Moonbeam (GLMR): a cryptocurrency overview

What is Moonbeam (GLMR) and where is it used?

Moonbeam (GLMR) is an Ethereum-compatible parachain of smart contracts on Polkadot. Moonbeam makes it easy to use popular Ethereum developer tools to create or redeploy Solidity projects in a substrate-based environment.

Features

Moonbeam was developed by Purestake under the leadership of Derek Yu. He has extensive experience with cloud computing and software.

Smart contracts in Moonbeam’s network allow developers to use the entire Ethereum network and toolkit to make them compatible with ETH.

This means that Moonbeam is an interworking solution that can interoperate with any other chain in the ??? Polkadot system. It is also aimed at cross-network integration. This means that tokens from different Parachains and Parathreads can be moved around in the ecosystem.

Moonbeam also plays an important role for Polkadot developers, given their need to quickly and efficiently migrate existing application code for deployment on a more accessible and manageable platform.

Moonbeam has also been able to bring some Defi elements into the Polkadot ecosystem. This means that oracles like Chainlink and Band Protocol could someday work in the ecosystem.

Moonbeam is much more than just an EVM implementation: it is a highly specialised parachain that mirrors Web3 Ethereum’s RPC, accounts, keys, subscriptions, logs and more. The Moonbeam platform extends Ethereum’s core feature set with additional features such as in-network management, betting and cross-network integrations.

Moonbeam’s compatibility with Ethereum is unmatched:

Minimal changes: developers can use existing Solidity smart contracts immediately, without having to rewrite or reconfigure
Use existing developer tools: connect popular tools such as MetaMask, Hardhat, Waffle, Remix and Truffle via a full set of Web3 RPC endpoints. Use well-known Javascript libraries such as Web3.Js or Ethers.Js.
Unified accounts, addresses and signatures: Use existing Ethereum H160 accounts and ECDSA signatures to interact with Moonbeam.
Take advantage of most integrations on Polkadot: use existing oracles, bridges, wallets and other tools already created on Moonbeam.
Moonbeam provides integration and connectivity between Polkadot Parachains, as well as with other circuits such as Ethereum and Bitcoin, via bridges. Moonbeam was founded in 2019 by Derek Yu of Pure Stake.

What makes Moonbeam unique?

Moonbeam offers an Ethereum-like environment on top of Substrate (rather than a Geth-based solution). This allows developers to easily re-deploy their existing smart contracts using the same tools and integrations they already use, as well as take advantage of the modern Substrate infrastructure on which all Polkadot parachains are built.

The Moonbeam network allows developers using Solidity or Vyper-based smart contracts to ‘go multichain’ and extend their reach into the Polkadot ecosystem. Polkadot’s blockchain enables the seamless exchange of workloads on a new level.

With Moonbeam, developers can port their existing Ethereum DApps to Polkadot or easily create new permissionless decentralised applications (dApps) using familiar Ethereum development tools. Moonbeam tools ensure minimal changes when moving interface dApps between chains.

Using Moonbeam, Ethereum developers (which is the largest market of existing blockchain developers) can bypass scalability issues due to the costs and limitations of the Ethereum network.

How is the Moonbeam network secured?

The Moonbeam project is going down the path of decentralised governance. The Glimmer service token (GLMR) will serve as a gateway for network participants to access vital network functions.

GLMR holders will have the right to propose referendums, vote and elect council members. Reflecting Polkadot’s designated Proof-of-Stake consensus mechanism. Moonbeam benefits from additional scalability and security through the use of Polkadot’s segmented design and common security umbrella.

How does Moonbeam Crypto work?

Moonbeam is a network in which the community plays a role in managing the development of the network. Token holders, including core developers, application developers, composers, users and other participants can participate.

As part of network governance, token holders can submit proposals to suggest actions to be applied by the system. This is one of the main elements of the governance system for proposing actions/changes, which will then be chosen by other stakeholders.

To submit a proposal, the token holder will first make a preliminary description of the proposal. The sender then pays for each byte saved, the cost will be higher if the pre-description becomes larger.

The offer is then sent, and it returns the hash of the pre-description. Token holders can send offers using the hashes of the pre-sample, blocking the tokens in the process. The offer will then be published. And token holders can duplicate the offer by blocking the same number of tokens blocked by the original offer sender.

Most of the supported proposals are submitted to a public referendum. After the referendum, the token holders vote for or against the ??proposal by blocking the token. Two factors account for the weight of the vote: the blocked amount and the blocking period. If the proposal passes, it goes into effect after a certain period of time.

Moonbeam cryptocurrency, GLMR token

Moonbeam has two tokens by design, Glimmer (GLMR) and Moonriver (MOVR). Glimmer is the token used in the Moonbeam network, which will be launched on the Polkadot network. It will be the main token that works for:

Transaction fees on the network.
Gas accounting for the execution of a smart contract.
Running the infrastructure of the platform.
Collector incentives.
GLMR tokens will be created with an initial supply of 10 million, an annual inflation of 5%, of which 80% of transaction fees are burned and 20% is for treasury.

MOVR token

The MOVR token is the second token of the Moonbeam network and is used in the Kusuma network, which serves CanaryNet. Its function is broadly similar to GLMR, only with a different distribution.

The token is also under development and is on the roadmap for a possible release in the second quarter.

How to buy Moonbeam cryptocurrency

Moonbeam (GLMR) can be bought on the following exchanges:

Binance

Is Moonbeam a good investment?

The process of developing the Moonbeam network is still relatively new. It is difficult to say yet whether Moonbeam is a good investment or not. Risk warnings always accompany investments in both cryptocurrencies and forex trading.

The only way to analyse is by taking from available information and news. Moonbeam has a white paper with detailed illustrations of the Moonbeam network. Then the development team behind Puretake is made up of 25 skilled and experienced employees.

Their roadmap is also clear enough for the future development process of the network. In fact, Moonbeam is a promising investment. It’s not a launch yet, thousands of people are already watching it as a watchlist. That means it’s a good signal that this network is gaining community support.

Conclusion

Moonbeam, carries the tagline, is a Parachain smart contract with Ethereum compatibility. A project using the Polkadot network appears to be getting community support. Purestake, which runs the Moonbeam network, has reported fundraising of up to $6 million for a $1.4 deployment.

The funds are coming from several sources, which are Purestake’s partners, such as Coinfund, which is leading the fundraising round. It is backed by Binance Labs, Coinbase Ventures, Fenbushi Capital and IOSG Ventures.

Although Moonbeam operates on the Polkadot network, it could also be a bridge to the Ethereum network. Although many projects are currently using Ethereum blockchain. So it would be interoperable.

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