Crypto Society Moonbeam AMA recap -with Francisco Javier Agosti -15th April 2021
Bilo,
Welcome everyone to Crypto Society’s AMA with Moonbeam. It’s our pleasure to have you all with us today. I would like to welcome our guest, Francisco on behalf of our entire community.
Could we begin with a brief history of yourself and your team, and your roles at Moonbeam and what you were doing before Moonbeam?
Francisco Javier Agosti,
Hi everyone — thank you for having me, it’s a pleasure to be here!
My name is Francisco Agosti. I work in the business development team of Moonbeam, particularly focusing on Markets and Technology Partnerships.
Before Moonbeam I was working in a more traditional tech start-up and I think many of our team members at PureStake and Moonbeam also came from tech companies.
Bilo,
Thanks for the intro Francisco! Can you tell us about why you thought Moonbeam needed to be built and what problem it solves?
Francisco Javier Agosti,
No worries, glad to participate
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-compatible 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 users.
We’re all brought together by our vision to make Moonbeam the best platform for developers and projects to build on Polkadot. Meet the team behind the Moonbeam project here: https://www.purestake.com/about/.
Bilo,
Good looking team 😎
Francisco Javier Agosti,
:D
Bilo,
What is the relationship between Moonbeam and PureStake? How does PureStake help Moonbeam and Polkadot?
Francisco Javier Agosti,
Sure, PureStake is the company responsible for building and developing the Moonbeam network.
PureStake was founded in 2019 by Derek Yoo, former co-founder and CTO of Fuze. It started as a blockchain infrastructure and technology company. The company’s initial focus was to provide blockchain infrastructure services for Algorand and other next-gen chains like Polkadot.
In late 2019, the team decided to build the Moonbeam smart contract platform on Polkadot. PureStake provides the majority of the development and marketing resources for the network.
Today, the company provides a wide range of infrastructure services and technology for Algorand and Polkadot, including a block explorer, a browser-based wallet extension, API services, validator services, and custom consulting engagements.
Fun fact about Moonbeam — the name was inspired by Frank Sinatra’s song Polkadot & Moonbeam: https://www.youtube.com/watch?v=1lJFRh4RmEw coincidentally, Moonriver is also a famous old song from the movie Breakfast at Tiffany’s: https://www.youtube.com/watch?v=uirBWk-qd9A&t=45s
Bilo,
Nice!! didn’t know that Blue eyes had a role to play in the name. Very cool!
How does Moonbeam work? Will it compete with Ethereum?
Francisco Javier Agosti,
Moonbeam was designed to be the easiest way to expand to Polkadot for developers and projects on Ethereum.
This includes a full EVM implementation, a Web3-compatible API, bridges that connect Moonbeam to existing Ethereum networks, and a broad range of tools that Ethereum developers are familiar with, such as Truffle, Metamask, Remix IDE, Hardhat, and valuable integrations like block explorers, oracles, wallets, and Ethereum libraries. Moonbeam already has the most robust set of project integrations on Polkadot, and we’re still at a pre-launch stage.
Moonbeam doesn’t compete with Ethereum and we don’t consider ourselves an ‘Ethereum killer’ at all. Instead, Moonbeam is an opportunity for existing Ethereum projects to expand to reach new users and assets by pursuing a multi-chain strategy. Since Polkadot is the fastest-growing network in terms of developer adoption, we expect that the number and quality of projects deployed to Polkadot parachains will increase dramatically in the coming months and years.
Bilo,
Thanks for the detailed answer. Looking forward to we will see from Moonbeam
What is the Moonbeam token Glimmer used for? Can you describe the Tokenomics?
Francisco Javier Agosti,
The Glimmer token has the same utility as Eth does on Ethereum — it is used as gas for smart contract execution. But it also serves additional functions that are unique to Moonbeam.
Glimmer token holders are going to be able to use Glimmer tokens to participate in the Moonbeam on-chain governance system, to propose referenda, and vote on things like protocol upgrades.
You also use Glimmer for staking, which supports the selection of collators and secures block production on the network.
These are some more examples of Glimmer’s utility:
- Supporting the gas metering of smart contract execution
- Incentivizing collators (block producers) and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run
- Facilitating the on-chain governance mechanism, including proposing referenda, electing council members, voting, etc.
- Paying for transaction fees on the network.
