Moonbeam — An Ethereum Compatible Smart Contract Parachain Platform

Moonbeam is a smart contract parachain that is developed on the Polkadot network. It is a developer-oriented blockchain that strives to provide compatibility with the existing Ethereum developer toolchain and network!

To achieve widespread adoption of cryptocurrency and blockchain technology, interoperability with other chains is a necessary feature. As a parachain on Polkadot, Moonbeam will be able to directly integrate with — and move tokens between — any other parachains and parathreads on the network.

Multi-chain will dominate the times to come but currently Ethereum is the largest platform where the most projects are created and it may remain for a while. By providing cross-chain smart contract functionality, Moonbeam allows developers to shift existing workloads and logic to Moonbeam, and extend the reach of their applications to new users and assets on other chains. This essentially allows the developers to migrate their current DApps with little to no change to it. It would also allow existing ETH tools like Truffle, Remix, and MetaMask to be used directly on the chain’s system without any need to modify them. Smart contract developers will deploy their applications faster and easier for the rapidly-evolving Polkadot ecosystem.

Applications built on Moonbeam can reap benefits from the interoperability within the Polkadot, Ethereum, and Bitcoin ecosystems.

Moonbeam’s cross-chain integration is accomplished by becoming a parachain on the Polkadot network where would be able to enjoy from its security. Polkadot’s ultimate goal is to become the new internet of blockchains that are going to seamlessly communicate with each other. Creators of Polkadot believe that no single blockchain can serve all purposes efficiently in a fast and secure way. Imagine future Ethereum (even ETH 2.0 with improved transaction speed) hosting billions of smart contracts serving all the different applications — this is not simply going to be effective and it will definitely not scale well. Polkadot network tries to bring all the different blockchains under one roof and provide the best platform for any project which you can think of.

This is a short introduction to the description of the ecosystem that the Moonbeam team is building, their vision and the benefits that it brings. However, it is already obvious that interoperability and its simplicity across multiple chains is one of the most important elements of global blockchain adoption and Moonbeam, taking advantage of the benefits of Polkadot ecosystem, fills that market gap.

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