MOON BEAM (GLMR)
Polkadot’s EVM-Compatible smart contract parachain
Moonbeam is a smart contract platform that works with Ethereum. It comes with an EVM engine and a Web3 API. With this Ethereum interoperability, developers can easily port existing Solidity smart contracts and DApp frontends to Moonbeam. Moonbeam benefits from the shared security of the Polkadot relay chain and integrations with other Polkadot-connected chains as a parachain on the Polkadot network.
The Substrate blockchain technology was used to create Moonbeam, a smart contract platform. PureStake, a development organisation that also produced developer tools for Algorand and manages Polkadot validators, is behind the protocol. Moonbeam was started by PureStake in early 2020. The Moonbeam Foundation also contributes to the network.
The Moonbeam family now consists of three networks. Moonbeam aspires to be the Polkadot ecosystem’s EVM compatible parachain, while Moonriver, its sister network, began as a Kusama parachain in June 2021. The basic technology of Moonbeam and Moonriver is essentially identical. Moonriver may be the first to acquire new features before Moonbeam. Moonrock is a testnet that the two use together.
Several projects announced their plan to build on Moonbeam in the six months following its testnet debut in September 2020. Partnerships with Linear Finance, Sushi, Injective Protocol, and Bet Protocol were among the projects.
Moonbeam (GLMR): What Is It?
Moonbeam is a Polkadot-based Ethereum-compatible smart contract parachain. Moonbeam makes it simple to construct or redeploy Solidity apps in a Substrate-based environment using common Ethereum developer tools.
Moonbeam is a highly specialised parachain that mimics Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. The Moonbeam platform adds capabilities like on-chain governance, staking, and cross-chain integrations to the Ethereum base feature set.
Developers can use the network to deploy Solidity smart contracts, Web3-compatible APIs, Oracle data feeds, and Ethereum network bridges, among other things.
Moon beam’s Ingredients
Moonbeam is made up of the following primary components that function together:
Polkadot: Polkadot connects various blockchains into one unified network to promote cross-chain communication and interoperability. Moonbeam is the Polkadot ecosystem’s equivalent of Kusama’s Moonriver (MOVR).
Parachains are self-contained blockchains (Shards) that can communicate with Polkadot.
Crowdloans are a way for projects to raise money for a parachain space on the Polkadot network. Users lock their DOT for a reward from the project team, which is usually in the form of the project’s native tokens.
Slot Auctions: Projects that wish to function as a parachain on Polkadot must first win a slot in the parachain auction. Moonbeam used a crowdloan to win the second slot auction, earning a Polkdaot parachain for 96 weeks beginning December 17, 2021.
Who are the Moonbeam Founders?
Derek Yoo, the CEO of PureStake, which delivers secured and reliable public blockchain infrastructure to blockchain app developers, projects, and organisations, developed the Moonbeam Network.
Both Moonbeam and PureStake have Stefan Mehlhorn as their chief operations officer, a specialist in early-stage firm management and operations. Stefan has previously worked for companies such as Samsung Pay, Candibell Inc., LoopPay, Permessa, and Thinking Phone Network.
PureStake’s Katie Butler and Nate Hamilton lead the Moonbeam Network’s marketing and business development teams, respectively.
What Sets Moonbeam Apart?
On top of Substrate, Moonbeam provides an Ethereum-like environment (rather than a Geth-based solution). This allows developers to quickly redeploy existing smart contracts, using the same tools and integrations as before, while also taking advantage of the new Substrate technology, which underpins all Polkadot parachains.
Developers utilising Solidity or Vyper based smart contracts can use the Moonbeam network to “go multi-chain” and expand their impact into the Polkadot ecosystem. On a new layer, Polkadot’s blockchain provides seamless task sharing.
Developers can use Moonbeam to transfer current Ethereum DApps to Polkadot or construct new permissionless decentralised applications (dApps) using familiar Ethereum development tools. When front-end dApps are migrated between chains, Moonbeam’s tools ensure that there is minimal modification.
Ethereum developers (the biggest market of public blockchain dev’s) will be able to avoid scalability issues caused by the Ethereum network’s expense and limits by adopting Moonbeam.
Moonbeam’s utility and governance token, GLMR, is utilised for the following purposes:
Transaction Fees: GLMR allows users to pay gas fees and perform smart contracts.
Staking: Users can stake GLMR to become a validator or delegate and receive GLMR in exchange for participating in the network consensus.
Governance: Allows holders of GLMR tokens to nominate members of the council and vote on the network.
Liquidity Mining: Earn a share of the exchange fees by providing liquidity on Moonbeam-based Decentralized Exchanges (DEXes).
Glimmer (GLMR), Moonbeam’s native token, was released in a private community event called Take Flight. 100,000,000 GLMR (10% of total supply) were distributed during the Moonbeam community event.
GLMR is ranked 104th largest cryptocurrency at the moment, is now trading at $1.99 (153 INR), as of MAY 9rd 2022. and as market size of more than $500 Million. Glimmer has a circulating supply of 2.51 million tokens.
There will be 1,000,000,000 GLMR tokens in total, with an annual inflation rate of 5%, resulting in an unbounded token supply.
Moonbeam was one of the first parachains to launch on the Polkadot ecosystem, and as a result, it has developed a following among developers looking to benefit from cross-chain interoperability. Moonbeam’s roadmap highlights the network’s interoperability, particularly in terms of its Cross-Consensus Message (XCM) format, as well as the deployment of additional ‘integrations and collaborations.’
Curve Finance is one of the most well-known DeFi protocols that has already made its Moonbeam debut. Moonbeam has established targets for the deployment of loan and borrowing apps, NFTs, defi projects, gaming projects, and bounty programmes in the near future.
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