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Moonbeam Upgrades Its TestNet to Moonbase Alpha v5

Introduces a Staking Mechanism and Adds Significant Infrastructure and User Experience Improvements.

Boston, MA – January 21, 2021 – Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, announced today a new version of its TestNet, Moonbase Alpha. This latest version introduces significant infrastructure updates and adds staking features, opening the door for collators that actively participate in producing blocks on the network. This update is an essential step toward the launch of Moonriver, the network’s Kusama deployment, which is currently expected in late March 2021. 

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to create multi-chain applications. By minimizing the changes required to run existing Solidity smart contracts, Ethereum devs can replicate their dApps and implement them on Moonbeam using familiar developer tools like MetaMask, Truffle, Remix, among others.

The staking mechanism being introduced for testing and development purposes only powers the selection of collators and protocol level rewards for providing collation services to the network. The Moonbeam team continues to work on other technical improvements designed to make it easier for Ethereum based projects to expand to Polkadot:

  • Improvement in the gas computation.
  • Support for querying pending transactions while they are yet to be processed.
  • Queries that accept multiple addresses for past events.

Moonbase Alpha v5 also includes significant improvements to the TestNet infrastructure. It can now support externally accessible full nodes and collators, enabling partners and users to participate in the network directly. Additionally, it also includes improvements to the quality of the code, standardization of libraries, and optimizations, making it 15-50 times faster than the previous version.

The complete list of updates included in Moonbase Alpha v5 can be found here.

Moonbeam Alpha was created for development purposes; the engineering team will continue to develop and improve it. More information on Moonbase Alpha, including the features currently available, can be found on the project documentation site.

Learn how to get started by joining our Discord channel or visiting the project website: moonbeam.network.

 

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently, in active development by PureStake, Moonbeam is expected to reach MainNet by mid-2021. Learn more: https://moonbeam.network/.

 

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder, and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/.

 

IDEX to Tap Moonbeam for Polkadot Deployment

The Popular Exchange Plans to Deploy to Moonbeam’s Parachain on Polkadot.

Boston, MA – December 10, 2020 – Moonbeam, the Ethereum-compatible smart contract parachain on Polkadot, announced plans to integrate IDEX’s cryptocurrency exchange. This effort is part of IDEX’s Multiverse initiative to expand its world-class trading experience to new blockchains, including Polkadot. By deploying to Moonbeam, IDEX is able to include assets from Polkadot and its parachains in their exchange without making major changes to their existing code.

IDEX specifically chose Moonbeam for its extensive Ethereum compatibility. Going beyond the standard EVM implementation, Moonbeam has built several core Ethereum concepts into the platform itself, like account structures and signatures. This approach makes it easy to deploy existing Solidity smart contracts as-is, providing a fast link to the Polkadot network. IDEX’s entire infrastructure is Ethereum-based, which means Moonbeam’s capabilities greatly simplify their expansion process.

“We’re incredibly excited to work alongside the Moonbeam team on our multi-chain expansion,” says IDEX co-founder and CEO Alex Wearn. “Polkadot’s reputation and the projects being developed in its ecosystem have drawn plenty of interest, including much from our own community. We look forward to enabling that interest to turn into action as traders access Polkadot and parachain based assets on Moonbeam with the high-performance and security only delivered by IDEX.”

Moonbeam’s interoperability with other parachains will help bridge IDEX to the many projects (and their tokens) coming to Polkadot. Similarly, Moonbeam will provide exposure to many rising projects that previously could not tap into Ethereum-based communities. 

“We’re proud to welcome IDEX to the Moonbeam DeFi ecosystem,” says Derek Yoo, CEO of PureStake and head of the Moonbeam project. “We see this partnership as an endorsement of our shared beliefs in a multi-chain future, and the role that Polkadot’s interoperability-focused network serves to enable multi-chain scenarios.

You can read more about today’s announcement and IDEX’s Multiverse strategy on their website.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently, in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021. Learn more: https://moonbeam.network/

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder, and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/.

Moonbeam Launches Ambassador Program

Registration open for community members who want to be part of the Moonbeam Project.

Boston, MA – November 25, 2020 – PureStake, the company that develops the Moonbeam smart contract platform, announced the Moonbeam Ambassador Program today. This program is open to all people who are part of the Ethereum, Polkadot, and other ecosystems that want to be part of the Moonbeam Project.

