One of the servers of the popular crypto channel Coin Bureau has launched a new Ethereum-compatible platform built on Polkadot (DOT). altcoinHe says there may be a “promising future” ahead of him.
In a new video, the analyst, using the pseudonym Guy, has his eye on two million YouTube subscribers, one of the first fully functional parachains on Polkadot. at Moonbeam (GLMR) said that.
Alright What is moonbeam? Monbeam is a smart contract platform that runs on the Polkadot parachain and is compatible with the Ethereum Virtual Machine (EVM).
Moonbeam, a smart contract parachain compatible with the Ethereum Virtual Machine on Polkadot, makes it easy to use popular Ethereum developer tools to build or redistribute Solidity projects in a Substrate-based environment.
The analyst talks about how PureStake, the company behind Moonbeam, allocates resources to build partnerships, deploy on-chain integrations, and add rewards programs.
“These ecosystem deployments and integrations include numerous DeFi (decentralized finance), GameFi and NFT (non-fungible token) projects, potentially making it a Moonbeam-ready NFT marketplace for PureStake itself or perhaps even It means they may have plans to build a GameFi protocol.”
Despite Moonbeam’s potential, Guy says it faces a number of challenges as the parachain grows.
“Moonbeam is not the only project outside the Polkadot ecosystem to offer EVM compatibility and cross-chain solutions. As a result, besides the competition in this industry, there are numerous competing protocols, some of which have much greater user acceptance and distributed DApps (decentralized applications).
You should also consider the extent to which users are willing to deploy Ethereum-based dApps on the Polkadot network. The Polkadot ecosystem seems to have received less attention lately.
ETH developers seem more willing to build on top of ETH layer-2s like Arbitrum or Optimism or alternative layer-1s like Avalanche or Fantom. Ultimately, as with most new and emerging blockchain networks, the future and overall success of such projects will really depend on the amount of adoption they manage to achieve.
The analyst views Moonbeam as an altcoin with which he has a positive long-term outlook, citing features he believes could potentially address some of the platform’s current issues with blockchains, including issues hindering mass adoption and real-world use cases.
“I must say that I believe Moonbeam has a bright future. This is because it has the potential to enable the development of truly dynamic and versatile blockchain architectures.
Besides, as Moonbeam is a Polkadot-based parachain, it is inherently a platform consistent with the idea that future blockchains should perform various specialized functions and have a broad repertoire of capabilities.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.