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Moonbeam (GLMR) Things You Need To Know Before Investing

What Is Moonbeam (GLMR)?

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

Moonbeam is much more than just an EVM implementation: it’s a highly specialized parachain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. The GLMR platform extends the base Ethereum feature set with additional on-chain governance, staking, and cross-chain integrations.

Moonbeam’s Ethereum compatibility is unmatched:

  • Minimal Changes: developers can use existing Solidity smart contracts right away, with no need to rewrite or reconfigure
  • Use Existing Developer Tools: connect popular tools like MetaMask, Hardhat, Waffle, Remix, and Truffle via complete Web3 RPC endpoints. Use well-known Javascript libraries such as Web3.Js or Ethers.Js.
  • Unified Accounts, Addresses, and Signatures: use your existing Ethereum H160 accounts & ECDSA signatures to interact with GLMR
  • Tap into the Most Integrations on Polkadot: use existing oracles, bridges, wallets, and other tools that are already building on GLMR

Moonbeam provides integration and connectivity between Polkadot Parachains and other chains such as Ethereum and Bitcoin via bridges. GLMR was started in 2019 by Derek Yoo of Pure Stake.

Who Are the Founders of Moonbeam?

The Moonbeam Network was founded by Derek Yoo, the CEO of PureStake – a platform that provides secure and reliable public blockchain infrastructure to blockchain app developers, projects, and enterprises.

Stefan Mehlhorn, a specialist in early-stage company management and operation, serves as the chief operations officer of both Moonbeam and PureStake. Stefan previously worked with Samsung Pay, Candibell Inc., LoopPay, Permessa, and Thinking Phone Network.

Katie Butler and Nate Hamilton from PureStake head the marketing and business development teams of the GLMR Network, respectively.

You can find more info about the team here:

What Makes Moonbeam Unique?

GLMR offers an Ethereum-like environment on top of Substrate (rather than a Geth-based solution). This lets developers redeploy their existing smart contracts easily, using the same tools and integrations they already use, and take advantage of the modern Substrate framework on which all Polkadot parachains are built.

The Moonbeam network allows developers with Solidity or Vyper-based smart contracts to “go multi-chain” and extend their influence into the Polkadot ecosystem. Polkadot’s blockchain ensures seamless sharing of workloads on a new layer.

Through Moonbeam, developers can port their existing Ethereum DApps to Polkadot or easily create new permissionless decentralized applications (dApps) using familiar Ethereum development tools. The tools on GLMR ensure that there is minimal change when front-end dApps are moved between chains.

By using GLMR, Ethereum developers (which is the largest market of existing blockchain developers) will be able to bypass the scalability challenges due to the expense and constraints of the Ethereum network.

How Many Moonbeam (GLMR) Coins Are There in Circulation?

The native token of GLMR, known as Glimmer (GLMR), was issued via a private Community Event called Take Flight. During the community event of Moonbeam, 100,000,000 GLMR (10% of the total supply) was issued.

There will be 1,000,000,000 GLMR tokens, with an annual inflation rate of 5%. As such, there will be an uncapped token supply. The distribution of the token is as follows.

How Is the Moonbeam Network Secured?

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

Holders of GLMR will have the right to propose referenda, vote, and elect council members. A reflection of Polkadot’s nominated proof-of-stake consensus mechanism. GLMR benefits from the extra scalability and security of using a Polkadot sharded design and shared security umbrella.

Where Can You Buy Moonbeam (GLMR)?

GLMR utility token GLMR is still yet to be launched. The launch of the network is dependent on the start of the Polkadot parachain auctions, which have not yet been announced by Parity. The GLMR community event called Take Flight recently took place from September 7th, 2021 – to September 10th, 2021.

Also Read: Pax Dollar (USDP) Things You Need To Know Before Investing

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Riya Kapoor

Riya Kapoor writes about lifestyle, entertainment, news and gadgets. She has been in this industry for almost 4 years now. She is a graduate from Delhi University with English Hons and had deep connection with writing since her childhood.

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