Moonbeam Under Microscope: Multi-Chain Smart Contracts

ِAll You Need to Know about Moonbeam

Moonbean's Motto is “the future is multi-chain”. It is a fact that many other blockchain developers have also realised for a while, and it matters because future blockchain systems will not work separately as they do now. Moonbeam is a Polkadot-based network and Ethereum-compatible smart contract parachain (custom, project-specific blockchains integrated within the Polkadot (DOT) and Kusama (KSM) networks). Moonbeam makes it simple to construct or redeploy Solidity projects in a Substrate-based environment using common Ethereum developer tools.

Staking, on-chain governance, and, of course, cross-chain interoperability are all elements that the platform includes, and this can extend Ethereum's capabilities. However, it is more than Ethereum Virtual Machine (EVM). Moonbeam is a highly specialised parachain that matches Ethereum's Web3 RPC, keys, accounts, logs, subscriptions, and more.

What Makes Moonbeam Unique?

Moonbeam addresses the issue of blockchain interoperability by offering a framework that allows blockchains to interact with Ethereum easily. With this unique feature, the Moonbeam protocol supports developers in creating an interconnected ecosystem. The following is a list of other worthy features of the Moonbeam.

🔅 Collaboration With EVM: Moonbeam allows Solidity-based smart contracts which run on EVM to be migrated to the platform with minor changes.

🔅 On-Chain Governance: Governance that occurs on-chain allows Moonbeam stakeholders to easily change the fundamental protocol in response to developer and community requests without the need for forks.

🔅 Cross-Chain Integration: Moonbeam can provide token movement, message passing, and state visibility with Ethereum and other chains via the Polkadot network and token bridges.

🔅 Advanced API: Moonbeam allows developers to migrate front-end DApps without major changes.

🔅 Permissionless DApps: By providing open-source development and public blockchain, the platform helps to promote a growing DApp ecosystem.

🔅 Substrate-Compatible Tools: Block explorers, front-end development libraries, and wallets are examples of tools that assist both developers and users in creating and interacting with their blockchain space.

Who Are Superheads of Moonbeam?

Moonbeam was founded in January 2020 by the Moonbeam Flight Crew, which defines itself as a global team of makers, thinkers and doers. Its Founder and CEO is Derek Yoo, who is also the CEO of PureStake, a company that provides secure, reliable tools and infrastructure services that fuel leading Proof of Stake networks. Since 2019, Derek has started a blockchain venture and has delved into the Polka ecology. Stefan Mehlhorn is the COO in both the Moonbeam project and PureStake. He is a technology executive and entrepreneur with international expertise. You can find about other team members here. 

• Sept 23, 2020 – PureStake, announced the completion of a $1.4 million seed round (a financing round that raises initial capital to start a business).
• For the strategic round, on Mar 30 2021, PureStake has informed that a $6 million strategic round led by CoinFund has been completed. ParaFi, IOSG Ventures, Coinbase Ventures, Binance Labs, Fenbushi Capital, and earlier seed investors also participated in the round.

CEO Perspective on the Moonbeam Network

On June 7, 2021, Moonbeam hosted a community AMA at Telegraph Group, where Derek Yoo, Yuki, China Marketing Manager, and Mr. Block (the Moonbeam ambassador) gave an in-depth overview of the Moonbeam project and answered questions from the community. They strongly believe that compatibility is essential because it saves a lot of money, reduces uncertainty, and improves adaptability.

Moonbeam Simply Put by the CEO

In this interview, Derek gave a straightforward explanation of the Moonbeam project, “Moonbeam is a Polkadot-based smart contract blockchain aimed to provide Ethernet developers with development tools and networks for compatibility. Developers may simply deploy their current Solidity smart contracts and DApp front-ends to Moonbeam with only minor changes based on their own work.” Moonbeam, he said, is a high-level development platform in the Polkadot ecosystem that has significant features compared to Substrate. In addition, it provides a preferred portal for developers to launch and build projects on Polkadot effortlessly. Comprehensive explanation! You can read the full report here.

🔹 Derek Explains Blockchain Technologies Used in the Moonbeam Project and the Reasons Behind It!

