One of the projects using the Polkadot Parachain network that has caught the attention of crypto fans is Moonbeam.
This project has only been built since January 2020, until now the Moonbeam project is still using the Kusuma network before it will be launched on the Polkadot Main net network.
Referring to the Moonbeam roadmap, they will launch Moonriver CanaryNet on Kusama in the 2nd quarter of 2021. And later in the 3rd quarter will launch Moonbeam on the Polkadot Main net.
The Moonbeam project is powered by Purestake. That success in raising up to $6M in funding for the development of the Moonbeam network.
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What is Moonbeam crypto?
Moonbeam is a new project that uses the Polkadot network. This a Parachain that uses EVM smart contracts that are compatible with the Ethereum network. The Moonbeam network offers a solution to make it easier for developers to launch their own Parachain with low fees. As resources in the Polkadot network ecosystem.
Moonbeam was developed by Purestake company led by Derek Yoo. He is expertly experienced in cloud computing and software.
The smart contracts in the Moonbeam network allow developers to use the entire Ethereum network and toolchain so it is compatible with ETH.
This means Moonbeam is a solution for interoperability that can interact with every other chain in the Polkadot system. It also aims for cross-chain integration. This means that it is possible to move tokens from different Parachains and Parathreads in the ecosystem.
Moonbeam also plays a role for Polkadot developers quickly while also considering their need to quickly and efficiently move existing application code to deploy on a more affordable and directly manageable platform.
Moonbeam was also able to bring some Defi elements into the Polkadot ecosystem. It means oracles like Chainlink and Band Protocol could someday run in the ecosystem.
How does Moonbeam Crypto work?
Moonbeam is a network where the community has a role in governance in the development of the network. Token holders can participate including core developers, application developers, collators, users, and other contributors.
In-network governance, token holders can submit proposals to suggest actions to be enforced by the system. It is one of the core elements of the governance system for proposing actions/changes, which will then be selected by other stakeholders.
To submit a proposal, first, the Token holder will make a preliminary description of the proposal. Next, the sender pays a fee per byte stored, the cost will be higher if the preliminary description gets bigger.
The proposal is then sent and it returns the hash of the preimage. Token holders can submit proposals using preimage hashes, locking the tokens in the process. Subsequently, the proposal will be publicly listed. And token holders can duplicate the proposal by locking the same number of tokens locked by the original proposal sender.
Most seconded proposals move to a public referendum. Once in the referendum, token holders vote “Aye” or “Nay” on the proposal by locking the token. Two factors take into account the weight of the vote: the amount locked and the lockout period. If the proposal passes, it takes effect after a certain period of time.
Moonbeam whitepaper
Moonbeam crypto team
The Moonbeam network is powered by Purestake company founded by Derek Yoo who is the CEO of Purestake with 20 years of experience building software and cloud companies. He is also assisted by Stefan Mehlhorn who is a technology entrepreneur and Tim Baldwin with 20 years of experience in engineering.
There are 25 team members in total. Apart from those mentioned earlier, these are the names of the other team members: Oscar King (Cloud Architect), Joe Rhodes (Senior DevOps Engineer), Francisco Gamundi (Software Engineer), Mitchell Grimes (DevOps Engineer), Nathaniel Hamilton (Director of Business Development). Arthur Kaseman (Technical Operations Manager), Brent Clagg (Senior Software Engineer), Katie Butler (Director of Marketing), Telmo González Michelena (Senior Software Engineer), Alan Sapède (VP of Blockchain Engineering).
Mario Sánchez (DevOps Engineer), Alberto Viera (Developer Relations Manager), Antoine Estienne (Full Stack Blockchain Developer), Francisco Javier Agosti (Business Development), Joshy Orndorff (Senior Blockchain Engineer).
Jan Marcano (Software Engineer), Katherine Quilca (Marketing Communications Manager), Amar Singh (Senior Blockchain Engineer), Jérémy Picot (Senior Blockchain Engineer), Stephen Shelton (Senior Blockchain Engineer), Gorka Irazoqui Apecechea (Research Developer), Gil Mouta (Support Engineer).
Moonbeam crypto GLMR
Moonbeam in its design has two tokens, Glimmer (GLMR) and Moonriver (MOVR). Glimmer is a token used in the Moonbeam network, which will be launched on the Polkadot network. It will be the primary token that works for:
- Transaction fee on the network.
- Gas metering in smart contract execution.
- Running the platform infrastructure.
- Incentives for collators.
At the time press, the GLMR token has not yet been launched. And in the roadmap, it is likely to be released in Q3, after launching on the Polkadot Mainnet.
GLMR tokens will be created with a genesis supply of 10 million, annual inflation of 5%, of which 80% of transaction fees are burned and 20% is for the treasury.