The Moonbeam project aims to make building web3 projects on Polkadot as convenient as possible. It is a platform that helps Ethereum-based projects pursue a multi-chain deployment strategy, extending their application to Polkadot by leveraging their existing codebase and using familiar tools.

The Moonbeam Ambassador Program is for community members who want to be part of the Moonbeam Project and its development. Join the Moonbeam Ambassador Program if you:

  • Are passionate and believe in Polkadot.
  • Want access to the team building Moonbeam.
  • Are interested in networking with other people in the Polkadot community.
  • Are excited to impact the growth of the Moonbeam network.

Moonbeam Ambassadors can directly contribute to the success of the network in both technical and non-technical ways, including:

  • Organizing meetups around the globe
  • Contributing code or contributing to project documentation
  • Running workshops for dApp developers who are considering Moonbeam
  • Designing infographics to help amplify the message and positioning
  • Writing blogs about Moonbeam, your project, or the larger multi-chain vision

We’re now accepting applications.  Click here to learn more and apply to the Moonbeam Ambassador Program.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently, in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021. Learn more: https://moonbeam.network/

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder, and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/.

Moonbeam Network Upgrades Account Structure to Match Ethereum

Latest TestNet, Moonbase Alpha v3, Introduces New Functionality That Unifies Accounts and Simplifies the Experience for Ethereum Developers and Users.

Boston, MA – November 17, 2020 – PureStake, the company that develops the Moonbeam smart contract platform, announced the latest version of its TestNet, Moonbase Alpha v3. This incorporates a significant account system update that will substantially improve the experience for users coming from Ethereum. It is also the third considerable update and feature release since the introduction of Moonbase Alpha in September.

Moonbeam is a smart contract platform that provides a simpler way for Ethereum projects to expand to Polkadot. By minimizing the changes required to run existing Solidity smart contracts on the new network, Ethereum projects can simply replicate their dApp and deploy it to Moonbeam using Truffle, Remix, and other popular deployment tools. 

This update further improves the process by changing the underlying account structure of the platform to match current Ethereum standards, which eliminates the need for developers and token holders to maintain dual private keys and addresses. 

This functionality is unique to Moonbeam and is not available on other platforms, both in the Polkadot ecosystem and beyond. Users will now be able to use a single Ethereum-like account and its associated private key to interact with dApps and protocols implemented in the Moonbeam EVM. Simultaneously, they can use the same Ethereum-like account for Substrate-based actions such as staking and on-chain governance. 

This update dramatically improves user experience by eliminating confusion about when to use one key versus another. It also enhances the security of users by having only one private key and eliminating the need to transfer balances between two types of accounts on the platform.

These are the new features that Moonbase Alpha v3 includes:

  • Full support for Ethereum-like H160 addresses and ECDSA keys on Substrate.
  • Unification of EVM and Substrate account storage, including standardization to 18 decimal places for balances.
  • Significant performance improvements to RPC and publish/subscribe endpoints based on a faster backend storage system.
  • Use of a new consecutive range of identifiers to correctly distinguish between different Moonbeam-based networks.
  • Support for Ethereum compatible H160 accounts and ECDSA keys in PolkadotJs.
  • Introduction of Moonbase Alpha in the PolkadotJs Apps Network drop-down list.
  • Compatibility fixes for MetaMask, Remix, Ethers.js, and many other bug fixes.

Moonbeam Alpha was created for development purposes; the engineering team will continue to develop and improve it. More information on Moonbase Alpha, including the features currently available, can be found on the project documentation site and this blog post

Learn how to get started by joining our Discord or visiting the project website: moonbeam.network.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently, in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021. Learn more: https://moonbeam.network/

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder, and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/.

Moonbeam Truffle Box Now Available for Solidity Developers

Helps Ethereum Projects Quickly Deploy Smart Contracts to Moonbeam

Boston, MA – November 3, 2020PureStake, the company developing the Moonbeam smart contract platform, has launched the Moonbeam Truffle Box. Truffle is one of the most popular development tools on Ethereum, and Truffle Boxes are pre-configured packages that help reduce the time it takes to create and deploy code to supported networks. With this release, developers will use a boilerplate setup on Truffle to quickly extend their project to Moonbeam.

