What is Moonbeam

What is Moonbeam

With its parachain, Moonbeam, the Polkadot and Ethereum blockchains will be able to communicate with one another. In more detail, Moonbeam is a platform for smart contracts that enables developers to migrate decentralized applications (dApps) across the two networks without needing to rewrite code or reload infrastructure. Moonbeam promises to support the development of a cross-compatible, interoperable future in a Web3 world where there are an increasing number of blockchains and tokens.

Beginnings

A digital entrepreneur and co-founder of the Fuze communication platform, Derek Yoo founded Moonbeam in January 2020. He is also the CEO of PureStake. Yoo established the Moonbeam Testnet in September 2020 after receiving funding from the Web3 Foundation, but it wasn’t until more than a year later that the Moonbeam user community launched an initiative to obtain a parachain space on the Polkadot blockchain that the project gained widespread support. With the help of the primary relay chain, which Polkadot is a multi-chain network that will eventually enable, up to 100 parachains can trade tokens, services, and other kinds of data.

After users of Moonbeam collectively invested about USD 1 billion in DOT tokens, the Moonbeam parachain went operational on Polkadot in January 2022. Yoo stressed that the Moonbeam potential would be unlocked by the Polkadot parachain status, offering decentralized interoperability, and allowing both networks to “exploit each other’s specialized services.”

As a parachain, Moonbeam has the ability to interact with other blockchains and parachains, exchanging data, coordinating, and working with a user base outside of its own. As a result, integrations hosted on Moonbeam, such as smart contracts, dApps, APIs, oracles, Web3 wallets, and other integrations, can interact with counterparts in the ecosystems of other linked networks, such as Polkadot and Ethereum.

The native token of the Moonbeam network is called Glimmer (GLMR). As a utility token, GLMR is employed in transactions, security, and staking-based governance decisions. Approximately 98 million GLMR tokens were distributed during a private event dubbed Take Flight in 2021, although there will eventually be 1 billion in circulation.

Uses

The interoperability of Moonbeam with other blockchains is key to its efficiency: the more integrations that can interact across blockchain networks, the more usefulness Moonbeam can provide its consumers. Therefore, Moonbeam offers the following features:

Ethereum Virtual Machine: Moonbeam enables the migration of Solidity-coded smart contracts that are currently operating on the Ethereum Virtual Machine (EVM) without requiring any substantial coding modifications. The following benefits are provided by Ethereum compatibility:

Migration of smart contracts: Significantly less time and money is required to move smart contracts between chains.

Technologies already available: To build interoperable apps, developers can use a variety of tools. Popular instruments like Hardhat, Truffle, Metamask, and Waffle are among them.

Access to the Polkadot network is possible for users of the Moonbeam network, giving them access to its wallets, bridges, and oracles (as well as other integrations).

Validation across chains: On other Solidity-based networks, user wallets, addresses, and smart contract signatures that have undergone verification are also valid on Moonbeam.

Coding Languages: Any EVM bytecode language is supported by Moonbeam. As a result, in addition to its core language, Solidity, the network may also handle apps created in Javascript, Vyper, and Flint.

Compatibility with Substrate: Moonbeam provides support for the Substrate environment, including its development tools. The Substrate blockchain framework is an SDK for creating customized blockchains, and parachains on the Polkadot and Ethereum networks make extensive use of it.

Several cross-chain bridges have already been integrated by Moonbeam to enable asset migration between chains. cBridge, Multichain, and RelayChain are some of the bridge integrations available on Moonbeam right now.

Moonriver: The Moonbeam testing network goes by the name of Moonriver. Similar to Moonbeam, Moonriver has full EVM compatibility and serves largely as a testing environment for developers’ dApp and smart contract code before it is deployed on Moonbeam. Running on Kusama, the canary network of Polkadot, Moonriver has its own utility coin, MOVR.

Future

Since Moonbeam was among the first parachains to launch in the Polkadot ecosystem, it has acquired some notoriety among developers looking to benefit from cross-chain interoperability. The plan for Moonbeam places an emphasis on the continued deployment of additional “integrations and collaborations” as well as a strengthening of the network’s interoperability, particularly with regard to its Cross-Consensus Message (XCM) format.

The more significant DeFi protocols that have already debuted on Moonbeam are Curve Finance.

Moonbeam has established deadlines for deploying loan and borrowing apps, NFTs, defi projects, gaming initiatives, and bounty schemes.

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