What is Monad? Monad is a new POS Blockchain built and developed by a team with many years of experience. work experience in Jump Tradding LLC. The project itself has also successfully called for an amount of up to $19M in the Seed round, so in this article, let’s find out where Monad’s appeal lies.
And to better understand this article, people can refer to some of the articles below:
- What is NEAR Protocol (NEAR)? Near Protocol Cryptocurrency Overview
- What is Avalanche (AVAX)? Avalanche Cryptocurrency Overview
What is Monad?
Overview of Monad
Monad is a Layer 1 Blockchain with Proof Of Stake consensus mechanism with extremely high scalability of more than 10,000 TPS. Not stopping there, Monad is also a blockchain with high EVM compatibility, helping developers on Ethereum or other EVM Blockchains easily expand their products to Monad in the near future.
Why did Monad decide to become an EVM Blockchain?
There are a number of reasons why Monad is determined to build an EVM Blockchain and not a non-EVM Blockchain like Solana, Sui Blockchain or Aptos including:
- Sodility is still the most popular programming language today in the crypto market despite the rise of Rust with forces like Solana, Sui Blockchain or Aptos.
- EVM can still be improved to increase scalability without necessarily being a Rollup.
How to get Monad to reach 10,000 TPS
So how can Monad improve the scalability of its network without too much affecting the decentralization and security of the network? Parallel Execution also known as Parallel Execution.
According to Monad, EVM Blockchains at the present time still have difficulty improving scalability. Sequential Execution also known as Sequential Execution.
For example: Buu sends $1,000 to Truong. Khue sent $5,000 to Truong. Obviously, in life these transactions can take place in parallel without affecting each other, but the bottleneck for current blockchains is that these transactions take place sequentially.
Solana itself has applied Parallel Execution to increase the expansion of its network, but Solana is a non-EVM and Monad will be one of the first EVM Blockchain to bring Parallel Execution into the network to solve the problem. issues related to expansion.
Development Roadmap
Currently, Monad is still in the process of research and development. Monad recently allowed users to run nodes on the Tesnet network, but the form was closed on April 12, 2023.
Investor
February 14, 2023: Monad Labs successfully raised an amount of up to $19M led by Dragonfly Capital, with the participation of Lemniscap, Shima Capital, Palceholder and many other investment funds. Not stopping there, Monad has the support of many Angel Investors such as 0xMaki, Hasu, Cobie,…
Core Team
Monad Labs is an extremely new company in the cryptocurrency market founded in 2022 – the year of collapses with the story of FTX or Terra – Luna. The founders of Monad Labs have worked together at Jump Trading for over 7 years.
To understand Jump Trading or Jump Crypto, everyone can read the article Wormhole Ecosystem: Backed by Whales & All in on the Solana Ecosystem.
Keone Hon: Co Founder & CEO
- Keone has an excellent academic background, having earned a Bachelor of Computer Science, Master of Finance and Master of Computer Science at Massachusetts Institute of Technology.
- Most of his career, Keone worked with Jump Trading LLC as Trading Team Lead. During his final days with Jump as Trading Team Lead, Keone moved to work at Jump Crypto. And within just 10 months at Jump Crypto, Keone decided to leave Jump Crypto to build Monad Labs.
James Hunsaker: Co Founder
- James studied Computer Science and Mathematics at the University of Iowa.
- James worked in senior positions such as Vice President at JP Morgan and Goldman Sachs for nearly a year each.
- Next, James worked with Jump Trading LLC for 8 years.
- And in February 2022, James started building his first project in the crypto market with Monad Labs.
Eunice Giarta: COO
- Eunice had a quite interesting learning process when she took a professional baking course at Professional Pastry Arts, then Eunice earned a doctorate in Computer Science & Engineering at Massachusetts Institute of Technology.
- In the early years of her career, Eunice worked at Bank of America as an Analyst and Trader of Derivatives products.
- Eunice used to work as Product Manager at Broadway Technology. In fact, at Broadway Technology, Eunice held many different positions such as BD, Product Manager and the highest being Product Director.
- Eunice continues to work as a Senior Product Manager at Shutterstock – a popular global photo sharing platform.
- Eunice returned to her cake-related job at Chef De Partie.
- After that, Eunice started her first business with the Euna Creative project. However, Eunice’s first startup was not really successful.
- From February 2022, Eunice will be responsible for COO and Head of BD at the Monad Labs platform.
Ariq Chowdhury: Founding Engineer
- Ariq earned a Bachelor of Science, Computer Engineering from the University of Saskatchewan.
- Ariq in the early days of his career as a Product Development Engineer at PMC-Sierra.
- After more than 3 years at PMC-Sierra, Ariq continued to work for 5 years at Arista Networks as a Software Development Engineer.
- From June 2022, Ariq started working at Monad Labs.
The remaining members all have extremely impressive backgrounds having worked at many large companies and corporations such as: Jump Trading LLC, Leidos, Facebook, Instabase, Pattern Research,…
Tokenomics
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Exchanges
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Project Information Channel
- Website: https://www.monad.xyz/
- Twitter: https://twitter.com/monad_xyz
- Discord:
Summary
Monad Labs is a potential Layer 1 in the next growth cycle of the crypto market when built by a team with many years of experience in product development. However, Monad’s team, especially the Co Founders, do not have much experience in the crypto market, so this is something worth considering.