Moonbeam, an Ethereum-compatible smart contract platform on the Polkadot network, makes it easy to build multi-chain applications. With the Moonbeam Truffle Box, Ethereum developers can easily deploy smart contracts on Moonbeam, opening new user experiences and assets. Devs will leverage Truffle’s development environment that also offers a testing framework (with Mocha and Chai) and a full asset pipeline on Moonbeam. 

The Moonbeam Truffle Box is pre-configured with two networks: dev (for a standalone Moonbeam node) and Moonbase (for the Moonbase Alpha TestNet). An example ERC-20 token contract and simple test script is included as well as examples. The setup will feel familiar to users that have experience with Truffle. 

Moonbeam Truffle Box has also incorporated the Moonbeam Truffle plugin, a quick and easy solution to start developing in local environments, by introducing support for a docker based standalone node image. It streamlines the process of setting up a local node, which can take up to 40 minutes when building its binary from source.

Click here to get started and learn how to use the Moonbeam Truffle Box.

See a Demo of the Moonbeam Truffle Box at TruffleCon 2020!

Moonbeam is an official sponsor of TruffleCon 2020. As part of our “Making a dApp Multi-Chain: Deploying Solidity Smart Contracts to Moonbeam” talk on Saturday, November 7, we will be showcasing the new Moonbeam Truffle Box. Alberto Viera and Joshy Orndorff from the PureStake team will be presenting. Register for free to watch this and other developer-focused talks: https://trfl.co/tcon2020.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021. Learn more: https://moonbeam.network/

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/

Moonbeam Funding Announcement

A Look at Our Seed Financing for Moonbeam

We have just announced a seed financing round for our project, Moonbeam: $1.4 million from many of the most prominent venture capital firms in the blockchain industry. It’s a big milestone for us, but I’d like to take a moment to pause and explain how this fits into our overall vision for the project.

We have learned a lot since the beginning of the year, when we started the project in earnest. And we have been able to self-finance many efforts related to Moonbeam. In particular, we have made a lot of progress on development, including our collaboration with Parity on the Ethereum compatibility features in Frontier based on a grant from the Web3 Foundation. But now we have a clearer idea of what is needed for us to launch the network.

How We’ll Use the Funds

We need additional resources in a number of areas, including engineering, ecosystem development, marketing, and other crypto specialized skills. We will use the raised funds to hire additional Substrate, Rust, and Solidity engineers to help us deliver on the vision of Moonbeam.

We will also hire additional resources that can help us grow the Moonbeam project community and ecosystem. And we shouldn’t forget the legal council, security audits, and other services we need from a practical perspective to actually launch our network safely.

How We Chose Our Investment Partners

I talked to a lot of investors since the beginning of the year, when we started the project. The common thread for our investment partners is that we had a connection and engagement early on, combined with good knowledge of (and interest in) Polkadot. These investors believed in us and our vision, even before the Polkadot launch brought extra attention to the ecosystem.

Alignment around a long term vision versus a short term one was extremely important to us. We did not want to work with anyone that wasn’t willing to commit to longer time frames, or that wanted the ability to exit quickly.

Strategic alignment within the Polkadot ecosystem was also very important, which is why Hypersphere, a Polkadot-focused fund who led our round, was a natural partner. This — combined with support from Arrington XRP, Hashkey, KR1, Du Capital, and Bitcoin.com Exchange — gives us a strong set of strategic investors that can help us drive the project forward.

Our Anchor Partners

In addition to investors, I’ve also been talking to a lot of projects in the last couple months: both existing Ethereum-based projects, and net-new projects that are building in the Polkadot ecosystem.

We announced two initial partnerships along with our funding — Bet Protocol and Linear Finance — that will be building and deploying to Moonbeam. But we are engaged with many more projects that are exploring Moonbeam based deployments.

Based on the conversations I have had, there is no question that Moonbeam fills an important need and strategic space within the Polkadot ecosystem. There is a lot of interest in building on Polkadot. And, for some teams, building a Substrate-based parachain is the right answer. But for many other teams, Moonbeam based DApps represent an easier path that minimizes the change necessary to their existing codebases, while at the same time giving them access to the users and assets on Polkadot.

