What is Moonbeam ?. Beaming a New Path to Multi-Chain

  • Posted on December 5, 2022
  • Blockchain
  • By Mark Otto
  • 365 Views

Moonbeam is a project that effectively balances itself between two prolific blockchains it possesses the user-friendly tools of ethereum and the interoperability of polkadot this article we will show you what Moonbeam is all about, what is the future potential of this gem, is it worth the investment these and many more.

Moonbeam is a project that effectively balances itself between two prolific blockchains it possesses the user-friendly tools of ethereum and the interoperability of polkadot this article we will show you what Moonbeam is all about, what is the future potential of this gem, is it worth the investment these and many more.

Moonbeam (Glimmer) world's first naturally interoperable token project, you rarely get to see a coin that can naturally operate on two different blockchains.
Pronounce glimmer but spelled ( glmr ) blows that argument right out of the water, it was built as a parachain or a sub chain project on the polkadot network but it is also compatible with ethereum operations .

Moonbeam is a relatively new project founded on polkadot, launched on January 11 2022. It underwent a three-phase launch and proceeded to win big in the second ever parachain auction that was held on polkadot.

Moonbeam is primarily blockchain that can create and run its own applications, some of the tasks that apps designed with Moonbeam perform include executing
issuing schedules properly governing the Network's staking pool postulating economic modules and incentivizing the nodes that's its main operation as a parachain on polkadot, but its automation as a functional project on the ethereum network means that developers can use ethereum's well-coordinated Smart contracts and decentralized app designs to improve Moonbeam without paying extra charges so one of the best selling points of Moonbeam is how it's interoperable between polkadot and ethereum and how it's compatible with the biggest blockchain Network.

The plus here is that the traditional smart contracts often lack interoperability and can only be used on their parent chain but smart contracts designed on Moonbeam can be applied across several other chains instead of having the smart contracts naturally domiciled on Moonbeam a developer can migrate some existing works and extend their applications to user on other blockchains courtesy of its relations with the parachain.

Moonbeams users can enjoy free access to the polkadot relay chain because moonbeam's economic model already finances its own continuous use and thus extends the grace to its own users in other instances users would have to pay to use the relay chain.

It's way less expensive as well Moonbeams consensus. Moonbeam has its own unique proof-of-stake mechanism delegated proof of stake or dpos allows node operators who have staked their tokens to produce blocks then a group of validators collect data verify and finalize them on the polka dot relay chain the interoperable bridge between Moonbeam and ethereum connects them with Moonbeam base consensus mechanism on both ends of the bridge although to be interoperable Moonbeam had to Bear some similarities to ethereum particularly in the structure of the bigger networks web3 API and evm.


Still there are several other differences worth noting regarding consensus and finality. Moonbeam consensus is the model by which validators on the network decide on
which block represents its next valid state after blocks are created, the Chain's finality determines the blocks complete its state and ensures that it cannot be altered while ethereum might also share a fancy for the PoS mechanism having migrated to the proof of stake.

Moonbeam becomes compatible with ethereum by its unified accounts. Moonbeam is a substrate based chain and is naturally not predisposed to functioning on ethereum, so the protocol's underlying substrate account type is changed to resemble ethereum-like addresses and apis what is glimmer (glmr) is Moonbeam's native utility token and you could use it to do some of the things polkadot can do like staking and participate trading and governance functions. When you use Moonbeam (glmr) the currency for supporting the network operations and paying gas fees, stakeholders can delegate a portion of their tokens to earn more glimmer through the decentralized application of moombeam.


Based on a report from CoinGecko and the Moonbeam, Foundation started with one billion dollars which is expected to increase by about five percent per year.
The project also has a burning mechanism, by burning transaction fees accumulated on Smart contracts, more than 80 percent are destroyed in the burning mechanism at the same time, the reminder is dispense for network operations or stored in the treasury, all these further contribute to the price action of the glimmer token price action and forecast.


All investments have risks so do for your own research and only commit what you can afford to lose.

Author
SuperAdmin
Mark Otto

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