monad - "killer" of all EVM L1 solutions
1) What is Monad?
Monad is a new level 1 blockchain compatible with the Ethereum virtual machine (EVM) with proof of stake (PoS) designed to improve the entire Ethereum ecosystem; and a decentralized computing platform. Monad offers throughput that is orders of magnitude higher than any existing smart contract blockchain, supporting 10,000 smart contract transactions per second (tps) thanks to algorithmic improvements in virtual machine design and Byzantine Fault Tolerant (BFT) consensus mechanisms.
2)Working principle
This article describes in detail the principle of the Monad blockchain, but in short, it will determine transactions without common dependencies and launch them for parallel execution, it is parallelism that gives us a chance to reach a speed of 10,000 TPS.
And run linear transactions sequentially, as before
3) Core team
Keone is a software developer and blockchain researcher. Prior to Monad, he spent eight years at Jump Trading, where he led the HFT team.
James is an expert in systems engineering and low latency optimization. Prior to Monad, he spent eight years at Jump Trading, where he created an ultra-low latency trading system generating tens of billions of notional daily volumes in the major futures markets.
Eunice - With a Bachelor of Science degree from the Massachusetts Institute of Technology, she previously worked in commerce at BofA Merrill Lynch and led the product teams building enterprise merchandising systems at Broadway Technology and the payments and licensing infrastructure team at Shutterstock.
4) Investments
The team consists of 21 people
On February 14, 2023, the Seed round was closed with a total amount of $19 million.
The round was led by the tier-1 fund Dragonfly Capital
5) Projects from the Monad ecosystem
1) ShrimpDEX - DEX project on Monad
2) TayaSWAP - Automatic DEX market maker on Monad
3) Poply - NFT marketplace on Monad
4) Monad name service - domain service on Monad
5) Monad NFT - the first collection of NFT Monad
6) Gmonads - Another NFT collection
7) Dapper Pepes - Pepe implemented on Monad
8) Monad Punks - NFT Collection
6) Competitors
Technically, all L1 EVMs are competitors, but given that the transaction speed will be 10,000 TPS, then, at the moment, there are no competitors
However, many will ask about Solana, but Solana technically has a very high TPS, but most of the transactions there are consensus transactions, that is, a simple transfer of tokens, which generates about 100 transactions at once in the network
6) Competitors
Technically, all L1 EVMs are competitors, but given that the transaction speed will be 10,000 TPS, then, at the moment, there are no competitors
However, many will ask about Solana, but Solana technically has a very high TPS, but most of the transactions there are consensus transactions, that is, a simple transfer of tokens, which generates about 100 transactions at once in the network
7) Noda
At the moment, it is not possible to install a node, but it can be done in the near future.
There are also minimum installation requirements:
8) Discord and Activities
At the moment, there are about 60,000 people in their Discord server
Now we will analyze all the branches of the Discord server
1) announcements - all future announcements related to Monad are posted
2) events - all current events
3) FAQ - Answers to frequently asked questions
4) social credit - all information about social credits, roles, POAP, etc.
5) twitter - posts that are posted on their Twitter
6) content library - content released by Monad
7) Fresh Memes - memes created by the community
8) General - English main chat
9) Waiting room - a room in which all newcomers stay. In order for them to gain full access to the server, they need to show minimal activity
9) Tech - discussion of technical issues
10) Trade-n-defi , nft-world - Trading and NFT discussion
11) nads-on-tweet - Tweets created by the community
12) memes , writing - memes and various posts and articles created by the community
13) report-scam - complaints about scammers, etc.
14) check-rank - check your rank and various achievements
15) suggestions - ideas for improving Monad
16) pasta factory - creating your own "pasta" factory🙃
ACTIVITIES
The following roles currently exist:
Also, every Thursday there is a Poker game and Stumble guys, the prizes are POAPs, which are very useful to accumulate
All past events can be viewed HERE
Calls take place on Mondays, which can be found in #event
9) Galxe
Their Galxe is empty, but most likely there will be activities in the future
10) Testnet
According to the testnet, there is information that it will appear approximately in the 4th quarter of 2023. Also, most likely the token will be released during the release of the mainnet
11) Tokenomics
There is no information on tokenomics, but they promise to publish it in the near future
12) Conclusion
The feature of Monad is that it has high speed compatible with EVM, so this blockchain is worthy of the attention of many users, as well as big influencers, etc.