Looking Forward: Building the Moonbeam Community

We have been overwhelmed by the size and speed with which our community has grown. I know there are many people in our community that want to buy Glimmer (GLMR) tokens. We are working on ways that we can get tokens into the hands of our community members and achieve a broad token distribution, starting with our Kusama network deployment.

Our most immediate priority is to expand the team, particularly the Moonbeam engineering team, so we can deliver on the vision we have laid out. But we will also be working hard to figure out our token distribution plans for our Kusama and Polkadot deployments.

This seed funding event is an important milestone for the project, and we couldn’t have accomplished it alone. We are grateful for the support from our investors, partners, the Web3 Foundation, Parity, the Polkadot ecosystem, and everyone in our community that helped us get to this point. We will use the funds to continue to drive Moonbeam forward on a steady march to our Kusama deployment, our Polkadot deployment, and beyond.

Moonbeam Funding Announcement

PureStake Closes $1.4M Seed Round for Moonbeam Network

Company Will Use Funding to Launch the Ethereum-Compatible
Smart Contract Platform as a Parachain on Polkadot

Boston, MA – September 23, 2020 – PureStake, the company developing the Moonbeam smart contract platform, announced the completion of a $1.4 million seed round led by Hypersphere Ventures, a venture firm focused on Polkadot founded by Polkadot co-founder Robert Habermeier. Other notable participants include Arrington XRP Capital, HashKey, KR1, Bitcoin.com Exchange, and Du Capital. The funding will be used to accelerate development of the Moonbeam network, a Polkadot parachain focused on interoperability.

“Polkadot was designed to enable the creation of many blockchains, each one specialized and optimized for specific purposes,” says Robert Habermeier, Co-Founder of the Polkadot Network and Partner at Hypersphere Ventures. “Moonbeam is a great example of this principle: their smart contract platform is specialized to be accessible to a large segment of developers already familiar with Ethereum developer tools and will serve as an on-ramp to Polkadot for this community.”

BetProtocol, an Esports betting and crypto-casino protocol, will develop an implementation of their system on the Moonbeam Kusama and Polkadot networks, to allow entrepreneurs to launch blockchain betting apps with no coding required.

“Moonbeam gives us quick and easy access to users and assets in the quickly-growing Polkadot ecosystem,” says Rui Pedro Teixeira, Co-Founder of BetProtocol. “And we can develop our application using Solidity and Web3 — skills we already have — rather than needing to learn Rust and develop our own parachain using Substrate.”

Linear Finance, the first cross-chain compatible, decentralized delta-one asset protocol, is also working on projects that will leverage Moonbeam smart contracts.

“We are truly impressed by the Moonbeam team’s technological expertise in cross-chain integration and easy-to-use developer tools that allow us to quickly integrate and deploy on Polkadot with the existing Ethereum codebase,” said Drey Ng, Co-Founder and Product Lead at Linear Finance. “Users can enjoy a familiar dApp environment with a better user experience. We are excited for this partnership and see long-term value in this collaboration.”

Announced earlier this year and currently in active development, Moonbeam is a smart contract platform on Polkadot that is focused on Ethereum compatibility. This compatibility includes the ability to run Solidity smart contracts and applications built using the Web3 API. Further, Moonbeam supports popular Ethereum development tools like Truffle, Remix, and MetaMask, which allows Ethereum developers to quickly deploy applications to the Polkadot network.

The Moonbeam team received a grant from the Web3 Foundation in August 2020 for their work developing a Web3-compatible RPC library.

“From the start, we’ve been inspired by the idea of an open, interoperable blockchain ecosystem,” says Derek Yoo, CEO of PureStake. “The growth we’ve seen in our community and this investment are both expressions of support for the vision of a multi-chain future. We will be using these funds to expand the team and to help us deliver a strong Polkadot MainNet deployment next year.”

Moonbeam launched its first TestNet earlier this year and expects to deliver a parachain deployment on Polkadot in Q2 2021.

Visit the Moonbeam website for more information and updates: https://moonbeam.network/

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by early 2021. Learn more: https://moonbeam.network/

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/

Moonbeam Monthly Dispatch July 2020

Moonbeam Monthly Dispatch: July 2020

The month of June was implementation-focused for the Moonbeam project.

