Monad Protocol: Redefining EVM Scalability
TL; DR
@monad_xyz is an Ethereum-compatible Layer 1 (L1) blockchain designed for high performance. It offers full bytecode compatibility with the Ethereum Virtual Machine (EVM), allowing for easy porting of Ethereum applications.
Monad introduces parallel execution and superscalar pipelining to the EVM, which allows for more efficient transaction processing.
Monad boasts a throughput of 10,000 transactions per second (tps), 1-second block times, and 1-second finality. This means Monad is more scalable and cost-effective compared to other blockchains. Its goal is to offer the necessary infrastructure for decentralized apps to expand and reach a broader user base.
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EVM Limitations and Problems
The Ethereum Virtual Machine (EVM) is the runtime environment for executing smart contracts on the Ethereum blockchain.
It's a decentralized Turing-complete virtual machine that allows anyone to execute arbitrary EVM bytecode. Every @ethereum node runs on the EVM to maintain consensus across the blockchain.
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The EVM has various limitations that ultimately restrict its performance, creating bottlenecks and limiting its scalability.
🔸 Gas costs
🔸 Security risks
🔸 Limited storage
🔸 Upgradability challenges
🔸 Interoperability issues
🔸 Limitation of performance
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What is Monad?
Monad is a high-performance, Ethereum-compatible Layer 1 blockchain. It aims to offer the best of both worlds: portability and performance.
🔸 Portability - Monad is fully compatible with the Ethereum Virtual Machine (EVM), meaning that Ethereum-based applications can be easily ported over without any code changes.
🔹 Performance - Monad boasts impressive performance stats, including 10,000 transactions per second (tps), 1-second block times, and 1-second finality. These features make it capable of supporting a large number of users, all while keeping transaction costs low.
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Monad Technical Architecture
Monad introduces two key technical innovations:
🔹Parallel execution - allows multiple cores and threads to execute work simultaneously but commits the results in their original order.
🔸Superscalar pipelining - involves creating stages of work and executing them in parallel to address bottlenecks in state storage, transaction processing, and distributed consensus.
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These innovative architecture can be broken down further into several instances:
🔸MonadDB - This custom database stores blockchain state without nesting one data structure within another. This approach improves efficiency and enables parallel execution of multiple transactions. It supports asynchronous I/O to prevent blocking operations. Additionally, it incorporates optimizations for I/O, such as bypassing the filesystem to reduce costly overhead.
MonadDB, along with Parallel Execution, constitutes the Execution Aspect of Monad.
🔹MonadBFT - is the consensus mechanism used by Monad Protocols to reach an agreement on payloads efficiently and ensure the network's security and integrity.
🔹Deferred Execution - In Monad, execution is separated from consensus, which means that each node can independently execute transactions in block N while initiating consensus on block N+1.
🔹Shared Mempool - it is designed to mitigate the challenges associated with block propagation and bandwidth requirements, possibly by optimizing the way transactions are stored and transmitted within the network.
🔹Carriage Cost - There is a specific fee for transferring a transaction over the network in a block, called the "carriage cost." This is different from the execution cost and plays a key role in preventing spam, representing the expense of using network resources.
🔹Reserve Balance - Every address has two balances. The reserve balance covers the carriage cost, while the execution balance covers the cost of transaction execution. The reserve balance acts as a budget for orders that are currently in progress, ensuring that only paid transactions are included in blocks.
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Innovative (Execution + Consensus) = @monad_xyz
Decentralized applications (dApps) require affordable and effective infrastructure to achieve their desired outcomes.
To give you an idea, if a dApp attracts 1 million users who actively engage with it on a daily basis, and each user carries out 10 transactions per day, the cumulative number of transactions would be 10 million per day, equivalent to 100 transactions per second (tps).
Nevertheless, none of the existing EVM blockchains have the capability to handle such a substantial transaction volume.
Monad, by incorporating robust consensus mechanisms, parallel executions, and pipelining, has the potential to redefine the EVM and attain scalability necessary for supporting a larger user base.
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That’s a Wrap and Thank You!
I'm working on improving this post and my content - would love to hear your thoughts on what you'd like to see more of. Thank you for reading!
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Disclaimer:
None of the content in this post should be interpreted as financial or tax advise.
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Tagged Monad Chads for review and visibility:
- @_jhunsaker
- @0x_eunice
- @0x3114
- @JohnWRichKid
- @christiadarma
- @zen_llama
- @billmondays
- @keoneHD
- @0x_Abdul
- @internstill
- @intern
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I want to mention and thank my fellow DeFi Educators who inspire me and consistently provide valuable educational resources!
They are definitely MUST follow!
- @rektdiomedes
- @JiraiyaReal
- @blocmatesdotcom
- @NickDrakon
- @ReveloIntel
- @crypto_linn
- @DefiIgnas
- @CryptMoose_
- @stakedqueen
- @ayyyeandy
- @Only1temmy
- @CryptoShiro_
- @Flowslikeosmo
- @poopmandefi
- @2lambro
- @0xsurferboy
- @DAdvisoor
- @stacy_muur
- @splinter0n
- @arndxt_xo
- @0xTindorr

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