Moonbeam Yuki: We are fully compatible with Ethereum and plan to become an infrastructure platform focused on developer demands
Source: MEXC Global
Introduction:
MEXC Host: First of all, let’s welcome @Yuki to the MEXC Community! Please introduce yourself!
Yuki: I’m Yuki from Moonbeam. I’m glad to be here as a guest to this community and introduce Moonbeam to all of you.
Questions about the project
Q1
MEXC Host: Please briefly introduce the Moonbeam project and its team.
Yuki: A big thank you to MEXC for this invitation. It’s my honor to introduce the Moonbeam network to all of you.
Moonbeam is based on Substrate and can be used as a smart contract development platform fully compatible with Ethereum. We are fully compatible with Ethereum and plan to become an infrastructure platform focused on developer demands.
We aim to create the most straightforward on-chain development environment where developers can quickly develop decentralized applications (DApps) for multiple chains.
The Moonbeam project was developed on the Substrate framework, the underlying technology for developing the Polkadot and Kusama Network. Because of its technical consistency, Moonbeam will deploy its project on Polkadot.
Of course, we have been following the development of Polkadot. First, we took a snapshot of the slot built Moonriver, the Moonbeam parachain on the Kusama network. Moonbeam will also participate in the auction of Boca network after Boca network opens its slot for auction.
Q2
MEXC Host: Many developers want convenience.
Yuki: Yes, we also did much research on developers and projects before developing Moonbeam. Moonbeam was put into development at the end of 2019. The initial reason that we chose to develop on Polkadot is that it is very convenient to develop projects using Substrate. Many developers hold the same view as us.
However, the Polkadot ecosystem itself does not support the characteristics of Ethereum, which also limits the expansion of the ecosystem boundaries. The advantage of our project is that we are moving the mature blockchain development tools running on Ethereum to the Polkadot ecosystem and make Substrate compatible with Ethereum.
Let me introduce our team
Our team is spread worldwide, mainly in North America, Spain, Italy, Canada, France, and other places. The team that develops and runs Moonbeam is PureStake.
PureStake, led by Derek Yoo, founder and former Chief Technology Officer of Fuze, provides protocol execution services and creates developer tools for the new generation of blockchain networks. The PureStake team has extensive experience in operating technology enterprises and complex software platforms.
Finally, we have sent a few links for extended reading. Those interested can browse PureStake’s official website: https: //www.purestake.com/.
If you are curious, welcome to read about the past experiences of Moonbeam founder Derek: https: //mp.weixin.qq.com/s/c89peNhchIsbcymsu_ IYjg
MEXC Host: For those interested, it is worth it to check them out. The introduction was very detailed.
Q3
MEXC Host: Let’s move on to the next question, which is also of concern to users. What is Moonbeam’s tokenomics? Can Moonbeam’s ecosystem development drive the appreciation of the tokens? What is the logic?
Yuki: Everyone must be very curious about this question.
First, the Moonbeam under Schop is divided into two networks, Moonriver deployed on Kusama and Moonbeam deployed on Polkadot.
Moonriver’s native token is MOVR, and Moonbeam’s native token is GLMR. Those interested in these two tokens can browse Moonbeam’s official website.
Introduction to the MOVR token: https: //moonbeam.foundation/moonriver-token/
Introduction to the GLMR token: https: //moonbeam.foundation/glimmer-token/
The supply mechanism and tokenomics of Moonriver are consistent with Moonbeam. Still, in order to adapt to the operating environment of the Moonriver Network, its token allocation mechanism will be different.
Moonriver can be compared to Moonbeam’s “Touchstone”, a community-led simulation environment in which the community determines its development direction.
In addition, Moonriver has acquired the first slots in Kusama through parachain crowdloan and is the second project to acquire the Kusama parachain slot. The Moonriver network is still under development, and we will keep updating relevant information on this page until the Moonriver network is online.
Let’s talk about the functions of these two tokens. In addition to the governance, these two tokens have two other important functions:
- One is the decentralized block production or chain infrastructure, that drives the network of the staking systems on the platform.
- Another is that this system allows us to have an open, license-free collator who is basically the block producer of the system responsible for the production block.
Moonbeam has systems similar to those of ETH. We try to restore systems like ETH as much as possible, so our token also has similar functions as ETH.
For example, tokens are used for the Gas fee when sending the contract to execute a smart contract. The most important practical function is to provide security for the system to implement smart contracts.
