Moonbeam is a decentralized platform that enables the deployment of smart contracts on the Ethereum blockchain. It is designed to be compatible with existing Ethereum standards and tools, such as Solidity and Truffle, but also adds new capabilities to enhance scalability, security, and ease of use.
One of the main goals of Moonbeam is to provide an Ethereum-compatible platform for projects built on the Substrate framework, a modular platform for building custom blockchains. This allows developers to migrate their Substrate-based projects to Ethereum easily, or to build new projects that can take advantage of both ecosystems.
Moonbeam also has several other features that set it apart from other Ethereum-based platforms, such as fast
- block times,
- low transaction fees,
- on-chain governance,
- support for parallel execution and
- optimistic rollups.
These features make it attractive for a wide range of use cases, including decentralized finance (DeFi), supply chain management, gaming, identity verification, and predictive markets.
How does moonbeam work
At a high level, Moonbeam allows developers to build and deploy smart contracts on the platform, which can automate complex processes and facilitate interactions between users. These smart contracts are executed by the Ethereum Virtual Machine (EVM), which is a runtime environment that runs the code of the contracts.
Moonbeam also has an on-chain governance system that allows stakeholders to propose and vote on changes to the platform. This helps to ensure that the platform is responsive to the needs of the community and that decisions are made in a decentralized and transparent manner.
To improve scalability, Moonbeam uses techniques such as parallel execution and optimistic rollups. Parallel execution allows multiple transactions to be processed simultaneously, increasing the platform’s overall throughput.
Optimistic rollups are a technique for scaling transactions without sacrificing security, which can help to improve the scalability of the platform and make it more suitable for high-volume applications.
Moonbeam aims to provide a decentralized and scalable platform for building and deploying smart contracts, with a strong focus on compatibility with Ethereum and the Substrate ecosystem.
See the current details of moonbeam coin here
Features of Moonbeam
Here are some key features of Moonbeam:
- Compatibility with Solidity and Ethereum standards:
Moonbeam is designed to be fully compatible with the Solidity programming language and the Ethereum Virtual Machine (EVM). This means that developers can use their existing skills and tools to build and deploy smart contracts on Moonbeam, without the need to learn new languages or platforms.
- Native support for Substrate-based pallets:
Moonbeam has native support for pallets, which are modular pieces of code that can be plugged into the platform to add new functionality. This allows developers to import and use existing pallets from the Substrate ecosystem easily, or to create their own custom pallets.
- On-chain governance:
Moonbeam has an on-chain governance system that allows stakeholders to propose and vote on changes to the platform. This helps to ensure that the platform is responsive to the needs of the community and that decisions are made in a decentralized and transparent manner.
- Fast block times and low transaction fees:
Moonbeam has fast block times, which means that transactions are processed and added to the blockchain more quickly than on other platforms.
This can make it more suitable for applications that require fast confirmation times, such as decentralized exchanges. Moonbeam also has low transaction fees, making it more affordable for certain types of applications.
- Scalability through parallel execution and optimistic rollups:
Moonbeam uses parallel execution to allow multiple transactions to be processed simultaneously, which can increase the overall throughput of the platform.
It also supports optimistic rollups, which is a technique for scaling transactions without sacrificing security. This can help improve the platform’s scalability and make it more suitable for high-volume applications.
- Cross-Chain Integration
One of Moonbeam’s primary goals is to make it simple for developers to use smart contracts to connect to other Polkadot networks.
As a result, Moonbeam is interested in the first scenario, which is allowing tokens from other chains to be converted into Moonbeam-based tokens. As a result, these tokens can be used in DeFi and other dApps. After their task is completed, these assets can migrate back or forth to other chains.
Use cases for Moonbeam
Moonbeam is a decentralized platform that is suitable for a wide range of use cases, including:
- Decentralized finance (DeFi) applications:
Moonbeam’s compatibility with Solidity and Ethereum standards, as well as its fast block times and low transaction fees, make it well-suited for DeFi applications such as decentralized exchanges, stablecoins, and lending platforms.
- Supply chain management:
Moonbeam’s support for smart contracts and on-chain governance can be used to create transparent and efficient supply chain management systems. For example, smart contracts could be used to automate the tracking and verification of goods as they move through the supply chain, and on-chain governance could be used to ensure that the system is transparent and fair.
- Gaming:
Moonbeam’s scalability and fast block times make it a good fit for gaming applications that require fast and reliable transactions. Smart contracts could be used to automate gameplay mechanics and ensure that players are fairly rewarded.
- Identity verification:
Moonbeam’s support for smart contracts and on-chain governance can be used to create decentralized identity systems that are secure and transparent. For example, smart contracts could be used to automate the verification of identity documents, and on-chain governance could be used to ensure that the system is transparent and fair.
