Vitalik Buterin, the founder of Ethereum, pointed out the issue of blockchain trilemma with the existing blockchains which stated that developers have an issue in the implementation of a project that has all three:
- Decentralization
- Security
- Scalability
Although it is not impossible, but to eliminate the challenge, multichains came into existence where developers can leverage the individual potentials of each chains to make a product that contains all the elements that are desired. This is where projects like Moonbeam are bridging the existing gap.
Moonbeam is a developer heaven which uses Ethereum’s development environment and smart contracts to allow users to create dApps and projects on top of Moonbeam. Moreover, Moonbeam is parachain in Polkadot network which allows other chains to be integrated with the project to open a plethora of opportunities for the developers as stated above. The vision of the company is also in line with the implementation, i.e., bringing an ecosystem that supports cross-chain assets.
Projects built on Ethereum are struggling with scalability issues. This can easily be solved by moving to Moonbeam with minimal changes. Here, they will get all the functionality provided by Ethereum along with Moonbeam’s additional customizability.
Moonbeam uses the efficient Proof-of-Stake. This means that the miners do not need to use high electric powers to mine the currency. Instead, being a stakeholder alone helps them add blocks to the chain. Moonbeam’s functionality also gives the power of governance to these stakeholders. This means that they can vote on changes in the core protocols and updates in the ecosystem.
Use cases are the metrics that define the value of a project and Moonbeam easily proves to be covered in that area. The multichain system allows it to be a multi-asset platform and users can integrate chains to their project to bring use cases according to their needs. Not only can a user add their conventional blockchain functionalities to their project, but also enhance them to more advanced DeFi applications. This includes one stop asset/portfolio management applications, one stop wallets for all, decentralized marketplaces that support multiple token payments, decentralized exchanges and many others.
All-in-all, mutichain ecosystems are the future of blockchain and projects like Moonbeam are already thriving in an age where developers feel limited with the functionalities provided by single chains like Ethereum. Furthermore, the ease that Moonbeam provides existing projects to move to their platform signals how this will eventually grow to be huge and widely adopted.
Learn more by visiting https://moonbeam.network/