Next, let’s talk about the two tokens.
Both MOVR and GLMR had a initial issuance of 10 million tokens with an annual inflation rate of 5%.
The uses of MOVR in Moonriver include:
- Pay Gas fees for smart contract execution;
- Encourage Collators and support mechanisms to create decentralized node infrastructure for platform operations;
- Implement chain governance functions, including a referendum on proposals, election committee members, voting, etc.
- Pay for online transactions.
The uses of Glimmer (GLMR) in Moonbeam include:
- Pay Gas fees for smart contract execution;
- Encourage Collators and support mechanisms to create decentralized node infrastructure for platform operations;
- Implement chain governance functions, including a referendum on proposals, election committee members, voting, etc.;
- Pay for online transactions.
So it is not difficult to determine whether they are MOVR or GLMR. Their main functions are chain governance, gas fee measurement, etc. 80% of the transaction fees received will be destroyed and 20% will be in the treasury.
Those interested in the Treasury are welcome to read: https: //mp.weixin.qq.com/s/D4c72HitnZRrsDHw4JZOig
Q4
MEXC Host: This is really detailed! It is understood that some of the Moonbeam tokens will be used to participate in slot auctions? Will tokens put pressure on the market? What is the core that is supporting the value of the Moonbeam token?
Yuki: Yes, both MOVR and GLMR are partially involved in slot auctions, which the Moonbeam Foundation manages.
For example, at previous Moonriver auctions, the Moonbeam Foundation took out 30% of its initial circulation, or 3 million MOVRs, to support parachain bidding.
After Moonriver goes online successfully, 30% of tokens will be allocated to contributors participating in crowdloan, and the remaining 70% will be allocated during the subsequent loan period (48 weeks).
And there is one more thing that is very special.
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MOVR did not have any early bird airdrops or reservations from any teams or investment institutions. As a result, users who want to acquire MOVR early can only compete through parachains.
Will it put pressure on the market? At present, there is no price for MOVR, and it is not listed on any platforms. So you can imagine the rest for yourself.
Moonbeam has been working to develop its own decentralized ecosystem. When MOVRs or GLMRs are frequently flowing in their own networks, users will naturally feel their importance when they use them for gas or governance costs.
Q5
MEXC Host: OK, it is well known that many projects now claim to support cross-chain. Why did Moonbeam choose Polkadot for cross-chain, and why?
Yuki: First, let’s talk about why we are attracted to Polkadot and building on it.
From the Web2 world’s perspective, while it’s convenient to use various applications, it’s always limited by the fact that data and information don’t flow across systems, just like the current blockchain.
Different blockchains do not allow the exchange of data information, and each blockchain is like an island. Clearly, resolving data flow can greatly improve efficiency.
In MoonBeam’s perspective, Polkadot is a good solution to this problem. Their vision is to solve cross-chain problems so that separate blockchains can communicate.
This is where Moonbeam is attractive and the first stage of our entry into the Polkadot ecosystem.
Q6
MEXC Host: The next question is, what can we do in Polkadot?
Yuki: In the Polkadot ecosystem, they provide Substrate, a framework developed by Parity for the efficient building of different blockchains.
They provide this basic development kit as a way to build blockchains in the Polkadot ecosystem. However, it’s so powerful that it’s definitely one of the best choices for people who are building blockchains from now on.
Using the Substrate framework, you can significantly reduce the workload of building blockchains. It is well known that building blockchains from scratch can take a lot of time, effort, and even financial resources.
For example, a team of 30–40 people can reduce the workload by 10–15% using these development frameworks.
So we didn’t hesitate to start with Substrate, which, for us, is very powerful and easy to use, but we understand it isn’t necessarily for everyone.
However, most developers of the blockchain are still developing blockchain in environments such as Ethereum. Even though Substrate can reduce a lot of work, it may not be suitable for all of them. We see an opportunity to build smart contracts that can provide a higher level of development experience.
Most developers are already familiar with the development environment and tools of Ethereum. Therefore, this is an opportunity for us to create a developer platform that provides a familiar environment for existing blockchain developers.
Q7
MEXC Host: Moonbeam is a project that is building a cross-chain bridge. Is a cross-chain bridge application required? Why? How can a cross-chain bridge be used in existing projects in Ethereum to achieve cross-chain functionality?