Bilo,
Awesome! Thanks
What is Moonriver? Why do you have two networks, and what is the purpose of each one?
Francisco Javier Agosti,
Moonriver is a community-led, fully Ethereum-compatible parachain on Kusama. Like its sister network Moonbeam, the Moonriver smart contract platform also has unmatched Ethereum compatibility that goes beyond the EVM, simplifying the use of popular Ethereum dev tools to build or redeploy Solidity projects in a Substrate-based environment.
Essentially Moonriver will have the same code-base as Moonbeam — with the main difference that it will be deployed on Kusama as opposed to Polkadot. We are taking a similar approach that Parity took with Kusama and Polkadot. Moonriver is meant to be a companion network to Moonbeam where projects can experiment and stress-test their code and deployments under real economic conditions.
Moonriver provides the easiest possible transition from an Ethereum environment to Kusama:
Minimal Changes: if you have an existing contract, it will work right away with no need to rewrite or reconfigure.
Languages: write smart contracts in Solidity or anything that compiles to EVM bytecode.
Use Existing Tools and dApp Front-Ends: connect popular tools like MetaMask, Remix, and Truffle via a complete set of Web3 RPC endpoints. Use well-known Javascript libraries such as Web3.Js or Ethers.Js.
Unified Accounts, Addresses, and Signatures: use your existing Ethereum H160 accounts & ECDSA signatures to interact with Moonbeam.
Publish-Subscribe Capabilities: subscribe to contract events and updates about on-chain transactions, balances, and more.
Already, this hyper-focus on conforming to the most widely adopted languages and tools has paid off — the Moonbase Alpha TestNet has dozens of live integrations, with more being added each month (https://moonbeam.network/community/projects/).
Additionally, Moonriver will also benefit from Moonbeam’s fully-developed robust ecosystem of DeFi, NFT, and other decentralized projects actively using the network.
Bilo,
This will take a minute — reading through 😅
Ok thanks — Great info!
Please describe/explain the Moonbeam ecosystem. What are you looking to accomplish with these new partnerships and integrations?
Francisco Javier Agosti,
Since the beginning, we have focused on integrations and builders, and we have had fantastic results! We currently have a couple of dozens of integrations living on the Moonbase Alpha TestNet with many more in the works, all before we’ve even launched (https://moonbeam.network/community/projects).
Moonbeam’s portfolio of integrations has 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, 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.
Bilo,
What other players in the blockchain world have you partnered with? — Are you working with other projects or on any new partnerships?
Francisco Javier Agosti,
Some of the projects that we’ve partnered with include Balancer, SushiSwap, OnFinality, Ocean Protocol, Crust, Chainsafe, Razor, Offshift, Subscan, Chainlink, Equilibrium, IDEX, Math Wallet, AllianceBlock, Human Protocol, AMPNet, Polkacover, Poolz, Band Protocol, BePro, Linear Finance, Injective Protocol, Kilt, Polkastarter, Covalent, Seascape and more.
You can find a comprehensive list of all our partners here: https://moonbeam.network/community/projects/.
We are working on new partnerships and will continue to do so long term. Our goal is to provide the best possible experience for the Moonbeam community. This is why It’s very important for us to offer the richest toolkit possible for developers and projects building on Moonbeam.
Bilo,
Wow — all excellent projects and most are favourites in Crypto Society!
Francisco Javier Agosti,
🙌🏼
Bilo,
Is Moonbeam disruptive, and if so, how so? What sets Moonbeam apart from other EVM-compatible chains?
Francisco Javier Agosti,
Haha ok a lot to talk about for this one
While the entire blockchain is disruptive as a whole, within the space, we believe that Moonbeam and Polkadot are at the forefront of blockchain’s evolution.
We envision the future as being multi-chain and have built our network on Polkadot since our visions are very much aligned in that regard. We have seen significant traction in helping Ethereum-based projects achieve a multi-chain strategy by being able to leverage their existing code-base on Moonbeam and also by helping new projects to establish a presence on Polkadot with minimal effort.
In terms of how we differentiate ourselves from other EVM compatible chains there are several reasons.
