Moonbeam Network aims to be one of the first and most important power chains. Moonbeam will be part of a smart contract platform on Polkadot that will allow developers to create and interact with smart contracts.
Because the Polkadot base layer does not operate smart contracts, DOT will require a separate power chain. Moonbeam, though, will be EVM compatible. This means that Ethereum developers may port their apps to the Polkadot ecosystem without having to rewrite their code, which is significant for Polkadot. And, up until today, Ethereum has accounted for at least 90% of all development and applications.
Moonbeam will also support Ethereum’s ERC-20 coins and current infrastructure connections. To summarise, this network is a critical tool that will allow Polkadot to connect to the world’s largest DeFi ecosystem. A DeFi is a range of cryptocurrency or blockchain-based financial apps that disrupt financial intermediaries.
However, all of the greatest Ethereum apps that are now operating on Ethereum will have a simple option to incorporate Polkadot on the back end of their applications, potentially lowering costs and giving them access to the Polkadot ecosystem through Moonbeam.
A total of 1 billion GLMR tokens will be released, with around 38% going to investors and the team. To be honest, that’s a little pricey, but it’s an important initiative for the blockchain.
The Polkadot version of another sister network, Kusama, which is already live on Polkadot’s test network, is the Astar network, which is a dApp hub and comes from good stock. According to developers, many chains, including Ethereum and Cosmos, will be able to link into Polkadot.
However, users will be able to manage their balances across numerous Polkadot applications in one spot and stake their coins across many apps, all of which will be gathered in the Astar app. You’ll be able to engage with dApps directly in the app. For example, voting and governance will be available.
As a result, Astar’s description as a dApp hub is correct, and it will make utilising Polkadot and all of the apps created on top of it easier and more appealing for end-users.
Seven billion ASTR tokens will be issued, with 15% going to the team and investors. However, 30% of Astar’s stock is already in the hands of other investors after the company went through a locked drop financing process.
According to Decrypt, lockdrop is a way to distribute tokens without raising funds and is comparable to an airdrop, except it encourages network engagement. It allows people to invest their ETH tokens and lock them up for a set period.
Then they receive some additional ASTR tokens as an investment, and Astar sells the ETH for dollars to support their operations. This can be a profitable investment depending on the performance of the market.
3 – Litentry
Litentry is a decentralised identification system that has the potential to be highly useful in the blockchain. Everything, including school and college credentials, credit history, credit scores, insurance, and job history, will eventually be stored on the blockchain.
When you need a loan in the future, you’ll be able to apply promptly and establish your creditworthiness using your decentralised identity. However, you won’t have to divulge your identity because an app like this allows you to verify your credentials without disclosing all of your sensitive personal information online.
DIDs, or digital identifiers, are used to do this. This will keep your information safe while allowing you to use it to your advantage. People will pay fees to the network for transferring transactions across it, necessitating the use of LIT tokens, and HODLers and stakers will be rewarded with a portion of those fees.
There are 10 million LIT tokens available, and LIT is already an ERC-20 token on Ethereum, having launched on Binance’s launch pad a few months ago, with 25% already in private hands. For a project of this nature, that’s not bad.