CryptoBooster X Moonbeam AMA Recap on July 14th

Updated: Jul 27, 2021


Part 1 — introduction and questions from the Twitter retweet

Car Marz | CryptoBooster:

Welcome Moonbeam🚀 @fjagosti Francisco, the Director of Markets & Partnerships

Francisco Javier Agosti | Moonbeam:

hi everyone!

thank you for having me, it’s a pleasure to be here

Car Marz | CryptoBooster:

So are we ready to start, has our guest arrived…

Francisco Javier Agosti | Moonbeam:

hey Car

yes im here — glad to be engaging with your community on this

thanks for the invitation

Car Marz | CryptoBooster:

Hi Francisco,, thanks a lot.. Let’s try and start the AMA..

Apologies I just realised you haven’t been given Admin rights, we will try and sort this out as we go along..

Francisco Javier Agosti | Moonbeam:

yes no problem, i can write now haha

let’s do it

Car Marz | CryptoBooster:

First of all, please allow me to thank you to be here..

Moonbeam is one of the most anticipated projects coming up in 2021, and we are really glad and so excited to have you here.. 👍💪🏽

Could you tell us a bit about yourself and introduce the project.. just ot warm up?

Francisco Javier Agosti | Moonbeam:

yes sure

so i’m Francisco Agosti, I work as Director of Markets and Partnerships at Moonbeam — my main objective is to help grow the ecosystem on Moonbeam. Prior to this I was working in traditional tech startups in the web2 space doing business development.

In terms of an introduction to Moonbeam:

Moonbeam is basically an Ethereum-compatible developer platform targeted towards Ethereum and Solidity devs. It is also a parachain on 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.

Car Marz | CryptoBooster:

👍👍🔥🔥great stuff

let’s move on to our Twitter questions,,

We have 5 twitter questions for you…

First one coming 👍💪🏽

Q1.Your website says it’s a highly specialized Layer 1.5 chain. What does this mean?@melokek2

Francisco Javier Agosti | Moonbeam:

yes good question

I think the main concept to understand by that statement is that we see polkadot as a layer 1, but in order to build on Polkadot and have an existing deployment, there are decisions that teams must take.

By far the most important decision a project makes when building on Polkadot is this question of whether to build your own parachain/parathread or whether to build on top of an already existing parachain. For a team the options basically are:

1. Building a parachain — this 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 with other parachains. This is what Moonbeam did as a project.

2. Building a parathread — parathreads 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 included on 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.

3. Building on an already-existing parachain (like Moonbeam) which 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. This is why we say we’re a ‘layer 1.5’, since we are building an ethereum developer focused platform that facilitates the concept of building on Polkadot, using the tools that many developers are used to using on Ethereum.

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 out 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 2 independent implementations of their application using 2 different technology stacks.

The great thing about that approach is that you’re able to utilize the same tools and frameworks as on Ethereum, while being able to benefit from the power that substrate offers.

Car Marz | CryptoBooster:

Wow, very comprehensive reply.. Thank you for that.. this will help us learning a lot about Moonbeam🙏

I will leave a minute to the audience to read it, so that they can prepare questions for later 💪🏽😃

Francisco Javier Agosti | Moonbeam:

no worries glad to shed light on what we’re building!

sounds good

Car Marz | CryptoBooster:

Let’s move to question 2

Q2.Are there any ETH projects to build on Moonbeam?@caseykeke

Francisco Javier Agosti | Moonbeam:

Since the beginning, we have focused on integrations and builders rather than superficial partnerships. I think that’s paid off, and we already have a couple dozen projects (https://moonbeam.network/community/projects/) building on the Moonbase Alpha TestNet with many more in the works, all before we’ve even launched.

