Crypto News

What is Moonbeam and How will it Help Scale Polkadot?


The Polkadot name has been in the crypto world for a long time now. You might have found about it frequently or you might have discovered that a particular project is developing on it. This article is about Moonbeam and how it will help to scale Polkadot. Let’s take a look at it in more detail.

What is Polkadot?

Polkadot is a platform to connect various blockchains. The project was started in 2016. The Web3 Foundation manages the project, and its founders are Gavin Wood, Rober Habermeier, and Peter Czaban. Polkadot is a system of relevant blockchains. Now, each blockchain that is directly connected to Polkadot is described as a parachain. Polkadot gives distributed security and a method of transferring between parachains running on the network.

Just like Ethereum, Polkadot too is a platform for decentralized applications (DApps) and smart contracts. Its unique features are sharding protocols, scalability, forkless upgrade, interoperability, transparent governance.

Polkadot contains sharding protocols. These sharding protocols are responsible for cross-chain transfers to execute between parachains. This method can execute many transactions concurrently instead of a unique, specific blockchain performing all the processing. This eliminates the bottleneck and increases the processing period. At the time of writing this, Polkadot has a TPS of about 166,666.

What is Moonbeam?

According to its website, Moonbeam is parachain linked to Polkadot. It is an Ethereum agreeable smart contract. As a result, developers can easily move their apps without rewriting codes to Polkadot. The purpose of Moonbeam is to solve problems like higher transaction fees and inaccessibility. It solves these issues by utilizing the Relay chain. 

Moonbeam merges the best of Ethereum and Polkadot. It combines the tooling of Ethereum and the scalable, interoperable architecture of Polkadot.