Moonbeam is a smart contract parachain built on the Polkadot network that uses the DPoS consensus method and is compatible with the Ethereum blockchain. Being a parachain indicates that Moonbeam is a Layer 1 chain connected to Polkadot's Layer 0 Relay Chain.
Moonbeam is a Substrate-based platform, which means it is built over the interoperable Substrate blockchain. As a flexible and customizable framework, Substrate lets developers make blockchains that meet their needs by allowing forkless upgrades. Moonbeam's ability to be fully customized lets it do things like on-chain governance, EVM implementation, and staking.
The Moonbeam Network was established by Derek Yoo, CEO of Purestake, a platform that offers secure and dependable public blockchain infrastructure to blockchain app developers, initiatives, and businesses.
Stefan Mehlhorn serves as the chief operating officer of both Moonbeam and PureStake. He has expertise in running and managing companies in their early stages. Stefan has previously worked for various organizations, including Samsung Pay, Candibell Inc., LoopPay, Permessa, and Thinking Phone Network.
Katie Butler and Nate Hamilton from PureStake are in charge of the Moonbeam Network's marketing and business development teams, respectively.
There are a lot of issues that Moonbeam helps to solve. Fundamentally, it was developed to add a programmable layer for smart contracts to the Polkadot Parachain ecosystem. This system gives Ethereum developers a way to avoid the current congestion problems that have led to record-high gas fees.
Moonbeam is built on the programming language Substrate, which enables it to provide a foundation for blockchains to interact with Ethereum without complexity. The platform was designed from the ground up for compatibility with the Ethereum developer toolchain and network. As a result, the protocol supports a wide range of popular coding languages.
Glimmer is the backbone of the Moonbeam ecosystem, and this is evident in its many features and the way transactions are carried out on a daily basis. By utilizing Polkadot as a parachain, Moonbeam Network has complete control over its actions and sovereignty. As a layer-1 blockchain, it can communicate with other Polkadot Parachains at no cost or for minute charges. Interaction with other external networks is also possible since it takes advantage of the Polkadot ecosystem's characteristics as a parachain.
GLMR is Moonbeam's utility and governance token, and it is utilized for the following purposes:
Transaction Fees: Users can use GLMR to pay gas fees and perform smart contracts.
Staking: Users can stake GLMR to be involved as a validator or delegate in the network consensus and get GLMR in return.
Governance: Allows GLMR token holders to suggest council members and vote on the network.
Liquidity Mining: Offering liquidity on Decentralized Exchanges (DEXs) established on the Moonbeam blockchain in order to earn a share of the exchange fees.
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath -51% Decrease 11/01/2022 Moonbeam's GLMR token soars after listing on Binance and KuCoin +20,100% Increase
The Glimmer Project was created to give developers access to an open platform where decentralized applications can be built to meet needs in different areas of human endeavor. Holders of the Glimmer token will be able to stake it for further benefits, make proposals, and vote on ideas to accelerate the project.
With its standpoint as a parachain, the network may take advantage of Polkadot's strengths for cross-chain interactions and maximum efficiency. With its agile design already in place, web3 proponents will find it helpful to use its features and functions to create their own dApps for a seamless launch.
Moonbeam