CRYPTO SYZYGY : AMA Session With Moonbeam Network
AMA On Thursday, January 6th At 02:00 PM UTC
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We were so pleased to host our Telegram AMA session with Moonbeam Network where we gave you the chance to ask the team anything you liked. And you certainly delivered!
Summary of the AMA
- Host Round
- Twitter Community Round
- Telegram Community Round
CryptoKing: Good Morning/Afternoon/Evening to all the community members wherever you are based out. The day has arrived that we at Syzygy have brought another spectacular project, winner of DOT Parachain called #Moonbeam here.
Truly honoured to have Mr. Francisco Director of Markets and Partnership at #Moonbeam with us.
Welcome Francisco to SYZYGY👏👏👏👏👏👏.
Francisco: Hi @CryptoDare , thank you for having me — it’s a pleasure to be here!
CryptoKing: Awesome! We all have been waiting for Moonbeam for so long. Finally, got you here :) hope you enjoy the session today🤘.
Francisco: Glad to hear you’re fans of moonbeam
CryptoKing: Alright! Let’s begin I have a few questions to ask. How about starting with your introduction to the community, your background and experience in the Crypto space.
Francisco: Yes sure,
So as mentioned before i mainly spend my time at Moonbeam helping out with markets-related work and ecosystem development. I joined the project over a year ago at this point and it’s been my first professional experience in the web3 space.
Prior to that i was working in more traditional web2 tech startups also helping out with business development.
CryptoKing: Great! Cool my next one. Can you tell us a bit more about your team and what brings you guys together?
Francisco: Yeah sure — Moonbeam started with the goal to directly tackle cross-chain interoperability challenges by providing a simpler way to deploy apps to Polkadot, using a smart contract and Ethereum compatibility approach.
PureStake is the company that is running the core development of Moonbeam, led by CEO Derek Yoo. Derek and his team have extensive experience building technology companies in the web2 space and have leveraged this to excel at providing secure, reliable services to our customers.
We’re all brought together by our vision to make Moonbeam the best platform for developers and projects to build on Polkadot. To learn more about the team.
CryptoKing: Cool, my next one where is #Moonbeam headquartered? You guys work from scattered locations or you have some office at some common location? Also, what is the total team size for Moonbeam?
Francisco: The PureStake team, which is the development company building Moonbeam started in Boston, but it has grown so much that we currently have a global team that is mostly based in the US, Europe & China. We are currently working remotely, which is working very well for the team. The team has many, smart, passionate, and hardworking people that do their best for the Moonbeam project.
The Moonbeam Foundation which is the entity responsible for the Moonbeam Network also has people based in Singapore and Canada.
I’d say in total the teams are coming close to 40 people put together and growing!
CryptoKing: Well during this Pandemic I know most of us are doing work from home only. I can understand and totally relatable. Anyways, Crypto is all virtual so scattered location makes more sense anytime😁. Cool, the next one here you go👇
Why would developers in Ethereum prefer to expand via Moonbeam to access Polkadot? How is Moonbeam an easy expansion point to access new users & use cases?
Francisco: Yeah sure so maybe I can start by explaining what Moonbeam is before answering this one.
basically Moonbeam is an Ethereum-compatible developer platform targeted to Ethereum and Solidity devs. It is also a parachain on the Polkadot, which means it benefits from the shared security and interoperability that the Polkadot network provides. We aim to provide the easiest development environment and the richest set of developer integrations on Polkadot. By making it easy for developers to build on Moonbeam, we are able to attract and onboard new and existing applications to the Polkadot ecosystem very quickly.
So in terms of why developers on ethereum prefer to use Moonbeam — teams that want to expand/build on Polkadot have the following options:
1. Building a parachain, which involves using the Substrate development framework that Parity provides to build your own blockchain. This blockchain will connect to the Polkadot relay chain for shared security and cross-chain communication.
2. Building on an already-existing parachain (like Moonbeam) will largely take the form of building your application using smart contracts, leveraging one of the smart contract parachains that are connected to Polkadot. There are multiple smart contract parachain options available supporting different smart contract programming languages.
