MOONBEAM: A PLATFORM FOR THE POLKADOT NETWORK’S SMART CONTRACT

Moonbeam is a developer kind of blockchain that seeks to maintain compatibility with the existing Ethereum developer network and toolchain. Full implementation of EVM, a Web3-compliant API, and bridges connecting Moonbeam to existing Ethereum networks are provided. This allows developers to implement existing Solidity smart contracts and DApp interfaces in Moonbeam with minimal changes.

Moonbeam is also a paracain on the Polkadot network. This means getting shared security from the Polkadot relay chain and integrating with Polkadot’s other chains (if this functionality is available in Polkadot).

Moonbeam believes in a future with multiple chains with many users and assets in those chains. In this context, hence created Moonbeam, a smart contract platform that provides an Ethereum compliant environment for building decentralized applications. Moonbeam is designed to serve these new types of assets and users in chains of two or more.

Existing smart contract platforms serve users and assets in a single, specific chain. By providing cross-chain smart contract capabilities, Moonbeam allows developers to bring existing jobs and task to Moonbeam and extend it of their applications to new users and assets in other chains.

Moonbeam’s cross-chain integration is achieved by placing a para chain in the Polkadot network. The Polkadot network provides integration and connectivity between non-Polkadot-based chains such as Ethereum and Bitcoin through networked para chain and bridges.

BENEFITS OF MOONBEAM

Three main groups can benefit most from Moonbeam’s cross-chain functionality:

Existing Ethereum based projects

Projects dealing with cost and scalability issues in Ethereum can use Moonbeam for the following purposes:

· Move parts of your current workloads and Ethereum Layer 1 status with minimal change.

· Apply a hybrid approach with applications running simultaneously on Ethereum and Moonbeam.

· Expand your access to the Polkadot Network and other chains associated with Polkadot.

Polkadot ecosystem projects

Ecosystem projects that require smart contract functionality can use Moonbeam

· Upgrade your existing parachutes and parachutes.

· Add new functions that are required but not available in the Polkadot relay chain. For example, you can create a place where teams can collectively fund their projects, apply locked funds, and process other financial transactions that are more complex than the essential Substrate functions.

· Use the complete and mature Ethereum development toolchain.

Developed new DApps

People and teams who want to try building buildings in Polkadot can use Moonbeam to:

· Take advantage of the unique characteristics of Polkadot parachutes and reach users and assets of other chains.

· Build functions from Polkadot parachutes with Moonbeam as a tight integration layer that brings together network services before offering them to end-users. Deploying a unified service using pre-defined integrations in the smart contract platform is (in most cases) much faster and easier than creating a full substrate runtime and doing the integrations yourself at runtime.

MAIN FEATURES AND FUNCTIONS

Moonbeam achieves these goals with the following main features:

Decentralized and unauthorized: An essential requirement to support censorship resistance and many current and future DApps use cases.

It includes a complete EVM application: For the existing robustness-based smart contracts to be moved with minimal changes 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 developers and the community’s needs.

This unique combination of components fills a strategic area in the market while also allowing Moonbeam’s Polkadot network to meet developers’ future needs as it grows over time. Building your own substrate chain is powerful, but it also involves several additional tasks: Learning and implementing chain uptime in Rust, creating a token economy, and promoting a community of node operators.

For developers and projects, an Ethereum smart contract approach is much easier and faster to implement. By creating these smart contracts on Moonbeam, developers can continue to integrate with other chains and extract value from Polkadot-based network effects.

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Trephason Reuben

Blockchain evangelist, Crypto and DeFi enthusiast, creative thinker and a content creator.