MoonBeam Network Aims to Bring Ethereum Developers to Polkadot by Recreating EVM
The MoonBeam Project is making some interesting plans. The project aims to create a custom parachain, one emulating the Ethereum Virtual Machine environment. Should they pull it off, they’d effectively recreate Ethereum (ETH) within the Polkadot blockchain (DOT).
MoonBeam Aiming For Ethereum Emulator
Polkadot developers, and most other interoperability projects, typically need to develop an entirely new blockchain in order to host their respective decentralized apps. The Substrate framework of Polkadot, however, is aiming to simplify the process, seeing as not all DApps need such a monumental level of control over the environment.
MoonBeam stands as the project for Polkadot aiming to become an Ethereum emulator, operating within the same virtual environment powering all the smart contracts within the Ethereum blockchain.
Strong Governance And Cheap Fees
The MoonBeam team further highlighted that developers of Ethereum DApps only need to make minimal code changes in order to maintain the use of developer tools, such as Metamask and Truffle. As this is happening, Polkadot integration would mean easier interoperability for the entirety of the Polkadot ecosystem. This is due to other modules of Substrate still being available, which would allow the implementation of social recovery for wallets, on-chain governance, and other features to be available by developers in ready-made code.
The MoonBeam team claims that it will stand as a more affordable smart contract platform, one with a strong on-chain governance system. This sentiment is often emphasized by the co-founders of Polkadot, with them believing that this stands as a necessity for blockchain systems.
The idea is that MoonBeam will be interoperable with both Bitcoin and Ethereum, and will be thanks to dedicated bridges that other teams have already built.
ETH Seeing Newfound Competition
Even so, the competition within the DApp scalability arena is a fierce one indeed. Multiple layer-one chains actively compute with the layer-two solutions that are already native with Ethereum. Ethereum’s dominance in the smart contract space is largely thanks to the booming DeFi market within the network, but the blockchain has its limitations, as seen in 2020’s Summer.
With a new demand established, many players are aiming to capitalize on it, such as MoonBeam and Polkadot, thus providing an alternative platform for users to leverage. Other big names in this growing new niche are as follows: Binance Smart Chain, Solana, Cosmos, and the Near Protocol.
As it stands now, Moonbeam has yet to determine a concrete launch date, since it depends on the Parachain auctions of Polkadot going live. The general consensus is this will happen around the first quarter of 2021, but nothing can be stated as a hard fact.
It won’t be long before Ethereum will need to compete against other big names for supremacy within the smart contract arena. Ethereum will be the top player for some time, but historically, technology groups such as this need to upgrade itself constantly, lest it fall on the wayside faster than anyone could predict.
With any luck, an increase in competition will ultimately benefit the consumer of these projects. Ethereum suffered from a massive influx of traffic driving the gas fees through the roof, so a bit of a load off its system wouldn’t be the end of the world.