Moonbeam project is intended to become a link between different blockchains that have their own tokens and infrastructure. This step is declared in all informational materials, and one of the pillars of the implementation is the Ethereum platform.
Why is Ethereum becoming the basis for Moonbeam? What are the similarities and differences? Let’s try to figure it out to give a definitive answer about this union.
Ethereum platform’s value
First of all, let’s try to understand Ethereum’s place in this equation. For most, the name is associated with a popular cryptocurrency. That already means a lot to the crypto world, but there is another equally important thing. Ethereum is conceived as a platform for implementing Dapps based on blockchain technology using smart contracts. This is where a number of online blockchain projects are created, including the most innovative and daring ideas.
Ethereum developers give everything they need to bring ideas to life. It is the locomotive link between blockchain and the world of cryptocurrencies on the one hand, and any third-party projects on the other. Large global IT corporations, banks, and airlines are already actively interested in the possible opportunities, and the rapid success of this side of Ethereum is only a matter of time.
Moonbeam is designed to create connections between different blockchains, and Ethereum’s approach to forming new systems helps to the fullest extent. However, it is important to understand whether everything is actually as smooth as it may seem with the common theses.
Root differences between Moonbeam and Ethereum
Moonbeam’s main goal is to match the Ethereum API. Next, let’s dive into the technical and ideational side to characterize the differences.
- Moonbeam’s primary consensus mechanism is Proof of Stake. This is an alternative consensus mechanism to the conventional Proof of Work. Its meaning is to use a “stake” as a defining resource that creates an understanding of which node in the blockchain gets the right to mine the next block. Recall that the idea of Proof of Work in cryptocurrencies begins with their first implementation in Bitcoin.
The work mechanism is a verification of the validity of calculations by the party that guarantees the mining of the block. Accordingly, PoW concepts do not apply to PoS. All PoW values in the Ethereum system are not accepted in Moonbeam. That is, all contracts from Ethereum that apply to Moonbeam make no sense to the latter.
2. Moonbeam also has a number of features for in-chain management based on substrate functionality. These mechanisms allow the blockchain itself to be updated based on token-weighted voting.
These are serious technical difficulties that hinder the Moonbeam development and make it inflexible with respect to potential user audiences, including average users and Dapp developers at the same time. However, there are some things that make up for the above.
What makes the union of Ethereum and Moonbeam promising
We’re talking about similarities that make it work in sync. From the perspective of the Dapp developers, we’re talking about minimal changes in applications, smart contracts, and tools. Moonbeam provides solidity-based smart contracts support, ecosystem tools, lots of developer tools and the concept of Ethereum Tokens via Bridges. This is more than enough to implement the idea in an acceptable way. Further actions by the project team are aimed at improving and smoothing out the corners for all categories of users in a planned manner.