Those integrations have already proven to be a really diverse set of projects, from critical DeFi tools like oracles and AMMs/DEXes to NFT platforms, games, and bridges. Because we’re focused on smoothing the transition from Ethereum, we’ve also taken the extra step of testing and verifying integrations with popular developer tools like MetaMask, Hardhat, Waffle, Mars, Truffle, Remix, and Ether.js/Web3.js. These are all valuable to DApp developers because they add a rich set of tools and integrations out-of-the-box, which of course makes Moonbeam and Polkadot more attractive to new users who want to try those decentralized applications.

Here are some examples of partners in those categories i mentioned:

APIs: The Graph, Covalent, OnFinality

Assets: Ocean Protocol, AllianceBlock, AMPnet, Kilt, Polkastarter

Bridges: ICON, ChainSafe, Interlay, and an NFT bridge in the works

DeFi: SushiSwap, Frax Finance, 0.Exchange, Balancer (by the Moonbeam and Parity teams), Orion Protocol, IDEX, Linear Finance, Injective Protocol

Oracles: Chainlink, Band Protocol, DIA, Razor, API3

And we’re working on many more!

Car Marz | CryptoBooster:

Massive stuff, thank you.. Very impressive 💥💥🔥🔥

Let’s go for the 3rd Twitter question…

Q3.What is the difference between Moonbeam and other smart contract platforms on Polkadot?Such as astar、Clover…@chigga08854035

Francisco Javier Agosti | Moonbeam:

I’d say the main difference between Moonbeam and other smart contract platforms like Astar is specialization and the ecosystem being built as a result of that specialization.

Astar has opted to offer a wide range of options including support for the smart contract programming language ink! which is native to substrate and also layer 2 solutions.

Moonbeam is solely focused towards improving and specializing in an Ethereum compatibility feature set, along with being a developer-centric platform. This includes adding tools like Solidity based smart contracts, Metamask, Truffle, Remix, Hardhat, a fully functional EVM, web3 RPC’s and even a unified accounts feature that makes accounts and keys Ethereum-like on Moonbeam to reduce friction for EVM compatible projects to deploy on Moonbeam.

We’ve also worked very hard to build a well-rounded ecosystem of projects that helps create a network effect on Moonbeam that helps us build an even bigger ecosystem since there are many of our integrations and partners who have dependencies tied to other projects.

Another difference between our projects is that Astar also offers L2 solutions on their chain whereas we currently do not.

The way we see it, while it is true that L2 implementations could perhaps offer more scalability, for projects that will need said scalability we think it would be more practical for them to have their own parachain since it would give them full control over the implementation, it’s optimizable for various uses cases, and they would be able to benefit from the cross-chain interoperability that being a parachain offers, something that isn’t as clear with L2’s. There is a current lack of clarity regarding interoperability between different L2 solutions that has fragmented that market.

Having said that, Astar is a good project with a competent team and we’re happy they are on the Kusama and Polkadot ecosystem.

I’m afraid I am not so acquainted with what Clover’s approach is, so I don’t like to speak about what other projects are doing when I dont have much knowledge.

I recommend everyone to do their own research in terms of what projects you want to support!

Car Marz | CryptoBooster:

Thank you for the very clear answer to a difficult question 👍👍

A lot of interesting projects on Polkadot so everybody wants to know the possibilities which will become available…

Francisco Javier Agosti | Moonbeam:

yes agreed — it’s exciting to see the development of Polkadot and Kusama

Car Marz | CryptoBooster:

Let’s move to the 4th Twitter question…. Another important one, I would say 😃👍

Q4. I found two types of utility tokens namely $GLMR and $MOVR.

Can you explain the difference between these tokens & their functions and how is the marketing strategy for these utility tokens to the public? @Tape_SETAN

Francisco Javier Agosti | Moonbeam:

yes good question

Glimmer (GLMR) will the the utility token for Moonbeam, whereas Moonriver (MOVR) will the utility token for the Moonriver network. Moonriver is basically the same implementation as Moonbeam, but as a parachain on Kusama, as opposed to Polkadot.

Both the GLMR and MOVR token have the same utility as Eth does on Ethereum — it is used as gas for smart contract execution.

