What is Monad coin (MON)? Understand this EVM-compatible Layer-1 Blockchain in one article.

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Introduction to Monad Coin (MON)

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

Ensuring decentralization often requires sacrificing transaction speed. Therefore, Monad's goal is to build an architecture that maintains both decentralization and high speed, designed to handle 10,000 transactions per second.

Core Features of Monad

Monad adopts multiple innovative technologies to improve transaction speed:

• Asynchronous Execution: Separating consensus from transaction execution. Validators first reach consensus on the order of transactions through voting, and then execute the transactions.
• Parallel Execution: Supports the simultaneous execution of multiple transactions. To maintain EVM compatibility, transactions logically remain in order.
• MonadBFT: The consensus mechanism of Monad, a Byzantine Fault Tolerance system.
• MonadDb: A high-performance storage engine that runs in the background.

Advantages of EVM Compatibility

Due to the EVM-compatible architecture, developers can migrate their projects to Monad without modifying the code. Monad is compatible with wallet tools such as Phantom and MetaMask, allowing users to easily interact with Monad using these tools.

Monad Project Background

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

How to Use Monad

Monad can be used by users and developers. Users can interact with Monad using existing Ethereum wallets by simply configuring the RPC URL and chain ID to the Monad network. Multiple RPC URLs are provided on Monad for applications to connect. Developers can use Ethereum development tools through EVM compatibility.

As a Proof of Stake (PoS) network, MON tokens can be staked. Users who do not want to stake directly can delegate to validators. 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 Explanation

Monad Coin (MON) is the utility cryptocurrency of the Monad blockchain, with the symbol MON on both the mainnet and testnet. The minimum gas fee is expressed in MON-gwei units.

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 distribution plan is as follows:

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

Obtain MON

To purchase MON, you first need to create an account on a cryptocurrency exchange and complete identity verification. Ensure that the account has sufficient balance, which can be topped up via bank transfer or credit card. After recharging, you can buy the desired amount of tokens.

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