With the launch of Moonbeam, it could easily become the key attractor for smart contract developers that are looking to move into Polkadot so we are reading more about in the latest cryptocurrency news today.
Moonbeam is a smart contract chain that runs on Parity’s Substrate Infrastructure. Compatible across Polkadot and Ethereum’s smart contract design, it offers a way for developers to move projects across the chains. Moonbeam launched on Parity’s Substrate framework and it was designed as a smart contract chain for Polkadot which works as a para chain, offering smart contract developers as a way to run apps on the Polkadot network.
The platform will also be compatible with Ethereum smart contracts which the builders will have the chance to move their projects onto Polkadot. Ethereum is known for its ingrained network effects and boasters one of the most robust developer communities in the space. However, the scaling issues have struck heavy on the network as of late and earned ETH some criticism. These issues usually lead to high gas fees which make it expensive to use or to run an app on the network. over the past summer, the fees were so high that companies even shut down operations so they could not make up for the costs.
While users hope that certain Layer 2 solutions and the pending ETH 2.0 upgrade will improve the efficiency of the network, a new solution that is viable could be years away. Moonbeam hopes to solve some of the issues by offering builders a platform to build on the Polkadot:
“Developers can easily port their existing applications’ code to deploy on the more affordable, directly-governable Moonbeam platform.”
It’s also said that it will be interoperable with BTC which means BTC holders can use the cryptocurrency on Moonbeam as well. While the main use case of the solution is smart contracts, the chain could bring other elements of DeFi such as oracles and Band Protocol and Chainlink over polkadot. The project received a grant from the Web3 Foundation to continue funding the development.
Speaking of the ETH 2.0 upgrade, ETH 2.0 deposit contracts platform is about to be released as the launch of Serenity has long been expected. This was the first slated to arrive earlier this year but there were a few delays that pushed back the launch date to ensure that the security is maximized.
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