Moonbeam has solely focused its efforts on making its network as Ethereum-compatible as possible along with providing the best platform for developers to build on. Since the beginning, the team has focused on creating the best developer-oriented platform by building a full EVM implementation, web3 RPC’s, ecosystem tools such as block explorers, oracles, development libraries, and wallets development tools such as Metamask, Hardhat, and Remix IDE. We’re also working on several bridging efforts from Ethereum MainNet to Moonbeam in order to facilitate the transfer of assets onto our ecosystem.
Our team has spearheaded much of the Ethereum-compatibility work on Substrate that is stored in a public repository called Frontier.
Following the traction we’ve received from this focus on Ethereum compatibility, we’ve seen how other projects are pivoting towards this direction, which has served as validation and proof of concept for Moonbeam. The fact that we’ve led the way in many aspects for the development of Ethereum compatibility gives us a ‘know-how’ advantage on how to properly use and maintain this feature-set, along with staying ahead in terms of new implementations.
For example, we have a ‘unified accounts’ feature that is specific only to Moonbeam, which enables users and developers on Moonbeam to use Ethereum-like keys in order to reduce the friction between having both Ethereum and Substrate-based keys.
Another aspect we see as being a key differentiator to other EVM compatible chains is the network effects that we’ve been progressively building that give us a competitive advantage. Developers and teams looking to build on an EVM compatible smart contract chain on Polkadot will find that Moonbeam has the richest ecosystem that will facilitate their own building process, which we’ve had to build over time. This component is very difficult to replicate for other chains regardless of whether they are EVM compatible.
In terms of EVM compatible chains that are not on Polkadot, we feel that building on Polkadot has been a huge added value for us, and this is also a key differentiator.
Polkadot is demonstrating a rapid-growing community of both enthusiasts and developer adoption, which is crucial for growth. Also, by building on Polkadot, we benefit from the native interoperability of all these different parachains that each specialize in specific use cases and that communicate between themselves. This is something that we saw as essential and will be a key factor moving forward.
Bilo,
Thanks Francisco — That’s really valuable information. Thanks
Could you please provide us with some challenges Moonbeam has faced but overcome?
Francisco Javier Agosti,
No problem!
I think one of the biggest challenges was building out the ecosystem of tools, integrations, and partners that we have today. When the project was new, it was much more difficult to get traction with strategic partners than it is today.
Another challenge we had in the past was to build something that had a product-market fit. This idea of EVM compatibility was not as apparent as it is today, and the fact that we were among the first to build it and others are now following in the same direction is proof that we’re heading in the right direction.
Bilo,
How do you see Moonbeam (and Polkadot) impacting the future of interoperability?
Francisco Javier Agosti,
I think Polkadot IS the future of interoperability with blockchains. Parity’s team vision was always to create a network of blockchains and built that as the foundation for Polkadot.
Early on, we (Moonbeam team) made a strategic decision to build our network on Polkadot, and we feel like that choice has paid off. Polkadot addresses many of the challenges in blockchain today, specifically those related to cross-chain interoperability. Polkadot’s approach is also quite different from other chains because they allow for many independent and specialized chains, like Moonbeam, to connect and interoperate with each other.
Moonbeam will facilitate and accelerate the Polkadot ecosystem’s adoption by becoming a platform where many projects build, thanks to our rich developer toolkit. Moonbeam is a natural fit for many Ethereum-based projects that want to pursue a multi-chain strategy because they can simply leverage their existing codebase to build on Moonbeam and access Polkadot.
The Moonbeam team envisions a future where applications are powered by specialized services on multiple underlying blockchains, and technical implementation details are increasingly abstracted away from the end-user, resulting in more and more web2 like experiences but built on web3 infrastructure.
Bilo,
🔥The Moonbeam team envisions a future where applications are powered by specialized services on multiple underlying blockchains, and technical implementation details are increasingly abstracted away from the end-user, resulting in more and more web2 like experiences but built on web3 infrastructure.🔥
You’ve already issued ‘Polkapet NFTs’ — what other NFT projects are in the pipeline?
Francisco Javier Agosti,
The NFT space is growing on Moonbeam. Recently, we announced the integration of SeaScape into our ecosystem. The SeaScape team ported its Ethereum-based code to Polkadot via Moonbeam and is now able to access an awesome ecosystem of devs and users.
We are also collaborating in the development of an NFT/DeFi game unique to Moonbeam that will leverage multi-chain capabilities!
We have announcements lined up regarding NFTs that we are excited to announce in the months to come.