3. Building a parathread which are Substrate-based runtimes that run in shared parachain slots reserved for parathreads. They are very similar to parachains from a development and responsibilities perspective. The key difference is that you avoid the upfront cost for the parachain slot, but you need to pay for each block you want to be included in your chain. So there will be a market-based fee model for transaction inclusion similar to how smart contracts chains work. From an implementation and responsibilities perspective, they are similar to parachains. From a scalability and cost perspective, they are similar to smart contracts, as they execute in a shared environment and the deployment and ongoing transaction costs are smart contract-like.
Many teams just starting out on Polkadot are opting for a smart contract-based approach. This makes sense as smart contracts are much easier, faster, and cheaper to implement. This fits well for teams that want to get going quickly and prove our product-market fit before making more investments. These teams always have the option of migrating to a full parachain if and when required. In this case, they can take advantage of Polkadot interoperability to make this a smooth transition.
Another important consideration is if your project is considering a multi-chain deployment approach. For teams that are pursuing a multi-chain deployment approach, it is almost always the case that Ethereum is one of the deployment platforms. Projects with existing Ethereum-based deployments will naturally tend toward the smart contract approach on Polkadot and working with an existing smart contract parachain. The reason is that by working on a parachain like Moonbeam, they can leverage the same single codebase for both their Ethereum based deployment and their Polkadot-based deployment (via Moonbeam). This is much more efficient than building and maintaining two independent implementations of their application using two different technology stacks.
CryptoKing: O wow! that is quite a detailed one.
Alright now my next question is the most commonly asked/raised here in the community and I am sure the audience would love to hear the answer from you. A bit technical but definitely talked about in the Crypto space. The buzz word Web3😄
So what is the difference between Web2 and Web3 and what is #Moonbeam trying to achieve in the Web3 space?
Maybe, you let us know all about #Moonbeam. Please enlighten the community.
Web 3.0 is the next stage of web evolution. It refers to a decentralized or distributed web based on the blockchain. Platforms, apps and data built on Web3 don’t have centralized ownership; they belong to the users, who have control over decisions made on the network.
At Moonbeam we’re trying to build a platform that will accelerate the adoption of the Polkadot ecosystem as much as possible by using Ethereum-based tools and frameworks.
In turn, developers on Moonbeam will also be able to leverage the interoperability that Polkadot provides which we see as the next step in web3 — for specialized blockchains to be able to speak and interact with each other.
CryptoKing: Well, finally we know what is this Web3 hype all about. Great to know from #Moonbeam’s perspective though. Legend😎
Great! So here goes my next one and one more after this then we move to the best #Twitter Picks👇
Could you briefly share the roadmap of #Moonbeam, the way ahead, any news/events that we guys should be tracking?
Francisco: Yeah sure so i think there will be 3 main highlights for Moonbeam in 2022:
We are doing a lot of work with other existing parachain teams to be able to transfer assets natively between polkadot. this is the most immediate use case although with time more complex ones will be developed. This is very important because it’s the unique differentiator for Moonbeam when compared to other EVM compatible L1s.
We are also working on a token standard called XC-20 that will allow substrate native assets to be usable in Moonbeams EVM — so this will probably accelerate defi adoption on polkadot as well.
2. Ecosystem development
Continuing to work with high quality projects to make the ecosystem of moonbeam richer
3. Community expansion
We recently grew the team in China to increase our presence there — we will probably continue to target different countries to increase awareness for developers.
Also our ambassador program continues to grow which is distributed throughout the globe.
CryptoKing: Alrighty! that was awesome and quite an overwhelming set of information about Moonbeam. Really loved that piece.
Ok, the final one comes next👇 and the Host Round gets over :))
Please let us know about any potential tie-ups/partnerships Moonbeam could have in future?
Francisco: I think you can expect many of the deployments that are already on Moonriver and probably more will be coming to Moonbeam too.
For us it’s important to have all the building blocks in place so that other projects can successfully grow. Tools like oracles, indexers, block explorers, multisig wallet etc. are all important for Defi and nfts to continue to evolve on moonbeam.
CryptoKing: Sounds good! Let us move to Twitter Picks.
Community — The best one shared with me by #Moonbeam
Here is the first lucky one😉👇.
Twitter Q & A round
Q1. Is Moonbeam disruptive, and if so, how so? What sets Moonbeam apart from other EVM-compatible chains?
