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This project wants to recreate Ethereum on Polkadot

Polkadot developers and certain other interoperability projects typically need to build up a whole blockchain to manage their decentralized apps. Although the Polkadot Substrate framework is structured to make this process easier, not all DApps require that level of control over their environment.

MoonBeam aims to become a type of Ethereum emulator for Polkadot, operating on the same virtual environment that is currently powering all smart contracts on Ethereum.

As reported, the team claims that this enables Ethereum DApp developers to make small improvements to their code and maintain the use of developer tools like Truffle and Metamask. Around the same time, integration with Polkadot will make it easier to interoperability with the rest of the Polkadot ecosystem. Other Substrate modules will also be available, enabling developers to implement on-chain governance, social wallet recovery, and other features with ready-made code. However, competition in the DApp scalability space is difficult, as several layer-one chains compete with Ethereum-native layer-two solutions. Although DeFi mostly cemented the dominance of Ethereum in smart contract space, the limitations of its blockchain became noticeable in the summer of 2020. MoonBeam and Polkadot are some of the many projects that seek to capitalize on this by offering an alternative platform. MoonBeam’s launch date is yet to be decided, as it relies on Polkadot’s Parachain offering live auctions. Although most expect this to happen around Q1 of 2021, no clear launch date is set.

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