What is Monad coin (MON)? A complete interpretation of the Layer-1 public chain project.

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What is Monad Coin ( MON )

Monad Coin ( MON ) is the cryptocurrency of the Monad project. Monad is a Layer-1 public chain designed to maintain compatibility with the EVM ( Ethereum Virtual Machine ) while providing faster transaction speeds.

In general, ensuring decentralization often sacrifices transaction speed. Therefore, Monad's goal is to build an architecture that guarantees both decentralization and speed. This architectural design can achieve 10,000 transactions per second.

With its EVM-compatible architecture, developers can migrate their projects to Monad without modifying the code. It is also compatible with tools like Phantom and MetaMask, allowing users to easily use Monad.

Core Features of Monad

Monad employs various features in its working principle to enhance transaction speed:

• Asynchronous Execution: Separates consensus from transaction execution. Validators first reach a consensus on the transaction order through voting, and then execute the transactions.
• Parallel Execution: Used to execute multiple transactions simultaneously. However, to maintain EVM compatibility, transactions are still kept in order.
• MonadBFT: The consensus mechanism of Monad, which is a Byzantine fault-tolerant system.
• MonadDb: A high-performance storage system running in the background.

Founder of Monad

Monad was founded by Keone Hon, James Hunsaker, and Eunice Giarta in 2022.

How to Use Monad

Monad is available for users and developers. Users can interact with Monad using existing Ethereum wallets. The only thing that needs to change is connecting the RPC URL and chain ID to the Monad network. Monad provides multiple RPC URLs for applications to connect. Developers can use Ethereum development tools with Monad through EVM compatibility.

As a proof of stake ( PoS ) network, MON tokens can be staked. Users who do not want to stake directly can authorize validators to participate on their behalf. When choosing a validator, users should pay attention to the commission rate, which determines the percentage of block rewards that the validator will receive.

MON Token Details

Monad Token ( MON ) is the utility token of the Monad blockchain. In both the mainnet and testnet, the token symbol is MON. The minimum gas fee is also expressed in MON-gwei.

MON is used for security, gas fees, staking, and validator rewards. MON can be used through Ethereum-compatible wallets as long as the correct RPC URL and chain ID are used.

The token allocation is as follows:

• Ecosystem and Incentives: 30%( may increase )
• Foundation: 25%
• Community and Airdrop: 15%
• Investor: 15-20%
• Team and Advisors: 10-12%

How to Buy MON

To purchase MON, you first need to open an account on a cryptocurrency trading platform. Then complete the account verification process. To complete the purchase, your wallet needs to have a balance. If there is no balance, you can choose payment methods such as bank transfer or credit card. After depositing funds, you can purchase the desired amount of assets.

For purchasing MON with the Turkish Lira trading pair, you can use the leading local cryptocurrency exchange platform.

Purchase Steps

The steps to purchase Monad coins through the trading platform are as follows:

• Click on “Buy/Sell” or “Market” options at the top of the platform homepage. Then enter MON or Monad in the search box to make a purchase.
• Click the “Buy” button on the buy/sell page to start trading. If you do not have an existing account, you need to create one; if you have an account, then log in.
• Enter the amount of fiat currency you wish to purchase to continue the transaction. After confirming the amount to be invested, confirm the transaction. The platform will automatically check the account balance. If the balance is sufficient, the transaction will be completed; if not, you can add the required balance through the “Recharge” option.
• The final step, click the “Buy” button again to confirm the transaction. Cryptocurrency purchases are executed immediately, and the purchased tokens will enter your account shortly.

Disclaimer: This article does not contain investment advice or recommendations. All investments and trading carry risks, and readers should conduct their own research before making decisions.