Polkadot ecosystem, the Ethereum’s Contender - Crypto Academy / S4W7 - Homework Post for @allbert
Hello everyone;
We are entering the 7th week of Steemit Crypto Academy with Polkadot, which we often hear. This blockchain is a competitor to Ethereum and is a scalable and secure blockchain. Today, I will talk about the Moonbeam Network, which is included in this blockchain.
Choose a platform or service belonging to the Polkadot Ecosystem (Polkadot not permitted) and make a detailed post, which must comply with the following aspects:
1-Explain in your own words why you chose it and why do you think it is relevant to the world?
When I studied the Polkadot Ecosystem for this assignment, it was the Moonbeam project that caught my attention.
I will talk about the details of the project in detail in the next question, but to summarize it simply, it serves as a bridge between Ethereum and Polkadot Blockchains. Moonbeam is a smart contract chain fully compatible with Ethereum.
As it is known, Ethereum is the first project to make the smart contract project a reality. But the scalability problem is increasing day by day. One of the biggest problems of this blockchain is its increasing gas fees and slowness. Day by day, new competitors are emerging to this blockchain. One of Ethereum's biggest competitors is Polkadot Blockchain. While this blockchain solves the scalability problem of Ethereum, other blockchains also have innovative approaches such as communication. Moonbeam, on the other hand, enables developers to work on both the Ethereum network and the Polkadot network. They can also move projects on the Ethereum network to the Polkadot network without making any changes. It saves both money and time for developers who do not have to rewrite projects. In addition, Moonbeam is compatible with tools used in Ethereum such as Metamask, Remix, Hardhat, Waffle, and Truffle. So it will create ease of use for people who already use this application.
I decided to examine this project for reasons such as the project's hope for the future, its user-friendliness, its 100% compatibility with Ethereum, one of the largest blockchain networks, and the fact that it will serve as a bridge in the transfer of Ethereum projects to the Polkadot universe.
2- Description of the project and its platform. (Screenshots needed)
Moonbeam is a smart contract parachain on the Polkadot blockchain. Moonbeam is fully compatible with Polkadot and Ethereum, giving developers a way to use their designs on both blockchains. Moonbeam provides an EVM (Ethereum Virtual Machine) implementation and is a Web-3 compatible API. This allows developers to implement smart contracts and dApp frontends in Moonbeam with very little change. Since Moonbeam is a parachain in Polkadot, it takes advantage of the security provided by the Relay chain and can integrate with other blockchains.
If a developer wants to start building projects on Moonbeam, they should create their own Moonbeam node or connect it with Moonriver and Moonbase Alpha TestNet.
Projects created on Moonbeam work with all wallets that are valid on Ethereum. In addition, Moonbeam team tested Metamask, MathWallet, Polkadot.js Apps, Ledger, Trezor, Nifty wallets in Moonbeam.
As can be seen in the illustration above, if you want to transact directly between Ethereum and Polkadot, wrapped tokens can be used.
But if bridges like Moonbeam are to be used, the following steps should be followed. Maintaining the distribution of chains that will join the bridges. Solidity smart contracts are redeployed using existing tools. Access to the Polkadot ecosystem is provided by expanding projects in Moonbeam.
The Moonbeam project provides basic EVM compatibility and more. The important features of Moonbeam can be listed as follows;
- Decentralized and Permissionless
- Complete EVM Implementation
- Works with the Web3 RPC APIs
- Compatible with the Substrate Ecosystem
- Polkadot Cross-Chain Integration
- Forklessly
3- Functionalities and real-life applications. (Screenshots needed)
It has a different structure from Polkadot's other blockchains. It consists of chains such as parachain and relay chain. While the Relay chain is the main chain, the parachains are the chains connected to this main chain.This is the most concise description of the very simple Polkadot blockchain. Moonbeam, on the other hand, is a smart contract platform and is compatible with the Ethereum network. The smart contracts created so far are used in a single blockchain. Moonbeam, on the other hand, allows these smart contracts to be used on different blockchains. Moonbeam aims to reach users on different blockchains by porting the logic and workloads of different existing smart contracts to Polkadot.
