Massive declines have been recorded in the cryptocurrency market, with lows not seen in months. Nobody is pleased about it. However, 2022 will also be a major year for cryptocurrencies, just like 2021.
As we already have, some coins and tokens will see considerable value loss. Some people, though, will have an intriguing year ahead of them. And one of them is Moonbeam because it is among the industries with the strongest outlook for 2022.
The features, roadmap, tokenomics, rivals, and much more of Moonbeam will all be covered in-depth in this article.
Moonbeam: What is it
We already know that future blockchain initiatives won’t function the same way they do now. Projects like Moonbeam, the first Polkadot “Parachain,” which connects them, will be undertaken. Polkadot is a network of interconnected blockchains known as “Parachains,” if you are familiar with it.
One of the 130 parachains being constructed on Polkadot at this time is Moonbeam. The 80+ applications in the Moonbeam ecosystem, which vary from wallets to NFTs, can now be deployed because it is the first parachain to become fully operational on Polkadot.
What makes Moonbeam so fascinating, then? Simply said, Moonbeam gives Ethereum developers access to their preferred Ethereum developer tools, like Metamask, Remix, Waffle, and more. As a result, developers can easily redeploy their current Solidity projects or create new dApps on Polkadot and Moonbeam.
And how does that affect users of dApps like you? For instance, were you aware that SushiSwap first collaborated with Moonbeam? Sushiswap will have access to polkadot-assets when Moonbeam can communicate with other parachain structures on Polkadot. As a result, if you utilize SushiSwap, the variety of trading tokens and liquidity pools will grow significantly.
Some of the most crucial aspects include governance, staking, cross-chain interfaces, and interoperability with Ethereum. These are some more of them:
1. Support for Ethereum
The dApps on Ethereum work quite fine with Moonbeam. However, there are a few variations:
Number One As a scalable and environmentally friendly replacement for Ethereum’s current PoW consensus, Moonbeam implements a PoS consensus.
Number 2 Moonbeam contains a number of on-chain governance mechanisms that guarantee the project’s future development will be in the hands of stakeholders rather than just the core development team.
2. Integrated Accounts
Users of most Ethereum-compatible programs are required to maintain two private keys. both for the platform that is compatible and for Ethereum. However, Moonbeam’s new v3 update has removed the uncertainty and security risks associated with managing two private keys.
To engage with dApps and protocols, all you need is a single Ethereum-like account with its corresponding private key. for tasks like on-chain staking and on-chain governance, as well.
3. Integrations across Chains
Making it simple for developers to use smart contracts to connect to other Polkadot networks is one of the most crucial characteristics that Moonbeam is designed to have.
As a result, the initial scenario in which Moonbeam is interested is the conversion of tokens from other chains into Moonbeam-based tokens. As a result, DeFi and other dApps may use these tokens. After completing their mission, these assets can migrate back or out to other chains.
What distinguishes Moonbeam
Moonbeam stands apart from other Polkadot parachains in that it enables your ethereum-based project to reach consumers outside of the ethereum ecosystem, where they can take advantage of low gas costs.
The ability of projects to access internal Moonbeam assets such as DOT, KSM, GLMR, the aUSD stablecoin, and external bridges assets such as bitcoin and ERC-20 tokens is another crucial aspect of Moonbeam.