ValteThu, Dec 2, 2021 3:03 PM
DeFying Gravity: Moonbeam Network and its Run for Polkadot
In the new episode of DeFying Gravity series focused on all the brand-new and innovative in any way crypto projects we continue to explore Polkadot parachains. This time let’s discover Moonbeam Network — the main competitor of Acala, that gathered even more funds in the Polkadot’s auction, even though didn’t win it but attracted much attention from the community for its unique architecture and comprehensive use cases.
What is Moonbeam crypto?
Moonbeam Network is a decentralized, permissionless, Ethereum-compatible smart contract platform for multi-chain projects on Polkadot. It takes the supreme features of Ethereum and Polkadot blockchains — a simple, comprehensive, and familiar tools of Ethereum and a scalable and compatible network structure of Polkadot. Its main goal is to provide a comprehensive environment for dApps creation and serving cross-chain assets.
Moonbeam Crypto is designed mainly for developers and thus provides them with full implementation EVM (Ethereum Virtual Machine), and APIs compilable with Web3 and also bridges that connect Moonbeam with the other Ethereum networks, so the developers can operate Solidity smart contracts and dApps without a lot of changes.
The idea is to expand the usage of smart contracts on as many people as possible and also to boost the use of more assets in general, including the tokens on the other networks.
Moonbeam network if it goes live will benefit the following categories of users:
- already designed projects on Ethereum blockchain that struggle because of cost and scalability issues — their developers will get a chance to partly transfer the workloads from Ethereum layer-1 to Polkadot, making them work on both networks simultaneously while making them accessible from other Polkadot’s parachains;
- projects running on Polkadot that require smart contract functionality — it will be possible to enlarge the parachains and add extra functionality to Polkadot (such as, crowdloan options) while using a convenient and substantial Ethereum toolkit;
- developers of the new decentralized finance applications — they will get access to the parachains’ functionality while the dApps will be available for the users and assets on all Polkadot chains, and at the same time, Moonbeam will serve as a lightweight integration layer that processes the network services before offering them to the users making pre-built integrations more simple and fast.
Moonbeam Network aims to become a parachain on Polkadot to be supported by its shared security protocol on Rely chain and also to coalesce with the other Polkadot’s chains when they will go live.
The functionality of Moonbeam Network includes:
- EVM implementation — to migrate Solidity smart contracts with minimum changes and predicted execution;
- Web3 RPC API — to move front-ends of the ready dApps with fewer modifications and to use MetaMask, Truffle, and other Ethereum tools without prior improvements;
- compatibility with the block explorers, front-end development libraries, and wallets;
- Polkadot cross-chain integration through the token bridges and blockchain’s protocol itself — to move the assets freely between the chain while having access to their state and interactions;
- network governance — to let the participants vote for the decisions about the development and the future of the project according to their current needs.
Moonbeam Network tokens
Moonbeam has 3 tokens:
- Glimmer (GLMR) - the utility token powering the parachain and providing most of the functionality. For instance, the coin is needed to measure gas for the issue of the smart contracts, to incentivize the collators, to fuel decentralized node infrastructure and also cover the transaction fees. It also gives governance rights to the holders, so they can vote for the project’s future, council members, and proposals. The whole supply of 1 billion is to be released once Moonbeam goes live. 10% of it is reserved to ensure that Moonbeam gets a secure spot on the Polkadot.
- Moonriver (MOVR) — is the part of the Moonbeam deployment on Kusama (a twin parachain of Moonbeam) that will serve as a Canary Net for Moonbeam and also be a community-ruled experiment.
- DEV coin — used for Moonbeam Alpha, parachain’s testnet for testing the development and operations on the Moonbeam parachain and is available for free obtaining from the project’s faucet.
GLMR and MOVR tokens will have the same supply and the same token allocations. DEV coin will be disabled after the network is going live. Moonbeam token is aiming for a 5% annual inflation rate so the total supply is disclosed. This inflation percentage will be used for the continuous renewing of the spot on Polkadot and to offer the collation services to the users. The inflation will be distributed in the following way:
- 1% — for collators incentivizing;
- 1,5% — reserved to preserve the parachain’s spot;
- 2,5% — is to be allocated to the users that stake their GLMR.
At the moment anyone wondering, where can I buy Moonbeam crypto has to wait for the Crowdloan to be over. The updates about when and how the coin will be released are not revealed yet.
Moonbeam Crypto Crowdloan
To attract the community to fund the network in its aspiration to run on Polkadot blockchain the team organized a Crowdloan. That’s a new way to offer all the power over the project to the community and prevent malefactors from scumming the ideas.
That’s why Polkadot was designed in a way that every parachain has to lock a big amount of DOT tokens to secure one of the limited slots. When the token release is over, the project needs to renew the lease either by organizing Crowdloan again or through the network’s treasury. The important point here is that the development team has no access to the contributed assets.
To get this secured spot among the other parachains Moonbeam has to win an auction. Recently the network reached extremely close to its goal but has lost to Acala Network.
The team doesn’t see everything that happened in a bad light and in fact, Moonbeam attracted more investments but from fewer wallets. During the auction, the networks were continuously swapping the leader till at last the victory wasn’t awarded to Acala.
Moonbeam Network’s Present and Future
Despite the unsuccessful auction, the team is not giving the project up and planning to finally get the spot as it will allow it to go live and interact with other parachains. If the network succeeds Moonboom release date on Polkadot will be during Q1 of 2022.
Meanwhile, the project's development team doesn’t stop working on the project and empowering the network to create the most convenient environment for the developers.
For, instance, at the end of October Moonbeam Network collaborated with the analytic platform for EVM-compatible chains Etherscan. It means that the most popular electronic virtual machine will work on both Moonbeam and Moonriver under the name Moonscan.
Thus the users will get access to the network's performance charts including smart contract execution, token transfers, collateral information and the lists of assets on the parachain. It will also allow the developers to verify their smart contracts. With time more features are going to be added.
The project attracted a huge community that still believes in the project. Even though the team didn’t renew the roadmap or upcoming plans for the Moonbeam Network yet, it surely will not just disappear or stay on the testnet forever.