Where is Moonbeam going? Situation Overview

Where is Moonbeam going? Situation Overview

Moonbeam is a blockchain project built back in January 2020 as a way to tackle cross-chain interoperability challenges, it is an Ethereum compatible smart contract parachain on Polkadot. For those who are not familiar with Polkadot, it is a multi-blockchain platform where projects can have their own blockchain designed to meet their specific needs rather than use a general-purpose blockchain that might not have all they need. The Polkadot network contains several projects such as Acala Network, Kilt, etc. One of such is the Moonbeam network.

What is Moonbeam

Moonbeam was created to solve the interoperability problems by making the deployment of apps on the Polkadot network easier and simpler. It is generally designed for developers who can now use the same tools that they are used to on Ethereum to develop apps on the Polkadot network, thereby making it possible for Dapps on Ethereum to be recreated on Moonbeam, which will make such apps have cross-chain operability.

The Moonbeam blockchain has full EVM implementation, which means all Dapps and smart contracts on Ethereum can be deployed on the Moonbeam network with little to no changes. It also has other capabilities such as publish-subscribe and compatibility with Ethereum addresses. All these enable the developers to port existing Dapp frontends and Solidity smart contracts straight to Moonbeam with minor modifications.

As a Parachain on the Polkadot network, Moonbeam gets to benefit from shared security. It will also have the ability to integrate with other blockchains on the network as soon as the network enables that functionality.

Moonbeam offers Solidity developers a better user experience when it comes to building on Polkadot. The languages are similar, and so are the tools. You also won’t have to get a new address, account, or signature because you can use your current Ethereum H160 accounts and ECDSA signatures to interact with Moonbeam.

As a platform, Moonbeam is linking Polkadot and Ethereum together by allowing dapps and projects on Ethereum to deploy on Polkadot and have access to the new users and tokens that are available on the platform. Thus, Moonbeam is essentially for three sets of audience:

  • Existing Ethereum projects are looking to solve the problem of cost and scalability on Ethereum.
  • Projects on Polkadot in need of smart contract functionality.
  • Developers of Dapps who want to build on Polkadot.

Recent Big Event on Moonbeam

Since its launch, Moonbeam has been able to secure major partnerships with the likes of Linear Finance, Sushi Swap, Bet Protocol, Injective Protocol, and others committing to building their projects on Moonbeam as it offers an easy path for them to extend their reach to the Polkadot network.

Some of these projects were showcased in the Illuminate/21 event held on April 27, 2021. This event was held to celebrate Multi-chain projects on Moonbeam with various demos and talks revolving around the Moonbeam network ecosystem. Attendees at the event got the chance to see the several incredible projects building on the network.

The virtual event, which was sort of an online mini-conference, was not just about showcasing the projects. There were also presentations of technical and non-technical nature, which meant everyone could get a feel of what to expect from the Moonbeam network when it eventually launches. Everything from projects to integrations was discussed, and their effects on blockchain interoperability were made clear. In fact, everyone who took part in the event left feeling more educated and excited about the Moonbeam network.

Crowdloan on Polkadot

While the Moonbeam network is yet to go live because Polkadot parachains are yet to be active even though the Relay chain has been live for about a year; currently, there are parachain slot auctions taking place on the platform, which is the way for projects to own blockchains on the Polkadot network. Many projects are using crowdloans to secure the necessary funds to bid in these auctions.

Top Polkadot Project

So far, Moonbeam remains the top parachain on the Polkadot network. This is because it is the only platform offering full Ethereum compatibility with capabilities that no other parachain can boast of. Others only offer partial features but with Moonbeam, it is almost as if you are using Ethereum, but with lower cost and better scalability.

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