It also serves additional functions that are unique to Moonbeam/Moonriver. You use Glimmer/MOVR to participate in the Moonbeam/Moonriver on-chain governance system, to propose referenda, and vote on things like protocol upgrades. You also use Glimmer or MOVR for staking, which supports the selection of collators and secures block production on the network amongst other things.

in terms of the marketing strategy — both networks will be independent from each other. The relationship between Moonriver and Moonbeam will be similar to that of Kusama and Polkadot. Moonriver will serve as a place for projects to deploy their code first, under real economic conditions, before deploying on Moonbeam.

Car Marz | CryptoBooster:

Fantastic, this one was a great one.. as sometimes it might get confusing with the different tokens.. and understanding the different use cases 💪🏽💪🏽 Now we know everything about it 👍😃😃🙏

I also take the opportunity to congratulate you and Moonbeam on winning the PLO on Kusama.. One of the first ones, if I’m not wrong 🌪🌪

Francisco Javier Agosti | Moonbeam:

thank you! yes the team worked hard on that

Car Marz | CryptoBooster:

Let’s go for the 5th and last Twitter question, a look at the present and future 💥

Q5. How is Moonbeam development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?@V8Quang

Francisco Javier Agosti | Moonbeam:

The biggest priorities this year are to continue the launch process Moonriver (on Kusama) and Moonbeam (on Polkadot).

For Moonriver we are currently in the process of rolling out this phased rollout plan (https://moonbeam.network/networks/moonriver/launch/) in order to guarantee the safety and stability of the network. Currently we are in phase 1 — by phase 4 we will enable the EVM and transfers which will be the greenlight for projects to deploy on Moonriver.

We have already completed a number of technological advancements that are unique to Moonbeam, including a parachain staking system (which is in addition to staking on the Relay Chain) which allows for the permissionless selection of Collators, and the extension/modification of the Cumulus consensus protocol.

The team has also added additional functionality to improve the experience for developers like debugging and tracing node APIs, block explorers, and more.

We’re also excited about the use of precompiles, which basically allows ethereum developers to tap into substrate-native functions like staking and governance, using Ethereum-based frameworks which is a very powerful thing!

Our focus will continue to be to build an ecosystem with the highest quality partners as possible in areas like DeFi and NFTs, so that we can help accelerate the adoption process of Polkadot and Kusama.

hank you for this, great to know what you are working on, and all the milestones achieved.. 🔥🔥

Car Marz | CryptoBooster:

And also we understand there is a lot more to come.. Looking forward to these developments…

Thanks a lot for all the Twitter questions, amazing.. And of course to your great answers Francisco 👍

Now the part we like best… Live questions

Francisco Javier Agosti | Moonbeam:

yes agreed, looking forward to rolling them out

yes all good questions

Part 2 — live questions from the Telegram community

Q1 from telegram username @BobbyeReynolds

Hello @fjagosti I have a question how do you plan to attract users, incentivize them in the early stages of deployment?

Francisco Javier Agosti | Moonbeam:

good question — our team is working on a liquidity incentive program for the protocols that will be building on moonbeam and moonriver to accelerate the adoption of these projects and their users.

Q2 from telegram username @Kangaha

Tell us about your core team members background and how they started with Moonbeam ?

Francisco Javier Agosti | Moonbeam:

The Moonbeam project 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, visit https://www.purestake.com/about/.

Q3 from telegram username @FanDefi

Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?

Francisco Javier Agosti | Moonbeam:

yes we are working with several NFT projects for them to build on Moonriver and Moonbeam — amongst those are Unifty, Seascape and myNFT who are also building an NFT bridge from Ethereum to Moonbeam that will facilitate the transfer of NFTs between the two chains.

Q4 from telegram username @MichaelePotts

How important is the community to you? and how can we collaborate or help you for the development of the project?

Francisco Javier Agosti | Moonbeam:

community is very important to our team since it’s the backbone of our project! If you want to get involved please apply to become an ambassador: https://moonbeam.network/community/ambassadors/