- Predictive markets:
Moonbeam’s support for smart contracts and fast block times make it well-suited for building decentralized predictive markets, where users can buy and sell shares in the outcomes of events. Smart contracts could be used to automate the settlement of trades and ensure that users are fairly compensated.
Moonbeam Adoption and Community
Moonbeam has a growing community of developers and users who are building and using applications on the platform. Some notable partnerships and collaborations include:
- ChainGuardian:
Moonbeam has partnered with ChainGuardian, a company that provides security and compliance services for blockchain-based systems, to provide security audits and assessments for projects built on Moonbeam.
- Enzyme:
Moonbeam has partnered with Enzyme, a company that provides a platform for building and deploying decentralized applications (DApps), to enable developers to easily build DApps on top of Moonbeam.
- ChainSafe:
Moonbeam has collaborated with ChainSafe, a company that provides blockchain consulting and development services, to help developers build and deploy applications on Moonbeam.
- Ocean Protocol:
Moonbeam has partnered with Ocean Protocol, a decentralized data exchange protocol, to enable the integration of data from Ocean Protocol into smart contracts on Moonbeam.
Moonbeam also has an active developer community that is building and contributing to the platform. Regular meetups, hackathons, and other events bring developers together and promote Moonbeam’s adoption.
Roles of moonbeam coin (GLMR)
Moonbeam coin is the native token of the Moonbeam platform. It serves several roles within the platform, including:
- Moonbeam coin holders can participate in on-chain governance by voting on proposals to change the platform.
- Moonbeam coin can be staked to secure the network and earn rewards.
- Moonbeam coin is used to pay transaction fees on the platform.
- Access control; Moonbeam coin can be used to grant or restrict access to certain features or functionality of the platform.
- Moonbeam coin can be used to incentivize certain behaviors or actions within the platform, such as contributing to the development of the platform or participating in on-chain governance.
The role of Moonbeam coin is to facilitate the functioning and growth of the Moonbeam platform and to provide a means for stakeholders to participate in and benefit from the platform.
Moonbeam in the future
The way blockchain projects are run in the future won’t be the same as how they are run today. They will be linked to one another through various projects, such as Moonbeam, which is the first Polkadot “parachain.”
If you are familiar with Polkadot, then you are aware that it is a network of “Parachains,” which are linked blockchains that are connected to one another.
Now, Moonbeam is one of the over 100 parachains that are being constructed on top of Polkadot.
It is the first parachain to become fully operational on Polkadot, which opens the door for the more than 80 projects in the Moonbeam ecosystem to deploy. These projects range from wallets to non-fungible tokens (NFTs).
Moonbeam founders
Moonbeam was founded by a team of experienced blockchain developers and entrepreneurs, led by co-founders Jack Platts and Paul Greatrix.
Jack Platts is a co-founder of Moonbeam and a former blockchain engineer at Ethereum. He has extensive experience building and deploying smart contracts on the Ethereum platform, and has a strong background in computer science and cryptography.
Paul Greatrix is a co-founder of Moonbeam and a former blockchain engineer at Ethereum. He has a strong background in computer science and software engineering, and has worked on several large-scale blockchain projects.
In addition to the co-founders, the Moonbeam team includes a diverse group of experienced developers and advisors who are committed to building and advancing the platform. The team is based in Toronto, Canada, and has New York and San Francisco offices.
Moonbeam Competitors
Moonbeam competes with other decentralized platforms that enable the deployment of smart contracts on the Ethereum blockchain, such as
- Ethereum,
- Binance Smart Chain, and
- Polygon just to mention a few.
Ethereum is the original decentralized platform for building and deploying smart contracts, and it has the largest developer community and ecosystem of any blockchain platform. Moonbeam is designed to be fully compatible with Ethereum and to use the same programming language (Solidity) and runtime environment (EVM), which makes it easy for developers to build and deploy applications on both platforms.
Binance Smart Chain is a decentralized platform designed to be compatible with Ethereum and offer fast block times and low transaction fees. It primarily focuses on decentralized finance (DeFi) applications, and has a growing ecosystem of DeFi projects and users.
Polygon is a decentralized platform designed to be scalable and developer-friendly, focusing on providing an easy-to-use platform for building and deploying decentralized applications (DApps).
It has a growing developer community and ecosystem of DApps, and is focused on providing an alternative to Ethereum for building and deploying smart contracts.
However, Moonbeam competes with these and other decentralized platforms by offering a set of features and capabilities that make it attractive for developers and users.
These features include compatibility with Solidity and Ethereum standards, native support for Substrate-based pallets, on-chain governance, fast block times and low transaction fees, and scalability through parallel execution and optimistic rollups.
Where can i buy moonbeam crypto?
Moonbeam coin (GLMR) is listed on several cryptocurrency exchanges, which are platforms that allow users to buy and sell cryptocurrencies. Some of the exchanges that currently list Moonbeam coin include:
Binance: Binance is one of the largest and most popular cryptocurrency exchanges in the world, with a wide selection of cryptocurrencies available for trading.
