What is Moonbeam Network?

Moonbeam (GLMR) is a blockchain, a parachain smart contract on the Polkadot network that is fully compatible with Ethereum. The project was designed with the main purpose of helping to provide scalability to the Polkadot network by implementing a EVM (Ethereum Virtual Machine) virtual server works on this platform.

Moonbeam is the first fully Ethereum Virtual Machine (EVM) compatible parachain on Polkadot.

Moonbeam allows decentralized applications (Dapps) on Ethereum to migrate to Polkadot easily.

Why Moonbeam builds on Pokadot?

Moonbeam is built using the Substrate development framework. By building on top of this Substrate framework, Moonbeam can take advantage of the extensive functionality that Substrate includes externally, rather than building it on its own. This includes peer-to-peer networking, consensus mechanisms, governance functions, EVM implementations, and more.

Substrate can be used to build any type of blockchain, the most important of which is the ability to become Polkadot Parachain. The core features of Polkadot are: multi-chain, heterogeneous and highly scalable.

As a parachain on Polkadot, connecting to Polkadot offers a multitude of benefits, including Sharing Security, Cross-chain interoperability, and access to Polkadot’s massive ecosystem. This is an important enabling technology to support Moonbeam vision

Highlights of Moonbeam Network

A Polkadot Parachain Designed for Developers:

Moonbeam simplifies the developer experience by combining full Ethereum compatibility with the power of Polkadot, including scalability, cross-chain integrations, and on-chain governance.

Moonbeam combines the best of 2 platforms Polkadot and Ethereum

Polkadot’s scalability & interoperability.

Ethereum’s Ease-of-Use & developer community.

An Easy On-Ramp to Polkadot

Moonbeam is so much more than a “bridge:” it’s a launchpad for applications that want to tap into Polkadot’s success without hefty code rewrites. Use the Moonbeam platform to redeploy your Solidity smart contracts to a parallel instance — with little or no changes.

Complete Ethereum Compatibility

Moonbeam is a full Ethereum-like environment and works with industry-standard Ethereum tools, DApps, and protocols.

What problems does Moonbeam solve?

Existing Ethereum-Based Projects:

Projects that are struggling with cost and scalability challenges on Ethereum can use Moonbeam to:

+ Move portions of their existing workloads and state off of Ethereum Layer 1 with minimal required changes.

+ Implement a hybrid approach, where applications live on both Ethereum and Moonbeam simultaneously.

+ Extend their reach to the Polkadot network and other chains that are connected to Polkadot.

Polkadot Ecosystem Projects:

Ecosystem projects that need smart contract functionality can use Moonbeam to:

+ Augment their existing parachains and parathreads.

+ Add new functionality that is needed but not included on the main Polkadot relay chain.

+ Leverage the mature and extensive Ethereum development toolchain.

Developers of New DApps:

Individuals and teams that want to try building on Polkadot can use Moonbeam to:

+ Leverage the specialized functionality from Polkadot parachains while reaching users and assets on other chains.

+ Compose functionality from Polkadot parachains by using Moonbeam as a lightweight integration layer that aggregates network services before presenting them to end users. Implementing a composed service using pre-built integrations on a smart contract platform will be a lot faster and easier (in many cases) than building a full Substrate runtime and performing the integrations yourself in the runtime.

Token (GLMR Token)?

*Token Use cases:

The primary deployment of Moonbeam is on the Polkadot network, with an associated token called Glimmer (GLMR).

Supporting the gas metering of smart contract execution

Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run

Facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, etc

Paying for transaction fees on the network

*Key Metrics:

Token Name: Glimmer Token
Ticker: GLMR
Blockchain: Polkadot
Token Standard: Updating…
Contract: Updating…
Token Type: Utility, Governance.

Total Supply: 1,017,305,421 GLRM
Circulating Supply: 230,621,761 GLMR

Moonbeam targets a 5% annual inflation rate and, as such, has an uncapped token supply.

*Token Allocation

When the Moonbeam network launched, the total supply of Glimmer tokens was one billion. A portion of the network tokens was reserved to ensure the network maintains a parachain slot on the Polkadot network. Significant portions of the network were also reserved for the Take Flight community token event (10%), the 2021 Moonbeam crowdloan (15%), and future parachain bond funding (3%).

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Roadmap

January 2020: Project Started
July 2020: Awarded a W3F grant for Substrate-based Ethereum compatibility features
September 2020: Moonbase Alpha TestNet Launched
October 2020: Publish-Subscribe Capabilities Added
November 2020: Transforms Account Structure to Match Ethereum
June 2021: Began Moonriver Launch on Kusama
August 2021: Completed Moonriver Launch on Kusama
December 2021: Began Moonbeam Launch on Polkadot
January 2022: Completed Moonbeam Launch on Polkadot

Project Backers

The project has the participation of a number of large investment funds such as: Binance Labs, Coinbase Ventures, ParaFi, CoinFund…

Team

Some of the prominent founders are:

Derek Yoo, CEO of PureStake – a platform that provides a secure and reliable public blockchain infrastructure for developers of applications and projects based on blockchain technology.

Stefan Mehlhorn serves as chief operating officer of both Moonbeam and PureStake. Previously, Stefan Mehlhorn worked for Samsung Pay, Candibell Inc., LoopPay, Permessa, Thinking Phone Network…

Katie Butler and Nate Hamilton are the two heads of marketing and business development teams at Moonbeam Network.

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