Areas that can benefit from Moonbeam are as follows;
Ethereum-Based Projects
People who have problems due to Ethereum's scalability and high costs can move their projects to Moonbeam with minimal workload and expense. They can create a hybrid project on both the Moonbeam and Ethereum blockchain at the same time. By moving their projects to the Polkadot blockchain, they reach different blockchains and expand their reach.
Polkadot Projects
In projects that need smart contract in Polkadot ecosystem, Moonbeam can be used. They can grow their existing parachain and add things that are not in the relay chain but are necessary.
New dApp Developers
People who want to develop new projects in the Polkadot ecosystem can also use Moonbeam.
The following image shows only some of the projects that develop projects using the Moonbeam infrastructure or migrate from the Ethereum blockchain, in other words, Moonbeam projects.
I wanted to examine one of these applications as an example. The app I'm reviewing is Waffle. This application is an Ethereum based application created by Ethwork. The Waffle application is a framework that tests smart contracts.
Waffle is a frequently used application for compiling and editing contracts on the Ethereum network. With the announcement made in July 2021, Moonbeam added Waffle integrations.
4- Future development and associated projects. (Screenshots needed)
The Moonbeam project started in January last year. Looking at the websites, we see the project roadmap. They aim to launch Moonbeam on Polkadot Mainnet in the 4th quarter of 2021, that is, in the current period.
Apart from this, the project has two native tokens. These are Glimmer and Moonriver Tokens. Moonriver token Moonriver's and Glimmer is Moonbeam's token. Moonriver is a companion network to Moonbeam. The economic movements of the Moonriver token will be the same as Moonbeam, but the token distributions will be different.
However, the Glimmer token has not been launched yet. The estimated launch time has been reported as the 4th quarter of 2021, again.
In Question 3, we talked about the projects that built Moonbeam. In Question 3, we talked about the projects that built Moonbeam. Many APIs & Tools, Assets & Issuance, Bridges, Collators, DApps, DeFi, Explorers, NFTs, Oracles, Parachains and Wallets have produced projects in Moonbeam. We cannot mention all of them in this question, but I would like to give examples from a few projects. Many projects such as C.R.E.A.M. Finance, Razor, Orion Protocol, Airgap, Metamask are integrated with Moonbeam.
5- Make a technical analysis of the token of the selected platform, then through your validated exchange account make the purchase of the token (15 USD as a minimum). Screenshots and an explanation of the procedure are required.
As we know, there are two native tokens on the Moonbeam project. Since the Glimmer token has not been launched yet, I will conduct a technical analysis of the project's other token, the Moonriver (MOVR) token. According to the information on coinmarketcap.com, the MOVR token is currently in the 226th rank. The token price is 240.913 USD with a Marketcap of $484,759,417 and a 24-Hour volume of $13,713,109.
When the chart of the token is analyzed on tradingview.com, it is seen that there has been a decrease in its prices since the middle of last September. The token, which saw 540 USD on September 15, dropped by more than half to 240 USD.
First of all, the MOVR token is not yet listed on Binance. For this reason, I traded on Kraken, one of the exchanges where MOVR is listed. Here, a minimum of 0.3 MOVR, or approximately 70 USD, can be traded. I found the token by typing MOVR in the search box.
Here I had to place a limit order of 233,9 USD. The reason for this is that we can purchase a minimum of 0.3 MOVR. My limit on my Kraken account was 70 USD. When I create a market order, the amount I have to pay is 72 USD and I cannot execute the order due to insufficient balance. For this reason, I created a Limit Order and tried to buy MOVR at a lower price.
Then the confirmation page came and I approved this order.
After confirming the limit order is executed.
As a result, this order is seen in open orders. However, the order has not been executed as the MOVR price has not fallen to these levels yet.
The Moonbeam project is a parachain on Polkadot. This project is a smart contract platform. Fully compatible with the Ethereum ecosystem, this project acts as a bridge between the Polkadot blockchain and the Ethereum blockchain. The Moonbeam project, which offers a solution to the scalability problem in the Ethereum network, carries the existing projects to the Polkadot universe with minimal changes.Two native tokens, Glimmer and Moonriver, are used to pay for transactions made in Moonbeam.
CC:@allbert
Best regars, Özge