What is Monad Coin (MON)? Features and Usage Guide

Question

Source: BTCHaberOriginal Title: What is Monad coin (MON)?Original Link: ## What is Monad Coin?Monad coin (MON) is the cryptocurrency of the Monad project. Monad is a Layer-1 blockchain that aims to offer faster transactions while maintaining compatibility with the EVM (Ethereum virtual machine).It is known that while trying to ensure decentralization, the speed of transactions is compromised. For this reason, Monad&#39;s goal is to create a structure that can maintain both decentralization and speed. This structure is designed to handle 10,000 transactions per second.Thanks to its EVM-compatible structure, developers can migrate their projects to Monad without making any changes to their code. It also has a compatible setup with tools like Phantom and MetaMask. This way, users can easily take advantage of Monad using these tools.## Features Offered by MonadMonad aims to increase the speed of transactions by adopting various features in its working principle:- **Asynchronous execution:** It is the separation of the execution of the transaction from the consensus. Validators first agree on the order of transactions by voting. Then, the execution of the transaction is carried out.- **Parallel execution:** Used to execute multiple transactions simultaneously. However, in order to maintain its EVM compatible structure, the transactions still remain sequential.- **MonadBFT:** It is the consensus mechanism of Monad. It is a type of Byzantine Fault Tolerance system.- **MonadDb:** It is a high-performance storage power that works in the background.## Monad FounderMonad was founded in 2022 by Keone Hon, James Hunsaker, and Eunice Giarta.## How to Use Monad?Monad can be used by both users and developers. Users can interact with Monad using their Ethereum wallets. The only change required is to connect the RPC URL and chain ID to the Monad network.Since Monad coin is a Proof-of-Stake (PoS) network, it can be staked. Users who do not want to stake directly can delegate a validator on their behalf. It is important for users to pay attention to the commission rates when selecting a validator.## MON Token FeaturesMonad coin (MON) is the cryptocurrency that serves the utility function of the Monad blockchain. The symbol of the cryptocurrency is MON on both the mainnet and the testnet.MON security is used for gas fees, staking, and validator rewards. As long as the correct RPC URL and chain ID are used, MON can be utilized through Ethereum-compatible wallets.The token distribution is as follows:- **Ecosystem and incentives:** Can increase by 30 percent depending on the situation.- **Establishment:** Twenty-five percent- **Community and airdrops:** Fifteen percent- **Investors:** 15-20 percent- **Team and advisors:** 10-12 percent## Where to Buy MON?To buy MON, you first need to create an account on a cryptocurrency exchange. After that, you must complete the identity verification process for the account you created. You need to have a balance in your wallet to complete the purchase process. If you don&#39;t have a balance, you can prefer payment methods like bank transfer or credit card.---*This article does not contain investment advice or recommendations. Every investment and trading action carries risks, and readers should conduct their own research when making decisions.*

MindsetExpander · Accepted Answer

Another EVM-compatible Layer 1—just how many chains are there in this track?

AllInAlice · Answer

Another EVM-compatible L1—these days, just how fast do you have to be to stand out?

SneakyFlashloan · Answer

Is MON another EVM-compatible chain? As long as the speed is fast, the key is whether the ecosystem can thrive.

ImaginaryWhale · Answer

Another so-called EVM-compatible and fast L1, this trap is getting tiresome.

MevTears · Answer

EVM compatibility and fast transactions, every L1 is bragging about this trap, let&#39;s see if it can actually be realized.

MagicBean · Answer

Another Layer 1? This time, is it really fast? We&#39;ll have to let the actual data speak for itself.