Moonbeam’s Strategic Focus Areas – Unlocking Real World Web3 Innovation

2024-10-21 14:18:56 Primitive Reading

From moonbeam network

Web3 is a fast-paced environment where constant innovation fuels demand for new products and services. That’s why the Moonbeam Foundation is strategically expanding partnerships and integrations to demonstrate Moonbeam’s real-world utility and potential, centered around four critical use cases:

Cross-chain Connectivity
Gaming
Real World Assets (RWA)
Emerging Markets

These use cases align with Moonbeam’s goal to be a layer 1 network that allows developers and entrepreneurs to create groundbreaking on-chain technology. They are also projected to reach trillions in market share, driving new users to Web3.

Cross-Chain – A Frictionless Internet

Web3 and blockchain offer revolutionary capabilities for decentralized applications, online systems, and financial technology. However, Web3’s potential has been restricted by the inability of different blockchains to communicate and interact seamlessly. This makes transferring assets and data between chains difficult and complex. Moonbeam overcomes this hurdle with XCM technology for enhanced communication between parachains, along with Cross-Chain Connected Contracts and Moonbeam-Routed Liquidity (MRL) for seamless cross-chain connectivity.

Moonbeam’s Cross-Chain Connected Contracts use messages sent across chains to enhance interoperability with Polkadot (via XCM, cross-consensus messaging) and other top chains such as Ethereum, Cosmos, and Avalanche (via cross-chain messaging systems like Axelar and Wormhole).

MRL allows frictionless asset movement between Moonbeam and external ecosystems. Currently, Moonbeam has over 15 XCM integrations that can also use MRL to improve liquidity and interoperability. Recent examples are Origintrail, Interlay, and Zeitgeist, using XCM, MRL, and Moonbeam’s XC-20 token interoperability standard.

These interoperability tools are transforming Web3’s infrastructure of lonely islands into a truly interconnected network. The result is a new blockchain-based internet, a decentralized version of Web2. By allowing assets to flow freely across blockchains, Web3 becomes frictionless.

Cross-chain interoperability is one of our strongest “bets,” and we are actively providing grants to projects that enable it further while assisting with integrations across ecosystems.

Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.