Popular crypto analytics and market commentary show Coin Bureau recently explained why he is so bullish on a certain Polkadot-based altcoin.
The project that the Coin Bureau host is excited about is EVM-compatible smart compatible platform Moonbeam ($GLMR), which went live on Polkadot on January 11, thereby becoming the first fully operational parachain on Polkadot ($DOT).
Moonbeam is a Polkadot parachain. What it does is make it “a lot easier to build applications on Polkadot blockchain compared to implementing a full parachain or parathread.” Its Ethereum compatibility “allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes.”
More specifically:
- “Substrate is powerful but complex. With a Moonbeam-based application, you don’t need to worry about token economic models, issuance schedules, governance, incentivizing nodes, or security — all of which are required when launching your own blockchain.“
- “You can leverage Moonbeam’s full connection to the Polkadot Relay Chain, which the Moonbeam economic model pays for on an ongoing basis. This is much less expensive than paying for parachain- or parathread-based access on your own.“
- “You will have a smooth upgrade path from a Moonbeam smart contract/DApp to becoming a full parachain or parathread (if and when you need the scalability and full control that comes with running your own blockchain).“
In a YouTube video published on April 8, Coin Bureau’s host “Guy” told viewers that he has had his eye on Moonbeam.
According to Guy, Moonbeam’s developer PureStake is devoting significant resources to the project’s on-chain features, in addition to building partnerships and rolling out a bounty program.
As reported by The Daily Hodl, Guy said:
Among these ecosystem deployments and integrations reside a multitude of DeFi (decentralized finance), GameFi and NFT (non-fungible token) projects, which means that PureStake might have its eyes on potentially building a Moonbeam-ready NFT marketplace of its own or perhaps even a GameFi protocol.
Guy cautioned that the project has significant challenges ahead, despite its promising future. The YouTube star noted that Moonbeam has competition for cross-chain solutions outside of Polkadot’s network, with some of the competitors boasting greater user adoption and decentralized applications.
Guy also noted that Polkadot’s ecosystem appears to have garnered “less attention of late,” and questioned whether users would be in a hurry to operate Ethereum-based dApps on the Polkadot network.
According to the Coin Bureau host, the majority of Ethereum developers have committed to building on Ethereum layer-2s, such as Arbitrum or Optimism. He argued Moonbeam’s success would ultimately depend upon its ability to generate user adoption, but that the project had a “promising future” as a dynamic and versatile blockchain.
Disclaimer
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