Moonriver token (MOVR)
The MOVR token is the second token of the Moonbeam network, it is used in the Kusuma network which serves as CanaryNet. In general, its function is similar to GLMR, only has a different distribution.
The token is also under development and in the roadmap for a possible release in Q2.
When does Moonbeam crypto come out?
At present time the Moonbeam project is still in the development stage. There is no definite information about the launch date of Moonbeam on the Polkadot Mainnet. They only gave a small leak of information about the launch targeted in mid-2021.
As already mentioned, in the roadmap timeline they will launch Moonriver on the Kusuma network in Q2, and launch Moonbeam in Q3 on the main Polkadot network. However, it will also be depending on the parity achieved. If parity is reached in Kusuma and Polkadot, they immediately launch from each.
All fans who make Moonbeam their watchlist may need to follow information updates on Twitter or Youtube, Discord, Telegram, Github, Reddit, or Medium.
On the youtube channel, Moonbeam already has 1.82K subscribers, with an average of new videos once a week. While on the SubReddit forum, Moonbeam reached 1.6K members created since October 7, 2016.
Moonbeam crypto ICO
GLMR is currently on the list of upcoming ICOs on Coinmarketcap, 1,600,000 GLMR tokens for sale will be distributed to advisor 6%, foundation 37%, private sell 12%, public sale 17%, team 15%, and seed sale 14%. There are as many as 8,122 making GLMR tokens as a watchlist at press time.
Moonbeam crypto how to buy
At this time there is no official announcement from the Moonbeam foundation which has the right to distribute GLMR tokens. That process may still require some waiting time for Moonbeam to launch on the Polkadot network.
Everything about token distribution will be announced on the official Moonbeam network website.
Moonriver crowd loan now open
Nonetheless, they announced a Parachain Moonriver slot auction to support the Moonriver network on 10 June 2021 for a crowd loan.
To contribute to this slot auction, new users access from https://attestation.moonbeam.foundation/, and users who have pre-registered via https://crowdloan.moonbeam.foundation/.
An announcement about the crowd loan announcing by the Moonbeam foundation for the community can be followed in two ways. DApp built by the Moonbeam Foundation and through exchangers. For crowd loans via exchanges, the announcement reports that supported exchanges are Kraken and Kucoin.
Crowdloan starts June 9, 2021 21:00 UTC and ends July 23, 03:00 UTC (block 8,443,800) with campaign ID 2023. They report going live through Youtube at the launch at 21 UTC via Dapp crowd loan and answer questions.
At that event, they distributed (3,000,000 MOVR), from genesis tokens to Moonriver crowd loan contributor rewards. Of that amount, 900,000 MOVRs were distributed after the Moonriver Parachain was launched and transfers were activated.
2.1 million MOVR of total prize payouts will follow a linear vesting schedule for 48 weeks duration. The reward obtained will depend on the participant’s contribution to the crowd loan.
How to participate in crowd loan
To participate in the crowd loan, users must have unlocked KSM tokens. Users can buy KSM tokens on exchanges that partner in this crowd loan event.
If participating through an exchange, steps through the rules in that exchange. If participating through the Moonbeam Foundation dApp. The KSM address must connect to a non-custodial wallet such as Polkadot.js.
As a warning from scammers, this crowd loan uses the campaign index ID 2023, does not transfer to a specific wallet address.
Once you have unlocked KSM, next pre-register the crowd loan. And you need a Moonriver/Ethereum address to store rewards. Then you can participate when the crowd loan is open.
Is Moonbeam a good investment?
The development process of the Moonbeam network is still relatively new. It is still difficult to say whether Moonbeam is a good investment or not. Risk warnings are always surrounding in investing in both cryptocurrencies and forex trading.
The only way to analyze by taking from available information and news. Moonbeam has a whitepaper that provides detailed illustrations of the Moonbeam network. Then the development team powered by Purestake consists of 25 skilled and experienced members.
Their roadmap is also quite clear for the future network development process. Fundamentally, Moonbeam is a promising investment. It not yet launch there are already thousands of people monitoring this as a watchlist. This means it’s a good signal that this network getting support from the community.
Final thought
Moonbeam, carries the slogan, smart contract Parachain with Ethereum compatibility. The project that uses the Polkadot network seems to have the support of the community. Purestake, which powers the Moonbeam network, reported fundraises of up to $6 million from a $1.4 rollout.
The funds come from several sources that are Purestake partners such as Coinfund leading the fundraising round. Accompanied by Binance Labs, Coinbase Ventures, Fenbushi Capital, and IOSG Ventures.
Even though the Moonbeam network runs on the Polkadot network, it can also be a bridge to the Ethereum network. Although currently many projects are using the Ethereum blockchain. So it will be interoperable.
This article is for information only and not become investment advice, all risks are the responsibility of each investor.
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