Bilo,
👀
What does decentralization mean to you? And how is that important in your future vision of privacy protection?
Francisco Javier Agosti,
Decentralization is an important component within the blockchain space. I would say that all applications are not necessarily better by being decentralized. However, there is a big spectrum where decentralization can indeed offer an improved framework for building new products.
Given the nature of Moonbeam, we are fans of what decentralization can offer, and we see it creating innovation that was not possible in the past. The way we have built our network has always had a permissionless concept at heart.
Yesterday, we announced the completion of exciting tech initiatives that will significantly impact the decentralization of the network by developing a custom parachain staking pallet, creating an extension for the Cumulus consensus mechanism (Nimbus), and expand our collators support (from 8 to 16) by adding the participation of many 3rd-party collators who plan to produce blocks on Moonriver & Moonbeam.
You can read more about it here: https://moonbeam.network/announcements/moonbeam-collators-announcement/.
Bilo,
That’s is really great! Thanks for the info
Thank you for your time in answering our questions here today. We are all very appreciative of your time and of the answers, you have provided
With this, we will open up the chat for those who wish to personally thank you for your time with us here today and to those who may have additional questions.
Francisco Javier Agosti,
No worries — thank you for your time as well
Bilo,
To all our members in the chat, Please note that Moonbeam will not respond to any token-related questions. If you want to know more about Moonbeam & Moonriver tokenomics, Please visit the Foundation site https://moonbeam.foundation/.
Francisco Javier Agosti,
Really appreciate it!
Bilo,
The chat will now be opened up.
Francisco Javier Agosti,
Ok cool
PumpeyeTheTraderMan
Thank you, how does a Crowdloan work?
Francisco Javier Agosti,
Basically it’s a mechanism to bid on parachains during the auction. The idea is that during the auction the community will be able to bid by locking up their KSM tokens for the duration of the lease. Throughout the lease you will get River tokens in return and at the end of the parachain lease period you will receive your KSM tokens back.
It’s essentially a way for the community to get involved in the parachain auction of the project and get rewarded in the project’s native tokens in return. As mentioned we’ll be distributing 60% of Moonriver total token supply during this crowdloan!
MOONBEAM NINJA 🌙ₑₓₚₑcₜ cₕₐₒₛ.,
Any guesses on gas fee mechanics?
Francisco Javier Agosti,
We are working on gas metering benchmarks as I write this as it’s an important topic for us. Overall mechanics will work similarly to Ethereum however obviously the fees will be lower and transaction throughput will be higher.
Tahir Khan,
When do you expect to launch your PLO for both Moonbeam and MoonRiver ?
Francisco Javier Agosti,
For Moonriver we’re aiming for June whereas for Moonbeam we’re aiming to launch at around August, however for now there is only a public sale confirmed for Moonbeam — the crowdloan for Moonbeam is still not official
C S,
Hi, thanks for your time with this AMA. My questions relate to how some Ethereum DeFi projects have seen massive losses from hacks to smart contracts. If such a scenario were to occur on a project using the Moonbeam Network, does a methodology exist for attributing the fault for that hack to the project itself or to Moonbeam? Additionally, insurance products that cover smart contract risk looks to be a growing niche in DeFi, is there a similar product that Moonbeam will offer to projects?
Francisco Javier Agosti,
Moonbeam/Moonriver will be audited before launch to maximize the security of the protocol — in terms of insurance projects on Moonbeam there are some we are in discussions with but nothing official yet. We’ll keep working to bring out more announcements in the months to come.
Kathy | PureStake & Moonbeam | (I will never ask for funds),
Here are helpful links to learn more about Moonbeam! 🚀
- Website: https://moonbeam.network/
- Twitter: https://twitter.com/moonbeamnetwork (https://twitter.com/moonbeamnetwork)
- Reddit: https://www.reddit.com/r/moonbeam
- Medium: https://medium.com/moonbeam-network (https://medium.com/moonbeam-network)
- YouTube: https://www.youtube.com/channel/UCTp8x3FpKsFonoUET6i90jg
- Telegram: https://t.me/Moonbeam_Official
- Discord: https://discord.gg/nWbtA9x
Be part of the team and contribute to the multi-chain future by becoming a Moonbeam Ambassador!
Learn more and apply here: https://moonbeam.network/community/ambassadors/
