What is Moonbeam (GLMR)? – How to Buy and Use It

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What is Moonbeam (GLMR)?

As blockchain developers concentrate on cross-chain platforms that enable connected applications, Moonbeam (GLMR), an Ethereum-compatible smart contract para chain on the Polkadot network, has gained popularity.

Moonbeam is a highly specialized para chain that matches Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. 

It is much more than just an EVM implementation. With extra features like on-chain governance, staking, and cross-chain integrations, the Moonbeam platform expands the core set of Ethereum functionalities. 

Its main utility token on the Polkadot network is Glimmer (GLMR).

Who Are the Founders of Moonbeam?

Derek Yoo, CEO of PureStake, which offers safe public blockchain infrastructure for application developers, initiatives, and businesses, founded Moonbeam in 2019.

The chief operations officer (COO) for Moonbeam and PureStake is Stefan Mehlhorn, a specialist in managing early-stage businesses who formerly worked with Samsung Pay.

What makes Moonbeam Unique?

Instead of a Geth-based solution, Moonbeam provides an Ethereum-like environment on top of Substrate. 

This enables developers to take benefit of the cutting-edge Substrate platform, on which all Polkadot para chains are based, while also effortlessly redeploying their current smart contracts using the same tools and interfaces they already use.

Developers with Solidity- or Vyper-based smart contracts can “go multi-chain” and expand their influence into the Polkadot ecosystem thanks to the Moonbeam network. 

The blockchain from Polkadot guarantees easy workload sharing on a new layer.

Through Moonbeam, developers can construct new permissionless decentralized applications (dApps) using well-known Ethereum development tools or effortlessly migrate their current Ethereum DApps to Polkadot.

When front-end dApps are migrated between chains, the tools on Moonbeam ensure little change.

Ethereum developers will be able to avoid the scalability issues brought on by the cost and limitations of the Ethereum network by using Moonbeam.

How Many GLMR is in Circulation?

Glimmer (GLMR), the native token of Moonbeam, was released in a closed community event called Take Flight. 

100,000,000 GLMR (10% of the total supply) were distributed during the Moonbeam community event. 

There are 552,400,302 GLMR coins in circulation, and the maximum supply is unknown.

How is the Moonbeam Network Secured?

The Moonbeam project is moving toward a decentralized form of government. Participants in the network can access the essential features of the network through the utility token Glimmer (GLMR).

Owners of GLMR will be able to submit referenda, cast ballots, and choose council representatives. A representation of the proof-of-stake consensus mechanism proposed by Polkadot. 

A Polkadot sharded design and shared security umbrella give Moonbeam more scalability and security.

How Can Crypto Investors Use Moonbeam (GLMR)?

Utilizing their GLMR will enable users to receive low-risk rewards. You can sell your coins to coin collectors via Moonbeam. 

Then they give these nodes rewards for their security-related contributions to the platform. 

According to the stipulated amount of participation, they distribute the prizes among those who participated.

To use the functions and features of the site, Moonbeam buyers must possess GLMR. In the ecosystem, GLMR serves as the primary utility token. 

It is used for gas fees, creating smart contracts, transactions, transferring money, and staking.

Where to Buy GLMR?

The top cryptocurrency exchanges for trading in Moonbeam stock are listed below, making it easy to discover where to acquire Moonbeam at the current price:

Binance

Bitget

DigiFinex

FAQs

Is Moonbeam coin a good investment?

This past year, Moonbeam emerged as one of the most talked-about cryptocurrencies. Given this, it becomes sensitive to conclude that GLMR is a wise investment.

Is Moonbeam a cryptocurrency?

Moonbeam is a Polkadot blockchain-based crypto coin.

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