Moonbeam

What is Moon Beam (GLMR)?

Glimmer (GLMR) is Polkadot’s own Moonbeam parachain token. The purpose of the subnet is to promote Polkadot and Ethereum integration. This helps users avoid the hassle of developing their own parachains to run decentralized applications (dApps) by allowing them to build them directly on Moonbeam.

What is the Moonbeam team?

There was a moonbeam founded by Derek Yu, researcher and CEO of the company. The core team also includes COO Stefan Mehlhorn, VP Blockchain Engineering Alan Saped, VP Engineering Tim Baldwin, Ecosystem Development Manager Nate Hamilton, and Marketing Manager Katie Butler.

The Moonbeam project started in 2019. solve Ethereum scalability problems. As one of the largest blockchains in the world, Ethereum requires large amounts of energy and storage resources. Moonbeam aims to counter this by using development environments like Ethereum to create applications that are compatible with multiple chains.

The Moonbeam crypto platform completed the final phase of its launch in January 2022. At that time, the price of GLMR was $11. The token has been highly volatile since its inception, with its value falling by almost half within two weeks of its launch date.

In the first six months, market trends did not change significantly. Moonbeam’s price continued to fluctuate, moving up and down, with an overall trend of falling value. The asset was heavily impacted by the cryptocurrency market crash in June 2022, when its value fell below $1 for the first time.

What are the main features of Moonbeam?

The Moonbeam protocol describes GLMR token as essential to its usefulness. His used for transaction fees, network security, and decentralized governance processes..

At the time of creation, the supply of Moonbeam tokens was 1 billion GLMR. However, this asset is not deflationary and supply is expected to increase by 5% every year. The maximum stock is not limited. To provide some market regulation and maintain a more stable Moonbeam price, 80% of transaction fees are automatically burned.

Using Moonbeam tokens to pay transaction fees is called gas metering. Gas fees are required to execute smart contracts built on top of this framework. 20% of Moonbeam’s taxable price goes to the network’s coffers. These funds can later be used for parachain projects and updates.

Network bridges are used to connect Moonbeam to other blockchains, including Bitcoin (BTC) and Ethereum (ETH). moonbeam provides full support for the Ethereum Virtual Machine (EVM).. Developers can take advantage of familiar Ethereum tools, such as MetaMask, made available through remote procedure call (RPC) endpoints.

Moonbeam uses the Substrate blockchain structure. Substrate is used to develop custom offline blockchains and Polkadot parachains. It is similar to Ethereum, allowing developers to easily work with pre-existing smart contracts. Moonbeam supports the development, deployment, and redeployment of Solidity applications.

Developers do not need to modify existing Solidity projects as they can be fully accessed within the Moonbeam environment. These apps can be accessed on multiple chains, including Polkadot. In addition to Solidity, the platform also supports popular Javascript libraries, including Web3.js.

On the support side of the Polkadot network, Moonbeam has access to tools to ensure blockchain interoperability. These include offline data availability via oracles, multi-chain bridges and other necessary development tools. Additionally, the Moonbeam subnet can also connect to other parachains built on Polkadot.

The Moonbeam subnet is secured using a Nomination Proof-of-Stake (NPoS) consensus mechanism. Validators receive rewards as an incentive to continue contributing to the network. 1% of the GLMR price of 5% annual inflation is allocated to be used as a reward. Additionally, interested parties receive 2.5% of inflation funds.

Moonbeam coin also allows users to participate in a decentralized autonomous organization (DAO). Using GLMR, the community can propose protocol changes and vote. Moonbeam has a board whose members are also elected by a vote of management.