Moonbeam is a blockchain platform that is part of the Polkadot network. Polkadot is a multi-chain framework that enables different blockchains to transfer messages and value in a trust-free fashion; Moonbeam is one of the parachains within this ecosystem.
Moonbeam is designed to be a smart contract platform that is compatible with the Ethereum Virtual Machine (EVM). This compatibility allows developers to deploy existing Ethereum-based applications and smart contracts on the Moonbeam network with minimal modifications.
The Moonbeam Network was established by Derek Yoo, who serves as the CEO of PureStake. PureStake is a platform dedicated to furnishing secure and dependable public blockchain infrastructure for developers, projects, and enterprises in the blockchain application space.
Stefan Mehlhorn, an expert in early-stage company management and operations, holds the position of Chief Operations Officer (COO) for both Moonbeam and PureStake. Stefan has previously contributed his expertise to companies such as Samsung Pay, Candibell Inc., LoopPay, Permessa, and Thinking Phone Network, among others.
Handling the marketing and business development sectors of the Moonbeam Network are Katie Butler and Nate Hamilton from PureStake. Their roles contribute to the strategic growth and outreach efforts for Moonbeam, aligning with the overall objectives of the PureStake platform.
On January 11, 2022, Moonbeam successfully launched following the completion of its comprehensive three-phase launch procedure. Notably, Moonbeam achieved a significant milestone by securing victory in the second parachain auction on the Polkadot network. This accomplishment marked a pivotal moment in Moonbeam's integration into the broader Polkadot ecosystem.
Moonbeam aims to enhance interoperability between different blockchains in the Polkadot ecosystem. It allows assets and information to move seamlessly across different chains connected to the Polkadot network. Because Moonbeam is compatible with the Ethereum Virtual Machine, developers can use familiar tools and programming languages like Solidity to build and deploy smart contracts on Moonbeam.
Moonbeam facilitates communication and interaction between different blockchains within the Polkadot network, promoting a more interconnected and collaborative environment for blockchain projects.
Like many blockchain projects, Moonbeam has a community-driven approach and governance model. This involves active participation from the community in decision-making processes and the evolution of the platform.
Moonbeam provides a gateway for developers to seamlessly transition their current Ethereum-based decentralized applications (DApps) to the Polkadot network. Alternatively, developers can effortlessly craft new permissionless DApps on Moonbeam using the well-known Ethereum development tools. The platform's tools are designed to minimize adjustments needed when relocating front-end DApps across different blockchain networks.
Moonbeam uses a consensus mechanism known as the "Collator Selection Proof-of-Stake" (CSPoS). In CSPoS, a set of collators is selected to produce blocks, and these collators are responsible for creating parachain blocks. Collators are chosen through a proof-of-stake mechanism, and their performance is evaluated based on the quality and validity of the blocks they produce. Validators, on the other hand, play a role in finalizing blocks and ensuring the overall security of the network.
The use of parachains and the connection to the Polkadot network contribute to Moonbeam's interoperability and scalability, allowing it to benefit from the shared security model of the Polkadot relay chain.
By leveraging Moonbeam, Ethereum developers, who constitute the largest segment of the existing blockchain developer market, can navigate scalability challenges. This is particularly beneficial in circumventing the cost and limitations associated with the Ethereum network, offering an avenue for more scalable and flexible application development.
Glimmer (GLMR) is the native token of the Moonbeam Network. Glimmer serves various purposes within the Moonbeam ecosystem, including:
- Governance: Glimmer is used for decentralized governance on the Moonbeam Network. Token holders can participate in decision-making processes related to the protocol's development and upgrades.
- Staking: Glimmer can be staked by network participants to contribute to the security and operation of the Moonbeam blockchain. Stakers may receive rewards for their participation.
- Transaction Fees: Glimmer is used to pay for transaction fees on the Moonbeam Network. This includes fees for executing smart contracts and interacting with decentralized applications (DApps) on the platform.
- Collateral: Glimmer may be used as collateral within the Moonbeam network for various activities, including supporting the issuance of synthetic assets.
Glimmer (GLMR), was introduced through a private Community Event named Take Flight. This event, held as part of Moonbeam's community engagement initiatives, saw the issuance of 100,000,000 GLMR, constituting 10% of the total token supply. The distribution of Glimmer through the Take Flight event was a strategic move to involve the community in the early stages of the network, fostering a sense of participation and ownership among stakeholders.
The total supply of GLMR is 1,098,713,839 GLMR, and as of December 26, 2023, the circulating supply is
The Average Fees on the GLMR
The Moonbeam Network functions as a parachain integrated into the Polkadot blockchain. Reportedly, the Moonbeam network has the capability to handle over 10,000 transactions per second, with an average cost of approximately $0.015 per smart contract transaction. This aligns with the Polkadot blockchain's block time of 6 seconds.
The GLMR Token Wallets
Since Glimmer is built on the Moonbeam Network, which is part of the Polkadot ecosystem, you would want to use wallets that are compatible with Polkadot and its associated tokens. The available options include Polkadot.js Extension, Polkawallet, Ledger, Math Wallet, Fearless Wallet, My Ether Wallet, Nifty Wallet, etc.
