Pioneer of Parallel Blockchains
Monad, a scalability-focused layer 1, is exploring solutions to enable parallel execution in EVM chains. Despite the EVM’s inability to execute transactions concurrently, Monad argues that it is unlikely to support the many transactions within a single chain. This is due to the sequential processing model of EVM chains, where transactions are processed one after another. Monad’s approach aims to create a framework to classify how blockchains achieve parallelization, focusing on parallel execution enhancements. By implementing these strategies, the smart contract ecosystem can overcome the limitations of sequential processing and pave the way for more widespread adoption of decentralized applications.
Parallel execution in blockchains involves processing unrelated transactions simultaneously, allowing for a more efficient and scalable future for blockchain technology. The main challenge in implementing parallel execution is determining which transactions are unrelated or independent, which involves understanding how each transaction affects the blockchain’s data. Various blockchain systems use different methods to identify unrelated transactions, typically by managing access to the blockchain’s data.
Solana, the pioneer of parallel blockchains, introduced a solution to manage transactions and amplify scalability. It introduced the ‘Sea Level’ execution model, where everything functions within an account-based framework. Each account can only be accessed by a transaction that’s linked to it, preventing potential conflicts. Solana also uses stateless programs contained within these accounts, which start from scratch every time they’re run, helping maintain transaction independence and contributing to a more scalable future for blockchain technology.
Sharding, while not traditionally considered a method of parallel execution, facilitates parallel processing of transactions across multiple shards. The concept of computation-based parallel execution represents a revolutionary approach to parallel transaction processing in blockchain systems, offering unique advantages and challenges.
