HomeCryptoMoonbeam - Polkadot Platform for Smart Contracts

Moonbeam – Polkadot Platform for Smart Contracts

Moonbeam is one of the newer Polkadot platforms for smart contracts, and it aims to offer developers better scalability and accessibility. It stands as a strong contender against other developer projects concerning cryptocurrency. 

Moonbeam offers enhanced integration and connectivity for these developers regarding Polkadot Parachains, Ethereum, Bitcoin, and such. And it accomplishes to do so with the help of bridges.

Why is Moonbeam Popular at the Moment?

If you have researched Moonbeam as a blockchain enthusiast before, you know the mantra it follows: “the future is multi-chain.” 

But it has gained popularity because it acknowledges that the future blockchain system will hardly work separately like today. The basis lies in communicating in a mesh of networks alongside diverse blockchains.

As it turns out, Moonbeam’s approach serves its users and developers with tremendous potential and benefits. So naturally, it has started to see a wave of popularity lately.

As a para chain on Polkadot, it helps collate smart contracts and interoperability. It brings popular cryptocurrencies like Ethereum and Bitcoin to the table. 

For instance, the result shows Ethereum’s capabilities expanding to assume features such as staking, on-chain governance, and cross-chain integration. Several blockchain investors and enthusiasts recognize the value hidden within this feature. 

Most essentially, the magic lies in how Moonbeam allows Ethereum developers productive flexibility. And there is no better way to benefit than by extending your influence within the Polkadot ecosystem than by multi-managing. 

How Does Moonbeam Function?

So far, you have read that Moonbeam is a para chain operating on your Polkadot network. It takes advantage of the speed that Polkadot offers, along with the exceptional bridging properties.

The developers further get complete access to the EVM capabilities that entails with Ethereum. Allowing an API that goes beyond Web 3.0 access opens doors to easier and more efficient functioning.

You will especially find this to be true while positioning your Solidity smart contracts preexisting on Ethereum. 

Did you know that Moonbeam will launch its much-anticipated MainNet in the third quarter of 2021? Well, researchers and analysts predict that this step will initiate endless benefits to its past and potential audience. 

Its functioning has everything to do with acting as a bridge and allowing developers to work with Polkadot and Ethereum simultaneously. After all, these are two of the most popular systems of blockchain today.

Remember that Moonbeam combines the two smart contracts while also leveraging the sturdy infrastructure by using Polkadot’s unique tools. 

Why is Moonbeam Unique?

Several chains have come together to work in the arena of interconnected blockchain. The credit goes to the popularity of cryptocurrency, which is on the rise.

Sure, blockchain solutions serve as a solution for many issues. However, that also means you would have to contain your benefits to one or the other chain. 

Well, Moonbeam has a unique solution for this!

It solves the issue of interoperability through a framework that facilitates seamless interaction. Here, the blockchain network engages with Ethereum. Through its unique protocol, it can offer its developers the following features within the interconnected ecosystem:

Decentralization

Moonbeam works on providing the maximum amount of decentralization along with resistance towards censorship. Its effort towards the DApp ecosystem benefits from the support and strong foundation. As a result, no authority has any control over your transactions.

Collaboration with EVM

Moonbeam stems from enabling a solidity-based smart contract. By running on the Ethereum Virtual Machine, its collaboration seals complete. Moreover, you can carry out the transfer between platforms without major changes.

Advanced Application Programming Interface

Moonbeam incorporates an advanced application programming interface from its very core. It allows developers like you to transfer between front-end DApps with minimal changes if any. The benefit for Moonbeam network users lies in executing tools such as Truffle or MetaMask, without worrying about hangups. 

Substrate-Compatible Tools

Moonbeam utilizes tools to expand on the benefits it could offer developers and users. Each of these tools incorporates features related to front-end development libraries, block explorers, and wallets.

As a result, it helps the developers not merely create but also interact with their blockchain network. 

Cross-Chain Integration

Tokens have also seen immense growth in popularity due to their noticeable potential. Moonbeam makes sure to set you up with seamless token mobility and state visibility with chains such as Ethereum. 

The same is the case with message passing. Polkadot network and bridges are key ingredients to this cross-chain integration. 

On-Chain Governance

If you are or hoping to be a Moonbeam stakeholder, this feature is for you. This on-chain governance feature allows you to evolve and quickly alter your base protocol.

You can make these quick adjustments based on community needs and requirements wherever necessary. Since several developers such as SushiSwap and Chainlink offer their support, the process becomes fast and efficient.

Other organizations such as Band Protocol, Biconomy, The Graph, DODO, Razor, Covalent, and Ocean also facilitate Moonbeam’s interoperability. 

Conclusion: The Future of Moonbeam

Moonbeam has already garnered tremendous popularity, given its potential in today’s financial world.

By launching its MainNet, Moonbeam will further attract DeFi developers who wish to reap benefits from Ethereum’s capabilities. All it shall take is binding and bridging the two platforms to facilitating seamless interaction between the blockchain ecosystems. 

Offering developers and users better scalability and accessibility act as a strong contender against other mainstream developer projects out there. 

Disclaimer: All information in the site is provided for informational and educational purposes only. We are not a financial advisor. The information in this article is not intended to imply any recommendation or opinion about a financial product and is not a financial product advice. You should obtain independent advice before making any investment decisions.

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