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Substrate-based Moonbeam aiming to change the dynamics of Blockchain interoperability

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Moonbeam will enable Ethereum application deployment in the Polkadot system.

The substrate-based smart contract chain is looking to transition the dynamics of the blockchain interoperability.

Major announcement

In a major announcement made today, Phil Lucsok of Parity technologies showcased a Substrate-based smart contract chain that would aim to be a parachain on Polkadot – Moonbeam. The reason for Moonbeam becoming a major part is that it will be easier for the smart contract developers to install and situate their applications. Moonbeam will make it easier for the developers aware of the Ethereum smart contract toolset to take advantage of the network aiding them in the quick deployment of the Polkadot system

Ethereum’s ecosystem is rife with many challenges like lack of scalability and high gas fees which is forcing the developers to adopt a multi-chain blockchain approach. Hence it is obvious that the blockchain projects will not keep all their offerings under one Ethereum network and this is where Moonbeam will play a major role.

“With Moonbeam, developers can easily port their existing applications’ code to deploy on the more affordable, directly-governable Moonbeam platform. This means smart contracts written in Solidity are directly compatible with Moonbeam’s EVM. Developers can also gain the benefits of the existing Ethereum tooling ecosystem such as Truffle and a Web3 RPC. Even the successful Metamask browser extension can be used by developers deploying Dapps on Moonbeam.”

Benefits of Substrates

Substrate offers a wide set of benefits and for starters, it supports a good number of modules that developers can integrate into their blockchain. This also includes the already existent Ethereum Virtual Pallet used by Moonbeam. Moonbeam also will let the developers leverage other pallets which will make the smart-contract blockchain more practical and functional. This means the introduction of on-chain governance modules, social recovery of lost funds, and funding opportunities are in the ring. Polkadot has wide interoperability which will allow dApps on Moonbeam to tap other parachains’ DeFi tools including Chainlink’s decentralized oracles, and PolkaDot’s decentralized exchanges (DEX), among others.

Disclaimer

The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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