Brief introduction to Monad Ecosystem for Builders!

Hello readers, my name is Shivam Verma, I am the co-founder of Ledgerwise, entered Web3 ecosystem in 2017 with Steem Blockchain, hype around EOS led me to join the EOSIO/Antelope ecosystem and from last 7 year I am part of it, and have played many roles including community manager, governance representative, and product manager, and so on.

I have been learning and diving deeper into different ecosystem emerging in Web3 space. From LayerN, Analog to 0X, Intia — I have somehow participated in most.

I have been closely following Monad, not only tech, but community efforts— and I am in awe with the energy of the community.

This blog is intend to cover what I have learned from the community, whitepaper and different channels for newbies like myself entering the Monad ecosystem.

Lets begin with the basic question —

What is Monad Blockchain?

Blockchains are like digital ledgers or notebooks that record all transactions (like money transfers, game trades, etc.) in a secure and transparent way. Blockchain help us save many copies of same notebooks on multiple computers. Computers work on logic to avoid any illegitimate entry by a hacker, making the copies secure.

Monad is a high-performance, Ethereum-compatible Layer-1 blockchain that addresses Ethereum’s scalability and performance issues. With a tested throughput of 10,000 TPS and the MonadBFT consensus mechanism, it enhances performance while supporting the Ethereum RPC API. This ensures compatibility with existing Ethereum applications, tools, and wallets, providing better scalability without the need for transitioning to different layers or rollups.

Keone, the CEO of Monad labs, says Ethereum + Solana = Monad. It gives best of both the worlds.

Exploring Monad’s innovations

1. Turbocharged Consensus: MonadBFT, Monad’s secret weapon, streamlines the process of reaching agreement among validators. Here’s how it works:

• A leader node is elected for each round of block proposal.
• Validators vote on the proposal.
• If enough YES votes are received, a quorum certificate (QC) is generated
• The block is finalized with the QC, and the process repeats

This pipelined approach significantly reduces communication overhead and speeds things up, ensuring transactions are finalised quickly and reliably.

2. Parallel Processing — Forget waiting in line. Monad executes transactions simultaneously using multiple cores, maximizing efficiency. This parallel execution, combined with its optimistic execution model, ensures smooth operation while maintaining order and accuracy. If conflicts arise, Monad smartly resolves them and re-executes as needed.

3. Geared Up for High Traffic: Deferred Execution another game-changer, deferred execution allows nodes to agree on the order of transactions before they’re actually processed. This clever decoupling frees up resources for faster throughput, enabling Monad to handle complex transactions without breaking a sweat.

4. State-of-the-Art Storage: MonadDb, a custom-built storage solution, is optimized for solid-state drives. It utilizes asynchronous operations and in-memory caching to handle massive transaction volumes efficiently, keeping everything running smoothly even as the network grows.

Benefits for Developers

1. Effortless Transition — If you’re already familiar with Ethereum, you’re practically a Monad expert. It boasts full compatibility with Ethereum Virtual Machine (EVM) bytecode and the Ethereum RPC API, allowing you to port your existing Ethereum applications with minimal fuss. Your favorite tools like Hardhat, MetaMask, and Etherscan will work right out of the box.
2. Faster, More Scalable DApps — Monad’s high transaction throughput (10,000 tps!) and rapid 1-second finality pave the way for highly interactive and scalable decentralized applications (dApps). This translates to a better user experience and significantly lower transaction costs, opening up new possibilities for blockchain applications.
3. Seamless Tooling — Monad integrates flawlessly with your existing Ethereum development toolkit. Leverage familiar tools and libraries like Hardhat, Foundry, web3.js, or ethers.js to build on Monad without a steep learning curve. This seamless integration makes the transition to Monad a breeze for experienced Ethereum developers.
4. Optimized Smart Contracts — No need to rewrite everything from scratch. Monad supports all EVM opcodes up to the Shanghai fork, allowing you to deploy your Ethereum smart contracts with minimal modifications. Take advantage of the platform’s superior performance while using the battle-tested Solidity language you’re already comfortable with.

Starting Building with Monad

Ready to build on Monad? Here’s a quick guide to get you started:

1. Set up your environment: Ensure you have essential development tools like Hardhat or Foundry installed.
2. Deploy smart contracts: Port your existing Ethereum contracts to Monad with minimal changes.
3. Interact with the network: Use familiar Ethereum libraries like web3.js or ethers.js to interact with Monad.
4. Local development: Utilize tools like Anvil or Hardhat Network to run a local node for testing.

For more resources, check out Solidity documentation, Remix IDE for interactive coding, and OpenZeppelin for smart contract templates.

In case you are building on Monad, we are helping new projects raise funds using joinstaircase.com! Join us early and get funded.