JAN 4, 2024
Introducing a New L2 - Monad Blockchain.
by CNNX..BUD6, Olasuky
Scaling the Ethereum Network
Monad is an Ethereum-compatible Layer 1 (L1) blockchain that offers users a unique blend of portability and performance, providing a seamless and high-speed experience for decentralized applications (DApps).
Monad ensures full bytecode compatibility with the Ethereum Virtual Machine (EVM). This means that applications originally developed for Ethereum can be effortlessly ported to Monad without requiring any modifications to the code.
Monad maintains full Ethereum RPC compatibility. This ensures that popular infrastructure tools such as MetaMask or Etherscan can be seamlessly utilized on the Monad blockchain, offering users a familiar environment.
Monad stands out with a remarkable throughput of 10,000 transactions per second (tps). This translates to an extraordinary capacity of processing 1 billion transactions daily, providing a high-performance environment for users and DApps.
With 1-second block times and 1-second finality, Monad delivers a rapid and efficient blockchain experience. This swift transaction confirmation ensures that Monad can support a larger user base and enables more interactive and responsive applications.
Monad's architecture allows for significantly cheaper per-transaction costs. This is a crucial advantage, as it makes using and building on Monad more economically viable compared to existing blockchains.
1. Compatibility with Ethereum Tools: From a user standpoint, Monad closely resembles Ethereum. It allows the use of the same wallets, such as MetaMask, and blocks explorers like Etherscan for transaction signing and viewing.
2. App Portability: Monad is designed to be highly compatible with Ethereum applications. Users can port their favorite apps from Ethereum to Monad seamlessly without the need for code modifications.
3. Address Space Consistency: Monad maintains the same address space as Ethereum. This means that users can reuse their existing keys, providing a smooth transition for those already familiar with Ethereum's ecosystem.
4. Linear Block Structure: Similar to Ethereum, Monad features linear blocks and a linear ordering of transactions within each block. This ensures a familiar structure for users and developers accustomed to Ethereum's blockchain.
5. Proof-of-Stake Consensus: Monad employs a proof-of-stake consensus mechanism, upheld by a decentralized set of validators. This ensures security and decentralization, allowing anyone to run a node for independent verification while keeping hardware requirements minimal.
In essence, Monad aims to deliver a user-friendly and high-performance blockchain experience, combining the familiarity of Ethereum with advanced features that enhance scalability, speed, and cost-effectiveness.
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