Moonbeam: Ethereum-Compatible Smart Contract Parachain on Polkadot
The distributed ledger technologies (blockchains) have gained popularity within the industry since the first cryptocurrency was launched in 2009 and this has also been identified as a potentially disruptive technology in many different fields.
Sharing economy is what Ethereum blockchain has provided through smart contract and this is what many crypto enthusiasts and developers have been leveraging on and built DApps which brought in Decentralized Finance system with some key features like staking, lending, governance and voting which commands rewards for users of such DApps.
MoonBeam In Polkadot Ecosystem
Ethereum blockchain has offered developers a way to program, execute, and test dApps using Smart Contracts but the case of Polkadot gives deep developers the ability to create their blockchain that can communicate with other ledgers. This sound interesting as this allows developers to decide how high the transaction fees are and how fast transactions should be confirmed.
MoonBeam in Polkadot ecosystem brought in a developer-oriented blockchain that strives to provide compatibility with the existing Ethereum developer toolchain and network which allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes.
How Moonbeam Set To Achieve This Function?
Moonbeam set to achieve this function through three key pathways:
- Provision of full EVM implementation
- A web3 compatible API
- Bridges that connect MoonBeam to existing Ethereum network
Starting with Moonbeam is very easy and note that Moonbeam will also be a para chain on the Polkadot network which shows that its has shared security from the Polkadot relay chain and will be able to integrate with other chains that are connected to Polkadot.
Moonbeam allows a project owner or developer to build there own Moonbeam instance which is called a standalone node and on the other hands, they can leverage on the Moonbeam Alpha Testnet for their operation.
Moonbeam is compatible with Metamask and MathWallet.
As decentralized finance grows, it is important to have a system that communicates with multi-chain, user-friendly, comfortable with a fast speed which solves scalability experiencing in Ethereum blockchain with a high gas fee.
Moonbeam believes in a multi-chain future with many chains and many users and assets on those chains. With a smart contract platform that provides an Ethereum-compatible environment for building decentralized applications, Moonbeam will certainly connect new kinds of digital assets and users that exist across two or more chains.