PureStake, the developer of Polkadot’s smart contract platform announced that they have completed a $6 million funding round for “Moonbeam,” with participation from major exchanges Binance and US coinbase venture capital.
The strategic investment round led by Binance Labs along with major blockchain investment companies like CoinFund and ParaFi, Well-Known venture capital firms from the blockchain industry such as Coinbase Ventures, Fenbushi Capital, Hypersphere Ventures and Signum Capital.
The funding will be used to hire development personnel, build integration tools, conduct third-party security audits, and prepare for the launch of the Moonbeam mainnet, which is scheduled for mid-year.
What is Moonbeam
Moonbeam is one of Polkadot’s main parachains that enable improved interoperability and scalability between different blockchains. Parachain is a shard chain that connects to Polkadot’s main chain, Relay Chain, and is an independent blockchain.
It is possible to build unique tokens and economic zones within each parachain, and to include designs and functions specific to each use case. You can also send and receive messages and transactions between parachains.
The Polkadot ecosystem provides a modular framework “Substrate” for building blockchains. It also includes the EVM (Ethereum Virtual Machine), which is highly compatible with Ethereum because Moonbeam is built on the EVM. As the easiest on-ramp for building apps on Polkadot, you can integrate existing smart contracts on Moonbeam with minimal changes, or develop smart contracts using Solidity that developers are accustomed to. Moonbeam seems to be a promising project to establish an Ethereum-compatible network on Polkadot.
Project on Moonbeam
Below are some examples:
- Linear Finance
- Ocean Protocol
The Moonbeam development team plans to move the network in multiple stages.
1. Parachain operation on the test net (executed).
2. Operate “Moonriver” on Polkadot’s experimental network “Kusama”.
3. Official operation of Moonbeam network on Polkadot (scheduled for the second half of this year)