What is Moonbeam Network (GLMR) | What is Moonbeam Network token | What is GLMR token
What is Moonbeam?
Moonbeam is a developer-oriented blockchain that strives to provide compatibility with the existing Ethereum developer toolchain and network. It does this by providing a full EVM implementation, a Web3-compatible API, and bridges that connect Moonbeam to existing Ethereum networks. This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes.
Moonbeam will also be a parachain on the Polkadot network. That means that it will get shared security from the Polkadot relay chain and will be able to integrate with other chains that are connected to Polkadot (once that functionality is available on Polkadot).
Our Vision for Moonbeam
We believe in a multi-chain future with many chains, and many users and assets on those chains. In this context, we have created Moonbeam: a smart contract platform that provides an Ethereum-compatible environment for building decentralized applications. Moonbeam was designed to serve these new kinds of assets and users that exist across two or more chains.
Existing smart contract platforms are designed to service the users and assets on a single, specific chain. By providing cross-chain smart contract functionality, Moonbeam allows developers to shift existing workloads and logic to Moonbeam, and extend the reach of their applications to new users and assets on other chains.
Moonbeam’s cross-chain integration is accomplished by becoming a parachain on the Polkadot network. The Polkadot network provides integration and connectivity between parachains that are connected to the network, and to other non-Polkadot-based chains such as Ethereum and Bitcoin via bridges.
Who Benefits From Moonbeam
There are three main audiences who can most benefit from Moonbeam’s cross-chain functionality:
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. For example, they could create a place where teams can crowdfund their projects, implement lockdrops, and process other, more complex financial transactions than are provided by base Substrate functionality.
- 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.
Key Features and Functionality
Moonbeam achieves these goals with the following key features:
- Decentralized and Permissionless — a base requirement for censorship resistance, and to support many existing and future DApp use cases.
- Contains a Full EVM Implementation — so existing Solidity-based smart contracts can be migrated with minimal change and with expected execution results.
- Implements the Web3 RPC API — so existing DApp front-ends can be migrated with minimal change required, and so that existing Ethereum-based tools such as Truffle, Remix, and MetaMask can be used without modification against Moonbeam.
- Compatibility with the Substrate Ecosystem Toolset — including block explorers, front-end development libraries, and wallets, giving developers and users the ability to use the right tool for what they are trying to accomplish.
- Native Cross-Chain Integration — via the Polkadot network and via token bridges which allows for token movement, state visibility, and message passing with Ethereum and other chains.
- On-Chain Governance to allow stakeholders to quickly and forklessly evolve the base protocol according to developer and community needs.
This unique combination of elements fills a strategic market gap, while at the same time allowing Moonbeam to address future developer needs as the Polkadot network grows over time. Building your own chain with Substrate is powerful, but also comes with a number of additional responsibilities such as learning and implementing the chain’s runtime in Rust, creating a token economy, and incentivizing a community of node operators.
For many developers and projects, an Ethereum-compatible smart contract approach will be much simpler and faster to implement. And by building these smart contracts on Moonbeam, developers can still integrate with other chains and get value from Polkadot-based network effects.
Why We’re Building on Polkadot
After extensive research, we decided to build Moonbeam using the Substrate development framework and to deploy Moonbeam as a parachain on the Polkadot network.
Substrate Blockchain Framework
Substrate is a good technical fit for Moonbeam. By building on top of this framework, we can leverage the extensive functionality that Substrate includes out-of-the-box, rather than needing to build it ourselves. This includes peer-to-peer networking, consensus mechanisms, governance functionality, an EVM implementation, and more.
Overall, using Substrate will dramatically reduce the time and implementation effort needed to implement Moonbeam. Substrate allows a great degree of customization, which is necessary in order to achieve our Ethereum compatibility goals. And, by using Rust, we benefit from both safety guarantees and performance gains.
Polkadot Network and Ecosystem
The Polkadot network is also a good fit for Moonbeam. As a parachain on Polkadot, Moonbeam will be able to directly integrate with — and move tokens between — any other parachains and parathreads on the network.
We also can leverage any of the bridges that are independently built to connect non-Polkadot chains to Polkadot, including bridges to Ethereum. Polkadot’s interoperability model uniquely supports Moonbeam’s cross-chain integration goals and is a key enabling technology to support the Moonbeam vision.
But perhaps just as important as the technical criteria above, we are impressed with the people in the Polkadot ecosystem. This includes individuals who at Parity or the Web3 Foundation, as well as other projects in the ecosystem. We have built many valuable relationships and find the people to be both extremely talented and to be the kind of people we want to be around.
Smart Contracts, Powered by the Glimmer Token
As a decentralized smart contract platform, Moonbeam requires a utility token to function. Our token, Glimmer (GLMR), is central to the design of the network and can’t be removed without sacrificing security and essential functionality.
The Glimmer token is not yet available. Subscribe to our newsletter to be notified when token distribution plans are announced.
Smart Contract Execution
Glimmer is used to pay for smart contract execution, playing the same role that ETH does on Ethereum.
Transaction Fees
All transaction fees are paid for with Glimmer.
Staking
Nominate collators using the Glimmer token and help support the liveness of the network.
Governance
Participate in on-chain Glimmer-weighted voting and governance.
source : https://www.youtube.com/watch?v=pZSb-HSMD-4
How and Where to Buy Moonbeam Network (GLMR)?
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since GLMR is an altcoin we need to transfer our coins to an exchange that GLMR can be traded. Below is a list of exchanges that offers to trade GLMR in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase GLMR from the exchange.
Exchange: …
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once GLMR gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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