Yuki: Here are indeed project deployments across bridges in the Moonbeam ecosystem, such as the following three:
I think the number of blockchains will increase in the future, with the consequent demand for cross-chain interoperability. Information exchange between existing blockchains is presented in a variety of ways.
Many cross-chain communications, just like the host asked, are built on the underlying protocol. There is the concept of a bridge, there are different technologies, and there are new experimental innovations in this field.
We hope that these different technologies will also try to establish connections between blockchains.
However, there are many factors to consider, such as what infrastructure can support a cross-chain bridge? How can we ensure its safety? All of these need to be considered in advance to ensure the safety of the cross-chain operation processes.
Polkadot has these inherent advantages because it builds the network in its underlying layer. Therefore, this network capability can be acquired natively, as on a platform, without additional security or trust assumptions, and we think this connectivity is very important.
Q8
MEXC Host: We know that Moonbeam is a typical middle layer network, which is built on top of Polkadot and Ethereum. In the Internet world, we deal with middle layer protocols almost every time, such as Hypertext Transfer Protocol (HTTP), which allows us to browse text, pictures, videos, and other information on Web pages. That is why different types of applications, such as search engines, e-commerce, video websites, have been created with varying models of business. So, what about the future of Moonbeam, Yuki? What is the future of middle layer networks?
Yuki: Our best bet is that the road and direction have evolved since the network was enabled. We are very interested in many teams that are pursuing a multi-chain deployment strategy.
Many teams may have started using Ethereum now, but they are also expanding into other new blockchains, especially those compatible with Ethereum because they can be deployed directly without redesigning or writing the protocol code.
We believe we can get a similarly warm welcome when we go online as we did in other ecosystems, especially the new Defi ecosystems on Moonriver and Moonbeam, as we already have many good partners in this field. So, as you can see, we have an excellent opportunity to guide the DeFi ecosystem on Moonriver and Moonbeam.
Q9
MEXC Host: At present, you also know that there are not quite a few projects in the Polkadot ecosystem that offer cross-chain bridges and smart contracts. What are the advantages of Moonbeam in comparison? How to cope with the competition?
Yuki: We worked closely with Parity to create EVM compatibility capabilities in Substrate (front-end, you can say, with them). Other projects also incorporated these results into their chains.
We all know that because the code is open-source, anyone can use it and get the results. However, we have unique advantages because we are the developer (pioneer) of this technology and the person driving the EVM compatibility feature forward.
In addition, I would like to emphasize that we are using a complete Ethereum compatibility approach, which includes changing the underlying accounts and keys on parachain to something similar to Ethereum.
As far as I know, no other Polkadot parachain team is doing the same thing as us. This means that we can provide better compatibility than other parachains.
Moonbeam can provide a native bridge for projects to deploy their code in Polkadot, another ecosystem different from the environment in Ethereum, which undoubtedly helps the project expand its business boundaries.
Moonbeam’s strategy is to become an infrastructure platform focused on developer demands and deploys appropriate development tools from a developer’s perspective. For example, a developer with DeFi wants a decentralized price feed tool, which is an oracle. We’ve also made this a priority, and now developers are free to use oracles like Chainlink, Band Protocol, and so on.
However, the efforts of our developers are ultimately to make the user experience more decentralized and make the nodes in the ecosystem provide better services.
On the end-user side, you can play with Polkadot ecosystem projects by opening familiar wallets, such as MetaMask, Math Wallet, etc., or if you think the handling fee on other chains is too expensive, Moonbeam will also be a cost-effective choice.
If you want to experience the Moonbeam ecosystem, you can first try integrating MetaMask with Moonbase alpha (moonbeam test network), https: //docs. Moonbeam.network/cn/getting-started/moonbase/metamask/ 。 One-click to link the Polkadot with MetaMask.
Q10
MEXC Host: Alright, last question for tonight. PureStake, the parent company of Moonbeam, has received investments from Binance, Coinbase, IOSG, Hashkey, Distributed Capital, Arrington XRP, and other institutions. Why are these institutions involved in equity investment rather than currency investment? In the future, in addition to Moonbeam, does PureStake has plans to launch other projects or develop some infrastructure around Moonbeam?
Yuki: PureStake is the company that develops and runs Moonbeam, so these organizations invest in PureStake. There are currently no plans to develop other projects.
Those interested in PureStake are welcome to click: https: //www.purestake.com/
Thank you Yuki for tonight’s wonderful sharing session within the MEXC community. Those who are interested in the project can keep an eye on Moonbeam.