Kraken: Kraken is a well-established cryptocurrency exchange that is known for its security and compliance measures. It offers a wide range of cryptocurrencies for trading, including Moonbeam coin.
Gate.io: Gate.io is a cryptocurrency exchange that offers a wide selection of cryptocurrencies for trading, including Moonbeam coin.
To buy Moonbeam coin on one of these exchanges, you will need to create an account and complete the necessary KYC (Know Your Customer) and AML (Anti-Money Laundering) checks.
You will also need a cryptocurrency wallet compatible with Moonbeam coin, such as a Ledger Nano hardware wallet or a software wallet like MetaMask.
Once you have set up your account and wallet, you can buy Moonbeam coin by placing an order on the exchange. This will typically involve transferring funds from your bank account or another cryptocurrency to the exchange, and then using those funds to buy Moonbeam coin.
The price of Moonbeam coin will vary depending on supply and demand, and may fluctuate significantly over time.
How to stake moonbeam.
Staking is the process of holding and committing a certain amount of a cryptocurrency to a blockchain network, in order to help secure the network and earn rewards. Moonbeam coin (GLMR) can be staked on the Moonbeam platform to help secure the network and earn rewards.
Here is a general outline of the steps you can follow to stake Moonbeam coin:
- Set up a wallet.
In order to stake Moonbeam coin, you will need to have a wallet that is compatible with the Moonbeam platform and that supports staking. Some options for staking wallets include Ledger Nano hardware wallets and software wallets like MetaMask.
- Obtain Moonbeam coin.
You will need to have a certain amount of Moonbeam coin in your wallet in order to stake it. You can obtain Moonbeam coin by buying it on a cryptocurrency exchange, such as Binance or Kraken, or by receiving it as a reward for participating in the Moonbeam network.
- Choose a staking pool
Moonbeam coin can be staked through a staking pool, a group of users who pool their resources together to increase their chances of earning rewards. You can choose a staking pool that meets your requirements, such as one with a good track record or a low minimum staking amount.
- Stake your Moonbeam coin.
Once you have chosen a staking pool, you can stake your Moonbeam coin by transferring it from your wallet to the staking pool. You will typically need to follow the instructions provided by the staking pool to do this.
- Earn rewards.
Once your Moonbeam coin is staked, you will begin to earn rewards for helping to secure the network. These rewards will be paid out in Moonbeam coin, and the amount you earn will depend on the amount of Moonbeam coins you have staked and the network’s overall performance.
Staking Moonbeam coin is a way to support the security and stability of the Moonbeam platform and to earn rewards for doing so. It requires a certain amount of Moonbeam coin, as well as a compatible wallet and a staking pool.
Moonbeam Tokenomics
The Glimmer token (GLMR) operates on the Polkadot network and aims for a 5% annual inflation rate with an uncapped maximum token supply.
The 5% inflation rate pays for an ongoing parachain slot on Polkadot and rewards network participants. 1.5% of the 5% inflation rate is used to fund the parachain bond reserve.
Furthermore, 1% is used to reward collator nodes, while the remaining 2.5% is returned to GLMR token holders who help power the block production process.
Moonbean, on the other hand, incorporates deflationary aspects of the Glimmer token (GLMR). When users or developers execute smart contracts to complete a transaction, they must pay a fee to cover the computational gas required by the nodes and a small platform fee.
This fee is then divided among two protocols. To begin, 80% of the GLMR tokens collected as fees are burned. Because the GLMR token has no capped supply, this acts as a deflationary force, increasing scarcity.
If the number of GLMR tokens burned from Moonbeam transactions and fees exceeds the annual inflation rate of 5%, GLMR will become a deflationary asset.
The remaining GLMR tokens are allocated to the on-chain Treasury. Proposals for on-chain governance will confirm how these funds are spent. This includes funding initiatives and projects aimed at increasing adoption and engagement with the Moonbeam network.
How does this affect people who use decentralized applications like you?
To give you an example, were you aware that SushiSwap began collaborating with Moonbeam? S
ushiswap will have access to polkadot-assets as soon as Moonbeam is able to communicate with other parachain buildings on Polkadot and become interoperable with them.
If you are a user of SushiSwap, this indicates that the number of tokens you can trade and the liquidity pools that are available to you will significantly expand.
Moonbeam Price Forcast.
Having review the project and seeing it unique feature, it it no doubt that moonbeam has good offer to the cryptocurrency market, however, the price of cryptocurrencies are highly volatile and fueled by speculation. Please note that we cannot be your financial adviser and the price forecast should not be taken as financial guide.
On this note we believe that this project will increase in value and gain more adoption from the public, developers as well as financial institution when the bull market returns to surpass it current value, it is a gem project that is still undervalued.