There was a lot of activity in the Parity Frontier repo — including some contributions from the Moonbeam team — on the implementation of the Web3 RPC endpoints. This is a necessary component to enable Moonbeam’s Ethereum compatibility features.

We will be working on wrapping up the Web3 RPC initial implementation effort over the next couple weeks. Automated testing of the RPCs is the biggest outstanding item.

We have a few additional updates to share:

We also have two upcoming talks this month:

New Moonbeam Documentation Site

As mentioned, a big update is the launch of our new documentation site for Moonbeam, which can be found here: https://docs.moonbeam.network/

The Moonbeam docs site features several new tutorials

The new Moonbeam docs site features several new tutorials using a pre-alpha build of Moonbeam.

 

The Moonbeam docs site has information about the motivations for the project, a technology overview, resource links, and “getting started” guides that walk through:

A few highlights from the guides follow.

Configure MetaMask to connect to a locally-running Moonbeam node

In the screenshot above, we are configuring MetaMask to connect to a locally-running Moonbeam dev node. The Moonbeam node exposes Web3 compatible RPC endpoints such that MetaMask thinks it’s connecting to an Ethereum-based network.

 

Connecting Remix to a locally-running Moonbeam node

In the screenshot above, Remix is connected to a locally-running Moonbeam node via MetaMask. The user is about to confirm the deployment of an ERC20 contract to Moonbeam that creates MYTOK.

 

Transferring MYTOK tokens from one account to another with MetaMask

The screenshot above shows transferring the created MYTOK tokens from one account to another via MetaMask.

Coming Up Next

For the month of July, our focus will continue to be on implementation.

We will be finishing our work on on the Web3-compatible RPCs in Substrate that are the basis of our Web3 Foundation grant. After this, we will be working on a unified account system in Moonbeam and the incentive mechanics for collators. 

We also will be doing live demos of Moonbeam at a Substrate builder’s virtual event on Tuesday July 21.

Join Our Community

Are you interested in trying out the Ethereum compatibility features of Moonbeam?  We would love to hear from you.  Please reach out to us on Riot.

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PureStake Announces Plans to Build Moonbeam on Kusama

Polkadot’s Canary Network Serves as a
Critical Pre-Launch Point for the New Platform

Boston, MA – June 23, 2020 – PureStake, a leader in secure and reliable blockchain infrastructure and tools, has announced plans to launch Moonbeam, an Ethereum-compatible smart contract platform, on Kusama prior to launching on the Polkadot network. By launching Moonbeam on Kusama, the cousin network to the Polkadot blockchain, PureStake will be able to experiment with the new platform on a fully-functional network and under real economic conditions before releasing it on the Polkadot mainnet.

PureStake has been active on Kusama since its launch last fall, providing secure and reliable validator services to other users and participants of the network. Known as the “canary” network for Polkadot, Kusama shares much of the same code as the Polkadot mainnet, which makes it a valuable proving ground and warning system for both technical and economic components of the project.

“The Web2-style, move-fast-and-break-things approach to software development doesn’t work in the cryptocurrency space,”  says Derek Yoo, CEO of PureStake. “Kusama helps us substantially de-risk changes and updates by running code under real economic conditions and creating a place where innovation and ideas can be worked out before they are brought to Polkadot mainnet.”

Moonbeam is currently in development and expected to be released as a parachain on the Kusama network later this year. 

Moonbeam’s Ethereum-compatible platform aims to ease the transition for non-blockchain developers and Ethereum developers alike as they explore the cross-chain integration capabilities of Polkadot and its underlying Substrate framework. You can learn more about Moonbeam on the official project website: https://moonbeam.network/

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder and CTO, PureStake provides infrastructure services and creates developer tools for next-generation blockchain networks.

Multi-Chain as a Scalability Strategy: Leveraging Moonbeam for Ethereum-Based Deployments

In the past few months, we’ve received a number of questions about our relationship with Ethereum. I’d like to clarify something: Moonbeam is designed to complement and extend existing Ethereum-based deployments, not to compete with Ethereum.

In a multi-chain future, Ethereum will continue to occupy a central position, particularly around DeFi and related use cases. We expect its already significant developer and project traction to continue. At PureStake, we are personally big fans of the Ethereum ecosystem including its battle-tested developer tools, among many other things.

