Monad Labs Secures $19M Investment to Advance Smart Contracts in Ethereum Ecosystem

“The Monad blockchain platform is designed to enable rapid and secure transactions between parties, making it a preferred alternative for digital goods and services. The seed funding will be used to strengthen the team and support development of the Monad platform.”

Keone Hon and his team are working hard to build a platform that can optimize smart contract performance, ultimately making it possible for contracts to handle billion transactions per day and 10,000 transactions per second. This will lead to more reliable and efficient systems, making them safer and more importantly easier to use.

Hon, Eunice Giarta and James Hunsaker founded the Ethereum Virtual Machine (EVM)-compatible layer-1 smart contract platform in 2022 with the express purpose of expanding throughput on the Ethereum blockchain. The team brings more than seven years of experience in building low-latency, high-frequency trading (HFT) systems at Jump Trading, which has positioned them well to capitalize on the potential for this new technology.

The main purpose of Giarta’s company is to provide an expandable platform for developers that allows them to build applications and services similar to the App Store. Developers can use Giarta’s service to create applications that are accessible through the iPhone, but the company plans on offering additional platforms in the future.

The proposed platform is designed to facilitate the flow of financial and digital assets between peers, eliminating the need for third-party intermediaries. This will allow for greater efficiency and transparency in asset transfers, as well as potentially reducing costs associated with current systems.

Since its inception, the startup has been able to gather a coalition of supporters that includes investors and angel investors. This broad coalition has helped the startup in its journey, as it was able to secure funding and gain support from key individuals within the start up community.

Giarta anticipates a busy few months as the Capital City eSports League expands to four teams. The increase in players will compel the organization to double its size in order to properly compete. With a larger fanbase and thus more potential sponsors, Giarta is confident that the CCEL will become one of the premiere esports leagues in North America.

In order to address the issue of high fees and slow transactions, some leaders in the Ethereum community are working on fundamental improvements to the system. These upgrades could include enhancements to the codebase or a new protocol that could improve transaction speeds and throughput.

Ethereum is often seen as a slower and less performant platform compared to its competitors. However, Monad seeks to focus on performance and fix that issue. If successful, this could give Ethereum a serious advantage over its rivals.

A primary focus for blockchain-based applications, such as Etherscan, is performance. Without it, users are not able to use the applications on a wide scale. Continued development efforts are being made in order to improve the usability of these applications and make them more complex.

The Ethcore development team believes that Ethereum is still the most promising blockchain platform for future innovation. They are working hard to create a high performance blockchain that is compatible with the Ethereum Virtual Machine (EVM). This will allow them to stay within the Ethereum ecosystem and benefit from all of its advancements.

The Ethereum team is expecting the future to be bright, and they are focusing on creating a vibrant ecosystem of app developers and users. From their perspective, the future looks promising for cryptocurrencies and tech in general. However, it has been challenging for the market in recent months.

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Dylan Williams

Dylan Williams is a multimedia storyteller with a background in video production and graphic design. He has a knack for finding and sharing unique and visually striking stories from around the world.

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