Bitcoin Moonbeam – Off-Chain Instant Bitcoin Payment Protocol?
Moonbeam is an advanced cryptocurrency payment protocol that users can use to send payments in Bitcoin between multi-user platforms. While Moonbeam uses Bitcoin payment channels, it does so without being limited to utilizing the Bitcoin blockchain in order to do so, providing many advantages in the process.
What Is Moonbeam?
Moonbeam was developed by South African programmer Timothy Stranex, the CEO of the Carpcomm space telecommunication network. Stranex provides access to the Moonbeam source code through the open source website Github, making it accessible to anyone who wishes to download it for free.
Moonbeam was developed to make Bitcoin transactions quicker and more convenient. The product does this by using telecommunication channels already used by Bitcoin payment processing systems.
Payments made through the Moonbeam protocol are advantageous because they are instantaneous. This differs from standard Bitcoin transfers, as they can take up to 30 minutes to be confirmed.
Additionally, there are no fees associated with Moonbeam for sending and receiving payments, though any platform that uses Moonbeam may choose to institute a surcharge themselves.
Moonbeam claims to be ideal for smaller payments and is designed to be able to be used even if one platform that is either sending or receiving payment isn't using the protocol. The developer also states that it's still a decentralized system even though it's designed to work in a point-to-point manner.
It's also less complicated than other existing protocols in that it routes payments over a single channel, uses standard internet infrastructure instead of the peer-to-peer overlays that other protocols use, and works without additional non-standard support.
The opportunity Moonbeam presents is a unique one in that it only applies to highly proficient cryptocurrency users that understand how to implement the protocol's code into their own systems.
For these high-end power users, the benefit is clear in faster payments being sent and received in a way that is theoretically less expensive than it would be to use an existing transfer protocol.
Moonbeam is a cutting-edge transfer protocol and one that has obviously been designed specifically to make Bitcoin payments faster and more efficient.
This is good news to anyone who conducts a large amount of financial business using digital currencies like Bitcoin; fewer fees and speedier transactions have the potential to streamline online trading by a significant factor.
However, the problem is in widespread adoption – unless a large number of end users or platforms decide to use Moonbeam, the use of the protocol is limited.
Luckily Moonbeam is designed to still work even if the sender or the recipient aren't using the protocol, thanks to the fact that it uses already-established Bitcoin payment channels, and this compatibility means that there are fewer obstacles to overcome when it comes to adoption.
That being said, when it comes to end-users, Moonbeam is only appropriate for those that are highly proficient in understanding and implementing code.
While the run-of-the-mill cryptocurrency user is smarter than the average bear – it takes a modicum of intelligence to simply comprehend the world of digital currency, after all – being able to trade Bitcoin on an established exchange is much different than manually altering how Bitcoin is sent and received by using Moonbeam's open source code.
This means that, for now, Moonbeam is the exclusive purview of software engineers, programmers, developers, and other high-level cryptocurrency experts.
This is likely to remain the case for the foreseeable future, as even if Moonbeam sees widespread adoption in this very specific subset of crypto users, it's unlikely to break into mainstream use in any sort of hurry.
If you have the expertise to navigate Github in order to download source code and implement it into your own system, then Moonbeam is likely to be an excellent addition to your current crypto pursuits.
However, if you rely upon hosted digital wallets and well-known exchanges to manage your Bitcoin, Moonbeam is likely well beyond your ken as a payment protocol.