This is the Seven weeks of the Crypto Academy season 4 and I am thrilled to take part in this week's task by @allbert This is where the fun is and with this lesson, we are learning more about the Polkadot ecosystem, the Ethereum’s Contender. Let's get into it.
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Introduction
Since we were assigned to make a detailed post on projects of Polkadot so I decided to choose a popular name on the Polkadot platform i.e. Moonbeam. So the following post will be my in-depth research on a moonbeam.
1-Explain in your own words why you chose it and why do you think it is relevant to the world?
REASON FOR CHOSING
The Moonbeam is a para chain on Ethereum and avails interoperability between two fastly growing blockchains i.e. polka dot and Ethereum network. This project provides the structure which makes the communication between two blockchains possible and smooth by being a bridge-like Binance Bridge. Considering the crowded ethereum blockchain with heavy gas fees moonbeam helps users and developers of DApps to shift their workload on the polka dot platform which is accomplished by hiring a position as para chain Polkadot platform. As we learned from a lecture the Polkadot act as a platform that provides communication between blockchains.
Lets’ dig in more on this project by studying its platform.
Platform Description
The official site of this platform is https://moonbeam.network/
In the screenshot below we can see the webpage of this para chain. As said it’s an Ethereum compatible para chain built on polka dot.
Since the platform has too many features to be described so I’ll be giving an overview of this moonbeam webpage. As you can see in the picture above in the top right corner we can see the social or other sites link of this platform which can lead you to their official sites. However, there are seven buttons which are on the top. Following are the names and functions of these options present on the platform,
- Docs: Clicking on this button will take you different docs posted by this network making it easy for users to learn what this network is serving. The screenshot below can give us an idea of the docs of this network
- Community: As the name suggests the community button is aware of what this moonbeam community withholds such as details of the events taking place on a network or the projects being built on the system including collators and ambassador programs.
Networks: This gives details of the network of moonbeam and its relative network live on Kusama which is another project of Polka dot or more like its testnet called Moonriver.
Tokens: The moonbeam network has two tokens talking about native coins its GLMR however it will be launching at the end of this year however another token this platform utilizes is MOVR the native token of moon river.
About: The about section is the same as every other webpage including details and introduction of this network or how can you connect to the network through emails or all the FAQ etc.
Foundation: The foundation button leads to the Moonbeam Foundation page which works on the promotion of this network as can be seen in the picture below
3- Functionalities and real-life applications. (Screenshots needed)
Moonbeam is a smart contract Ethereum compatible platform hence enabling smart contracts and DApps of ethereum which are built on solidity language shift to moonbeam & Polkadot which are built on the substrate without asking for much effort due to the assistance of Ethereum virtual machine (EVM) along with these smart developments ethereum based tools can also be shifted to this platform due to implementation of Web 3 RPC programming application interface (API). For example, you can use your metamask, Truffle, etc without much changes on polkadot. Apart from these, they allow on-chain governance to people holding staked coins.
These functionalities are summarized on its platform which can be seen in screenshot below
Real-life Applications
According to the information provided on moonbeam docs, this platform is benefitting three departments right now which are
Source
1)Polkadot projects 2) DAppsdevelopers 3) Ethereum based projects
I’ll be summarizing how this platform is helping these departments are getting an advantage from the moonbeam platform.
Starting from Polkadot projects, the projects on polka dot can use this platform to bring smart contract features into them and can also increase the number of their para chain or part thread on polkadot ecosystem can leverage large ethereum developments tools.
Coming to benefit of developerswho are getting advantage from this platform as they utilize this moonbeam network to build decentralized applications on a moonbeam and taking polkadot functionality i.e. allowing cross-chain network.
Finally the benefits of ethereum based projects, we are aware of high gas fees on the ethereum blockchain because of it being crowded however with the use of moonbeam polka dot shares the burden of ethereum blockchain by lessening its workload as it acts as a platform where ethereum based projects are live on both blockchains at the same time.
4- Future development and associated projects. (Screenshots needed)
Let’s first have a look at roadmap of this platform in the picture below
Moonbeam being is continuously developing and is announcing exclusive development by merging with different platforms every week or month. Here’s the screenshot of the announcement section in the platform updating people about its development.
However, these are not the complete list of developments moonbeam is aiming for because if I add the full list it will be more like an exhibition of screenshots. Therefore I’ll be discussing what these announcements are about keeping it short. These announcements on the moonbeam news update session are about moonbeam merging with a different digital crypto-related platform to provide interoperability between different blockchains and DApps built on them.
I’ll be mentioning the names of only recent three mergers of moonbeam i.e. KYVE, Dapplocker, and Lido
KYVE
Kyve is a platform that facilitates Defi and DApps to store and serve data in a fully trusted way. The merger of KYVE and Moonbeam will enable moonbeam users or developers to store and serve with their data on a trusted platform permanently. It is the most recent collaboration on the moonbeam platform at the time of writing and was announced on the 7th of October. The collaboration between the two is live on moonbeam testnet
Dapplocker
The Dapplocker is a platform or more like an analyst of cross-chains and helps developers to keep an eye on the growth of their DApps. The merger between moonbeam and this Dapplocker was announced on September 28 in 2021 which avails the opportunity to draw growth charts of their respective product and predict or provide knowledge to users about the performance of their projects.
Lido
It is another collaboration of the moonbeam platform announced on 9th September 2021. This Lido is the popular most liquid staking protocol, Lido is using Mixbytes to carry on this collaboration for the Polkadot system. This merger brings liquid staking into moonbeam by assisting DOT (native coin of Polkadot) holders staking their coins and generating liquidity of staked position at the same time.
Now coming to the building of the project on moonbeam
70+ projects are being built on Moonbeam most of them are the same as projects of polkadot. Some massive names are partners of this project like sushiswap and others. Most of the projects on polka dots are being brought through moonbeam acting as a bridge makes it easy to integrate different projects in this platform because of its properties discussed above.
Here’s the screenshot of some projects building on 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.
Since I’m supposed to purchase MOVR coin therefore in the chart below technical analysis of trading pair MOVRUSDT can be seen
In the chart above I have applied moving average twice of 200 and 50 periods technically when MA 200 crosses MA 50 from upside down it is said to be golden cross which means price might go up in the chart above it can be seen when the lines crossed each other it is not golden cross hence price didn’t go but as we saw the indicator lines coming close to each other in a way that MA 200 is crossing MA 50 from upside-down i.e. the chance of golden cross the price is also moving in an uptrend. Traders tend to accumulate in such cases.
I’ll be using my gate.io account for purchasing this asset. Below is the screenshot of my gate.io account market. As we can see the search bar in right corner from where we can search for desired trading pair.
Here in the search bar I’ll search and then select the MOVRUSD trading pair as demonstrated in the screenshot below
Here the next screenshot is from my smartphone since I was having difficulty in trading with my computer. Once select MOVRUSD pair in the next page we can see the page where we put our order values. As you can see I have $16 in my account.
Here I will be making a purchase of a total of $16 in return I’ll be getting a total of 0.04 MOVR coin here I’ll confirm my order by tapping on the buy button.
Finally you can see my order history here As I now have 0.04 MOVR coin in exchange of $15 as $1 is taken as transaction fee.
conclusion
I see Moonbeam as a project of massive importance with its advanced features and interoperability related solution of blockchain as I’m also a supporter of cross chains are future because we as a human always prefer getting things which provide more facilities through a single item,
Lastly will be mentioning my genuine gratitude for the professor as his assignment lead me to read on this fast-growing blockchain.
Regard
@attiyaasghar