Not only investors are crazy about the Polkadot ecosystem, but also developers are. The developer community is absolutely excited about Polkadot which is the key factor when it comes to building a whole ecosystem around Polkadot.
One of the hottest projects currently built on Polkadot is Moonbeam.
Let me explain what makes it so hot.
What Is Moonbeam?
Polkadot is actually one of the hottest things happening in the crypto market right now. Some even say that Polkadot is the most important cryptocurrency since Ethereum.
Polkadot was designed to resolve the scalability and interoperability issue that can be observed on the Ethereum blockchain right now. The interoperability with other blockchains is the main focus of Polkadot.
New players like Moonbeam expand to new chains. Moonbeam is an Ethereum-compatible smart contract parachain on Polkadot that can connect to Ethereum. Moonbeam is one of the main reasons why I consider Polkadot to be a partner or a friend of Ethereum rather than being its killer.
Moonbeam is going to extend the base Ethereum feature set with additional features such as on-chain governance, staking, and cross-chain integrations. There is no need to rewrite or reconfigure your smart contracts and you can use Ethereum-based tools like Metamask.
If you haven`t realized yet what it means, just take a minute to think about it.
It is actually a huge thing. The future of blockchain is the ability to interact with other blockchains. Moonbeam is actively working on that. Big projects like Chainlink, Metamask, Band Protocol, and Injective Protocol are having Moonbeam deployments underway.
The primary deployment of Moonbeam is taking place on the Polkadot network. At the same time, the Kusama network will serve as a “canarynet” for Moonbeam. For this reason, there will be two tokens, the Glimmer token and the River token.
The Glimmer Token
As a decentralized smart contract platform, Moonbeam requires a utility token to function. The Glimmer token ($GLMR) is central to the Moonbeam network and can’t be removed without sacrificing security and essential functionality.
The primary deployment of Moonbeam is taking place on the Polkadot network with the associated Glimmer token.
The Glimmer token is not yet available. The anticipated launch is in the second quarter of 2021.
When the Moonbeam network finally launches, the total supply of Glimmer tokens will be ten million. A portion of the network tokens has been reserved to ensure the network secures and maintains a parachain slot on the Polkadot network. Another significant portion of the network has been reserved for a future public sale, which will shortly precede the public network launch.
The Moonbeam network is still under development. Make sure to follow Moonbeam on their official channels like on Twitter to keep yourself up to date about the final token launch and the public sale.
The River Token
There will also be a second token called Moonriver token ($RIVER) associated with the Kusama Network. This token is central to the design of Moonriver and cannot be removed without sacrificing essential functionality.
The token supply and other token economic behaviors on Moonriver will be the same as Moonbeam, but token distribution will be different in order to support the unique goals and attributes of the network. The $RIVER token is not yet available. The anticipated launch is in the first quarter of 2021.
Moonriver will serve as a “canarynet” for Moonbeam, but it will also be a community-led experiment where the community will decide the direction it takes. Among other things, Moonriver will use a large parachain crowd loan to obtain its initial parachain slot on Kusama.
My Final Words
I am really excited about the potential of Moonbeam since I have started my research on this project. So, nothing in my post is sponsored. It really reflects my own opinion. I also believe that the future is interoperability and multi-chain. That`s why I believe that Moonbeam has huge potential.
If you are also as excited as I am about Moonbeam, make sure to follow Moonbeam on their official channels like on Twitter to keep yourself up to date about the final token launches and the public sale.
At the end of my post, I also like to remind you that my intention in this post is to raise your awareness of Moonbeam. My intention is not to replace your own research. I may look smart on my profile pic but I am not your financial sensei. 🤓
I hope I could provide you with some interesting and useful information about Moonbeam.
Thank you guys as always for reading, liking, following, and tipping 👍