Smart Contracts
Innovative Blockchain Platform Monad Raises $225 Million in Funding
Thursday. July 18 at 6:30 PM
1 min. readMonad, a cutting-edge layer-1 smart contract platform, secured $225 million in funding from Paradigm, a venture capital firm. Expected to launch its public testnet in late 2024 and mainnet in early 2025, Monad is a parallel Ethereum Virtual Machine (EVM) project aiming to boost transaction processing efficiency. By parallelizing EVM instructions, Monad can handle multiple transactions concurrently, enhancing throughput and reducing costs. The platform introduces optimizations like MonadBFT, deferred and parallel execution, and MonadDB to improve consensus, execution, and data storage. MonadBFT, a Byzantine-fault-tolerant algorithm, enhances scalability by reducing communication rounds. Employing optimistic execution, Monad processes transactions concurrently, re-executing conflicting ones when needed. MonadDB, a custom database, utilizes asynchronous disk operations to enhance transaction processing speed. With its innovative approach and advanced features, Monad is set to revolutionize blockchain technology and offer a robust solution for high transaction volumes.