Francisco: We have been talking to a lot of Ethereum based projects and protocols. At this point, a majority of projects have a multi-chain deployment strategy. Our value proposition for these projects is that they can use their existing Ethereum codebase, and with minimal-to-no changes deploy it to Moonbeam, and in doing so, have a Polkadot-based deployment. Projects are interested in having Polkadot-based deployments to be able to serve different users and use cases than they are able to serve on Eth mainnet. And at the same time, they are interested in access to Polkadot-based assets and to be a first mover in this new and quickly growing ecosystem.
This idea of an interoperable architecture of blockchains is something that is unique to Polkadot and i think that is an important differentiator.
Moonbeam is the parachain with the most powerful Ethereum compatibility in Polkadot, and this was already proved and tested by Moonriver, which is the most active parachain in Kusama. In around 5 months after launch, the Moonriver network has over 60 live integrations, 14.5M+ transactions, 434k+ wallets, 1M+ MOVR locked in collators, and over 3k ERC-20 tokens created in the network. This is the type of activity that we expect Moonbeam to bring to Polkadot.
Q2. Will Moonbeam/Moonriver compete with Ethereum? What is its role in the context of Ethereum?
Francisco: We do not consider ourselves to be competitors of Ethereum. Moonbeam is complementary to Ethereum. The chains we work with are pursuing a multi-chain deployment strategy which often includes deployments to Ethereum and also on BSC and Moonbeam.
The driving motivation behind pursuing a multi-chain strategy is often the impracticality of some use cases on Ethereum, given the gas prices. Projects are motivated to find an environment with cheaper transaction fees and are flocking to the Polkadot ecosystem because of the different assets being created.
Q3. What are the key strategies Moonbeam is planning to take to have a continued competitive advantage over its peers?
Francisco: I think one of the main ones is continuing to be on the forefront of new integrations and continuing to grow the ecosystem.
while other projects can certainly incorporate EVM compatibility into their chains — having a fully built out ecosystem of projects is much more difficult to replicate.
Also we envision moonbeam will become an integration hub on polkadot — and since many parachain teams dont specialize in defi, they will want to bring their assets to Moonbeam for them to be actively traded etc. which will increase the activity within our ecosystem.
Q4. Did you consider community feedback/requests during the creation of your product to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know your ideal consumer for your product?
Francisco: Yes 100% — a lot of what we’ve built was just from speaking directly to developers and teams to see what they needed to successfully build on moonbeam and polkadot.
We have relied a lot on the market to tell us what we need to prioritize.
At the end of the day we are a developer focused platform — so our consumers or users are actually developers and teams that want to build — they in turn attract the end users.
Q5.Will Moonriver $MOVR be a stable and continuous parachain even if Moonbeam $GLMR is securely established over time or do you plan to ‘shut down’ Moonriver at some time?
Francisco: Moonriver will not be shut down because of moonbeams launch and the team will not prioritize one network over the other.
Both will continue to grow as independent networks, forming their own unique communities and ecosystems and we are very much looking forward to seeing that happen.
CryptoKing: Well quite an intense Q&A😄. Let’s unleash some more energy.
@Community be ready opening forum for Questions.
Telegram Q & A round
Q1. How do you plan to spread awareness about your project in different countries where English is not good? Do you have local communities like Vietnam, Indonesia, Thailand, Korea,.. so they can better understand your project?
Francisco: Yes for us it’s important to spread awareness in different geographic areas. Our ambassador program has been good at helping us accomplish that.
We will also expand the team to different countries so we can get access to different developer communities.
Q2. NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us the plans of your project in NFTs?
Francisco: Yes we are doing more work to help grow the NFT space on moonriver and moonbeam. Similarly to defi it’s important to have all the building blocks in place.
Having proper marketplaces, minting tools and other infrastructure is important for this so we will continue to improve those things to help grow the NFT ecosystem.
Q3. Can you give an overview of your Tokenomics, and the UTILITY of Token?
Francisco: You can find more info about this here: https://moonbeam.foundation/glimmer-token/
CryptoKing: Great! Once you are done you can drop your socials. Although, each one of us is following Moonbeam already.😍.
Francisco: Sure, you can find it all here: https://linktr.ee/moonbeam_network
CryptoKing: Awesome! Linktree should help.
Francisco: Thanks again for having me.
CryptoKing: Our honour to host you here :)