In this future, it’s difficult to imagine a world with only Ethereum, or only Bitcoin. Many other chains will co-exist with Ethereum, including Moonbeam and other chains on the Polkadot network. There won’t be a chain monopoly on a particular use case — there will be DeFi activity on chains other than Ethereum as well to serve the users and assets on those chains.

With this context, Moonbeam will be highly complementary to Ethereum, offering the ability for existing Ethereum-based projects to migrate some of their workloads and state off of Ethereum layer 1 to Moonbeam, while at the same time extending their reach to users and assets on other chains.

Moonbeam as an Alternative Ethereum Scaling Strategy

There are two main ways that Moonbeam can help existing Ethereum-based projects: it can alleviate scale and cost challenges, and it can help extend the reach of those projects to users in the growing Polkadot ecosystem. Moonbeam will be optimized for hybrid deployment scenarios, where some of a project’s transactions and state are migrated to Moonbeam while continuing to maintain key components on the Ethereum MainNet.

As existing projects consider their scaling strategy in the face of rising Ethereum costs (in some cases making use cases unviable), Moonbeam presents an alternative to rollup strategies such as ZK and optimistic, and sidechains such as OMG and Matic Network. Moonbeam can provide many of the same scalability benefits as these strategies, but requires far fewer changes in order to achieve them. Its faster blocktime also enables better responsiveness and more granular on-chain data, which is highly valuable in many use cases, particularly for oracle price data.

Moonbeam itself will have substantially more throughput (and, in turn, lower cost) based on its Proof of Stake-based approach when compared to Eth1 and its Proof of Work-based approach.  Since Moonbeam is a single shard environment, composability will work the same way it currently does on Eth1.

Using Parachains for Projects with High Scalability Demands

It’s important to note that Moonbeam is not the final destination for applications that need the highest degrees of scalability. Projects with very high scalability needs will migrate some or all of their backend to their own dedicated app-specific blockchain, where they will have full control over upgrades, governance, and have the ability to optimize the underlying storage and transaction implementations to their use case. This dedicated blockchain can also include the Ethereum compatibility components that Moonbeam uses to provide a dedicated EVM instance.

An app-specific blockchain represents the ultimate in scalability and control for a given workload, even if it comes with additional responsibilities such as the underlying runtime implementation, establishing a token economy, and incentivizing and building a node community. If these app-specific blockchains become parachains on the Polkadot network, they will be able to gradually relocate workloads and state from Moonbeam to their dedicated parachains, as needs dictate.

Moonbeam was very much designed for these upgrade and migration scenarios; its entire purpose is to serve as a way to reduce implementation friction, quickly scale to meet immediate needs, and provide an easy entry point to expand into Polkadot and chains connected to Polkadot. And whether projects are deployed on Moonbeam or as Polkadot-based parachains, Moonbeam can continue to be a place where integrations are done and where functionality from app-specific parachains on the network can be composed into higher-order functions before being presented to end users.

Features to Support This Hybrid Model

This focus on Ethereum compatibility and integration has informed the priority features for Moonbeam. These include:

  • Full EVM implementation based on Substate’s Pallet-EVM (which in turn is based on SputnikVM). This is needed to provide assurance that existing Solidity contracts will have the same execution behavior as they do on Ethereum.
  • Web3 RPC compatibility which means that change will be minimized for existing DApp frontends, and that you can use existing Ethereum development tools such as Truffle, Remix, and MetaMask. We are already working with Parity to implement this as part of the Frontier project.
  • A bridge that allows movement of tokens and state between Ethereum and Moonbeam. This is needed to support the hybrid deployment model with a partial movement of logic, workload, and state to Moonbeam.

In the longer term, once XCMP and SPREE are available on the Relay Chain, we will introduce new operations that provide easy developer access to Polkadot’s cross-chain integration functionality from an Ethereum-compatible environment. These features will extend the reach of existing Ethereum projects to other Polkadot parachains and even other sovereign chains that are bridged to Polkadot.

To learn more about testing your Ethereum-based project on Moonbeam, please contact us. You can also join our Riot room or sign up for the monthly Moonbeam Dispatch to be notified when a testing environment is available.