“Substrate was chosen because it provides the highest flexibility and customizability when it comes to creating your own blockchain. Our project's goal necessitated the creation of our own blockchain, and Substrate is the greatest platform for creating a professional blockchain. Polkadot was chosen because of its developer environment and built-in cross-chain integration features. When Polkadot is published, we believe this native cross-chain functionality will be a critical and unique feature that will encourage new multi-chain apps to become parallel chains.”

How Has Moonbeam Paved the Way of Being Multi-Chain?

The main aim of the Moonbeam project is to be the infrastructure for multi-chain projects. In the following, you can find out how it can facilitate this process.

• There is no need for smart contracts reconfiguration or rewriting.
• Support of familiar smart contract languages and support for Vyper, Solidity, and anything that compiles to EVM bytecode.
• Consisting of familiar, Ethereum-based tools like Remix, Metamask, Hardhat. Truffle, and Waffle.
• Pre-Built Integrations possibility.

The Utility Token of the Moonbeam Network

Moonbeam's primary deployment will be on the Polkadot network, where it will be accompanied by a token called Glimmer (GLMR). Moonbeam is a decentralised technology that runs on the native Glimmer token (GLMR). GLMR token holders can secure or contribute to the network as a multi-utility token. In addition, while Moonbeam's mainnet services have yet to be released, developers can use Moonriver, Moonbeam's sister network. Developers can use Moonriver to test the services, which are now live on Kusama and will soon be available on the Moonbeam mainnet. Moonriver smart contracts and the tokenomic structure of the native Moonriver token (MOVR) are quite similar to Moonbeam.

Moonbeam Tokenomics Details

According to the last updates on Nov 24, 2021, the tokenomics information of the Moonbeam network is as follows:

• Deployment Network: Moonbeam
• Relay Chain: Polkadot
• Token Name: Glimmer (GLMR)
• Launch Date: Jan 11, 2022
• Small Unit: Wei (10^18 Wei = 1 GLMR)
• Genesis Token Supply: 1 Billion
• Annual Inflation Rate: 5% Uncapped Supply
• Transaction Fees: 80% Burned / 20% to Treasury

Financial Analysis

The lunch date of the GLMR was January 11, 2022, and its ICO price was 0.25 USD. However, this token was traded in the $11 range on the lunched day. The next day, the price jumped from $8.97 to $13.45. Since January 14, 2022, the decreasing trend has started, and at the time of writing this post on January 18, 2022 the price was 9.97%. Currently, the total market cap is $766,348,803, and only 8% of the coins are in circulation. Also, it’s worth mentioning that during recent days, Moonbeam’s social media has seen some growth. There is not much financial detail about this token since it is an almost newborn token.

The Difference Between Moonbeam and Moonriver

Derek explains that having real-world economic situations is critical, and they want to build a better and more secure platform by combining the Moonriver and Moonbeam ecosystems. Moonriver is a Kusama-based parallel chain, whereas Moonbeam is a Polkadot-based parallel chain. Moonbeam follows Parity's approach by sending codes and updates on Kusama first and then sending them to Polkadot. However, these two projects intend to take two separate networks in distinct directions. Moonriver's Token allocation is different from Moonbeam's in that Moonriver does not have any venture capital or initial team members. Moonriver is a terrific method to get more people involved in the community and assist the network in becoming more community-driven. Moonbeam team plans to install more Moonriver pilot use cases before moving on to Moonbeam to observe how things go.

The Latest News and Announcements of Moonbeam

• Moonbeam Crowdloan Rewards Initial Distribution (Full Report)
• Moonbeam Completes Launch Process and is Now Live on Polkadot (Full Report)
• Moonbeam Begins Decentralization Process (Full Report)
• Moonbeam Wins the Second Parachain Auction and Increases the Rewards Pool by 50% (Full Report)
• RMRK 2.0 Logic Coming to Moonriver (Full Report)
• ZenlinkPro has integrated with Moonbeam (Full Report)
• Moonbeam chain is now integrated into DeBank (Full Report)

Final Remarks

All in all, the Moonbeam project can be considered the most powerful Ethereum-compatible smart contract platform on Polkadot, and it was launched on Jan 11, 2022. We still need to wait to see how this project will stick to its roadmap and plans. Keep an eye on Cryptologi.st for the most up-to-date information about the coins, news, IDOs, and many educational courses. We’ll keep you posted!