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PureStake Receives Web3 Foundation Grant for Moonbeam

PureStake Awarded a Web3 Foundation Grant for Moonbeam Ethereum Compatibility

Developed Components Will Power Moonbeam, Allowing Developers to Use Existing Ethereum Applications and Smart Contracts On Polkadot

Boston, MA – August 5, 2020 – PureStake has received a grant from the Web3 Foundation for their work developing Ethereum compatibility for Moonbeam, a smart contract parachain. Accepted as part of Wave 6 of the Web3 Foundation grants program, PureStake developed a Web3-compatibile RPC library that allows developers to run Ethereum-native tools such as Truffle, Remix, and Metamask on Moonbeam’s Substrate-based network. The milestones were met and officially accepted by the Web3 Foundation.

Moonbeam is currently in development and expected to be released as a parachain on the Polkadot network — which emphasizes cross-chain interoperability — early next year. Moonbeam is designed 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.

“Ethereum compatibility is one of the most asked-about features of the Moonbeam network,” says Derek Yoo, CEO of PureStake. “We’re bullish that interoperability is going to be critical in broadening the users of blockchain technology, and the work we’re doing to support Ethereum’s Web3 RPC is an important step to getting there.”

The deliverables for this grant included:

  • A working Web3 RPC module
  • Transaction support
  • A demo of key integrations including Remix, Truffle, and MetaMask

You can learn more about Moonbeam on the official project website: 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.

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.