Moonbeam: A blockchain Platform For The Polkadot Network.
Moonbeam is a blockchain for developers that aims to maintain interoperability with the Ethereum development network. Moonbeam comes with a full implementation of EVM, a Web3-compliant API, and bridges that connect it to existing Ethereum networks. This enables developers to use Moonbeam to build existing Solidity smart contracts and DApp interfaces with little changes.
On the Polkadot network, Moonbeam is also a parachain. This entails using the Polkadot relay chain’s shared security and interacting with Polkadot’s other chains (if this functionality is available in Polkadot).
Moonbeam achieves cross-chain integration by adding a para chain to the Polkadot network. Through networked para chains and bridges, the Polkadot network allows integration and connectivity across non-Polkadot-based chains like Ethereum and Bitcoin.
FEATURES AND FUNCTIONS OF MOONBEAM
Moonbeam accomplishes these objectives in the following ways:
Unauthorized and decentralized: A necessity for censorship resistance and many existing and future DApps use cases.
It comes with a full EVM application for migrating current robustness-based smart contracts with little adjustments and expected execution results.
It implements the Web3 RPC API: so that existing DApp interfaces can be moved with minimal changes so that existing Ethereum-based tools like Truffle, Remix, and MetaMask can be used against Moonbeam without changes.
Substrate Ecosystem Toolset Compatibility: Enables developers and users to use the right tool for what they want to achieve, including Block Explorer, front-end development libraries, and wallets.
Local integration between chains: Through the Polkadot network and through token bridges that allow the movement of tokens, the visibility of the status, and the transit of messages with Ethereum and other chains.
On-chain governance: It enables stakeholders to develop the core protocol quickly and seamlessly, based on the developer’s and the community’s needs.
BENEFITS OF MOONBEAM
Three main groups can benefit most from Moonbeam’s cross-chain functionality:
Existing Ethereum based projects
Moonbeam can be used for the following objectives by Ethereum projects dealing with cost and scalability issues:
· Modest improvement to sections of your current workloads and Ethereum Layer 1 status.
· Use a hybrid strategy, with applications operating on Ethereum and Moonbeam at the same time.
· Gain access to the Polkadot Network and other Polkadot-affiliated chains.
Polkadot ecosystem projects
Ecosystem projects that require smart contract functionality can use Moonbeam
• Replace or upgrade your current parachutes and parachutes.
• Add new functionalities to the Polkadot relay chain that are necessary but not available. You can, for example, build a space where teams can pool their assets to fund projects, apply for locked money, and conduct other financial transactions that are more complicated than the Substrate’s core operations.
• Make use of the Ethereum development toolchain, which is complete and mature.
Developed new DApps
People and teams who want to try building buildings in Polkadot can use Moonbeam to:
• Take advantage of Polkadot parachutes’ unique properties to reach users and assets from other chains.
• Use Moonbeam as a tight integration layer to bring together network services before giving them to end-users, and build functionalities from Polkadot parachutes. Using pre-defined integrations in the smart contract platform to provide a unified service is (in most circumstances) considerably faster and easier than establishing a whole substrate runtime and performing the integrations at runtime.
This one-of-a-kind mix of components fills a gap in the industry while also allowing Moonbeam’s Polkadot network to evolve to meet developers’ future needs. Learning and implementing chain uptime in Rust, developing a token economy, and developing a community of node operators are all important aspects of developing your substrate chain.
An Ethereum smart contract methodology is considerably easier and faster to implement for developers and projects. Developers can continue to interface with other chains and extract value from Polkadot-based network effects by implementing smart contracts on Moonbeam.
Written By Naphtali Dabuk
For more information visit
https://twitter.com/moonbeamnetwork
https://t.me/Moonbeam_Official
https://github.com/PureStake/moonbeam
https://medium.com/moonbeam-network
https://www.youtube.com/c/MoonbeamNetwork?sub_confirmation=1
