MoonBeam Project Plans To Set Up Custom Parachain On Polkadot
MoonBeam Project Plans To Set Up Custom Parachain On Polkadot
November 12, 2020
MoonBeam Project Plans To Set Up Custom Parachain On Polkadot
MoonBeam Project Plans To Set Up Custom Parachain On Polkadot
November 12, 2020

The MoonBeam project has planned to set up a custom parachain that imitates the Ethereum Virtual Machine environment, recreating Ethereum (ETH) on Polkadot (DOT).

It has been reported that developers on Polkadot and some other interoperability projects usually need to set up an entire blockchain to host their decentralized apps.

However, while Polkadot’s Substrate framework is intended to make this process simpler, not all DApps need that level of control over their environment.

MoonBeam seeks to become a kind of Ethereum emulator for Polkadot, running on the same virtual environment that is currently powering all smart contracts on Ethereum.

According to the report, the team said that this allows Ethereum DApp developers to only make minimal changes to their code and maintain the use of developer tools like Truffle and Metamask. At the same time, the integration with Polkadot would allow for easy interoperability with the rest of the Polkadot ecosystem. 

ALSO READ :  Yam Finance To Bring Fairness To Farming With New Elastic Supply Token

Other Substrate modules will still be available, allowing developers to implement on-chain governance, social recovery for wallets, and other features with ready-made code.

The team claims that MoonBeam is a more affordable smart contract platform with strong on-chain governance, often emphasized by Polkadot co-founders as a necessity for blockchain systems.

Also, MoonBeam will be interoperable with Ethereum and Bitcoin (BTC).

The competition in the DApp scalability space is tough, as multiple layer-one chains compete with Ethereum-native layer-two solutions. While DeFi largely connected Ethereum’s dominance in the smart contract space, the limitations of its blockchain became apparent in the summer of 2020. 

MoonBeam and Polkadot are some of many projects looking to capitalize on this by providing an alternative platform. Other names include Solana, Binance Smart Chain, Near Protocol, and Cosmos.

MoonBeam’s launch date is yet to be determined, as it depends on Polkadot’s Parachain offering auctions going LIVE. While most expect it to happen around Q1 of 2021, no clear launch date is set.

ALSO READ :  Bank of Russia Is Now Testing Stablecoins Pegged To Real Assets In A Regulatory Sandbox

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Colombian Stock Exchange Joins Consorcio ColibrĂ­

Colombian Stock Exchange Joins Consorcio ColibrĂ­

The Colombian Stock Exchange (CSE) has announced that it is joining the Consorcio ColibrĂ­, a private initiative that promotes the adoption of blockchain technology within the finance industry. It has been reported that...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.