Polkadot smart contract platform MoonBeam is planning to set up a custom parachain through Ethereum Virtual Machine environment emulation, in order to recreate ethereum on Polkadot (DOT). Polkadot developers and others generally need to initiate a whole blockchain to support their decentralized applications. Although this is meant to be easier in Polkadot's substratum setting, not all dApps require this degree of environmental control. MoonBeam’s ambition is to become, “an Ethereum-compatible smart contract parachain on Polkadot.”
Any dApp faces tough competition with blockchain limitations becoming evident, MoonBeam and Polkadot are among a variety of ventures that want an alternative model to take advantage of potential opportunities. The team wants to create a more budget-friendly solution with strong on-chain management. It will function with similar virtual space to Ethereum smart contracts. This type of emulator enables developers to change their code in small ways while developing tools like Truffle and Metamask. The Polkadot incorporation would simplify the interoperation process.
Specialized bridges constructed by other teams will help boost MoonBeam's interoperability with Ethereum and Bitcoin (BTC). As the project relies on Polkadot's parachhain offering live auctions, the team has yet to give an official launch date. The dev team thinks the launch will go live in the first quarter of 2021.