In the cryptocurrency and blockchain world, it is crucial to bridge the gap between different ecosystems. That is often much easier said than done and would not be possible without the help of projects like Moonbeam. During its recent Illuminate/21 event, the team received a lot of attention from prominent industry players.
The Purpose Of Moonbeam
Bringing together the Polkadot and Ethereum ecosystems to introduce cross-chain interoperability is a significant undertaking, even in 2021. Both of these blockchains are incompatible by default, which means a bridge-esque service is required to combine the best of both worlds. Moonbeam wants to be that catalyst and offer Ethereum developers a way to begin building on Polkadot with as little friction as possible.
As Moonbeam is compatible with Ethereum addresses and has a full EVM implementation, there is a lot to explore for existing and future Ethereum developers. As a future parachain on the Polkadot network, it will benefit greatly from the shared security from the Polkadot relay chain and provides cross-chain compatibility with other parachains under this umbrella.
As existing developers will need to introduce minimal changes to their code to be compatible with Moonbeam and can use Solidity to build applications, expanding to Moonbeam can prove beneficial. Moreover, the ecosystem is compatible with MetaMask, Remix, and Truffle through Web3 RPC endpoints. So far, the team has forged several strategic partnerships with existing applications and developers to enhance the viability of cross-chain compatibility.
The Illuminate/21 Event Recap
The purpose and potential of Moonbeam became more apparent during the recent Illuminate/21 event. Attendees of the virtual event were given a showcase of virtual demos and talks regarding the potential of cross-chain compatibility. For a project that has only been around for slightly over a year, Moonbeam has come a very long way and attracted a lot of attention. Bringing together the Polkadot and Ethereum ecosystems can unlock significant products and services down the line.
Several notable speakers were present during Illuminate/21 to showcase their product or service. Speakers represented projects such as Covalent, Coin Fund, ChainSafe Systems, Frax Finance, Upshot, Linear Finance, and others. The cross-chain approach of Moonbeam will be of great interest to projects looking to tap into much broader liquidity and new user groups capable of elevating their projects to a whole new level.
With such interest from prominent projects and representatives spanning many different industry segments, it is evident that Moonbeam has quickly risen the ranks in the cryptocurrency space. As the shortcomings of the Ethereum blockchain have become apparent for everyone to see in recent months – despite upgrades in the pipeline – spanning multiple blockchains will become all the more important. Competition is healthy in the cryptocurrency and blockchain space, but sometimes, joining forces is the better long-term approach.