Moonbeam network blockchain review details



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Moonbeam is a smart contract parachain that leverages the Polkadot blockchain. Since the Moonbeam network is compatible with Ethereum, you can use popular Ethereum developer tools to build and redeploy projects. It is possible for developers to use existing Solidity smart contracts on Moonbeam blockchain without having to rewrite or reconfigure them. It uses the proof of stake consensus mechanism, and users of the network have to stake GLMR to secure it. Discover more about this rather new blockchain below.


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This parachain is known for being highly compatible with Ethereum. Since Moonbeam network uses the Polkadot blockchain, it enjoys high levels of security. The parachain promises cross-chain interoperability between Polkadot and Ethereum, and that means developers can move dApps between the two networks without having to rewrite the code or redeploy the infrastructure.

 

Briefly about Moonbeam network

This parachain was created in 2019 by Derek Yoo, a technology entrepreneur who also works for PureStake and Fuze. According to Yoo, the project was meant to bring decentralized interoperability to the world of crypto. Developers can use Moonbeam network to launch dApps on Polkadot, and the same apps can be moved to and from Ethereum.

An Ethereum-compatible smart contract parachain on PolkadotCryptoLists.com
 

As a parachain, Moonbeam blockchain leverages the security and scalability of Polkadot. However, it has a native token, which is known as GLMR. This coin is used to cover transfer fees and is also used for staking and governance. Moonbeam blockchain integrates a sharded design to offer a high level of scalability. Its design enables a cross-blockchain transfer of digital assets, including ETH and BTC.

 

Utility of Moonbeam network?

Moonbeam network is primarily meant to be used by developers of dApps. You can access a wide range of developer tools that can be used to create interoperable apps. Some of these tools include Metamask and Waffle. The parachain supports all EVM bytecode languages in addition to Solidity. Some of these languages include Vyper, Javascript, and Flint.

Moonbeam network details

Moonbeam network Consensus Method: Proof of Stake
Release Date: December 17, 2021
Resources & Social media
 

Advantages at Moonbeam network

+ Moonbeam network is compatible with Ethereum blockchain.
+ Users of Moonbeam blockchain can stake their tokens to earn rewards.
+ The network supports the transfer of tokens among different blockchains.
+ Transfer fees on Moonbeam network are extremely low.
 

Disadvantages

- It is faced with stiff competition from other blockchains.
- Proof of stake hasnt been confirmed to be sufficient for security.
- Hackers have exploited Polkadots vulnerability in the past.
- Investing in the project can be risky since cryptocurrencies are volatile.
 

Costs

▪ Rated at 10/10

When making transfers on this parachain, you will have to pay transaction fees in its utility token GLMR. The fee varies depending on the network traffic and transaction type, but it averages at around 0.010.03 GLMR. This fee is negligible and will make it easier for people to adopt dApps. GLMR is listed on a number of crypto exchanges, including Binance and KuCoin, so you can easily purchase it to make transactions on the parachain.

 

Reputation and Buzz

▪ Reputation rated at 9/10
▪ Buzz rated at 9/10

This network is fairly popular as it has made it cheaper and easier to use dApps on the Ethereum blockchain. It was one of the first fully-functional parachains to go live on the Polkadot blockchain and has gained recognition from developers who want to take advantage of cross-chain interoperability. Most comments about the project are positive, and its Twitter page currently has more than 256,000 followers.

 

FAQ

Who created Moonbeam Blockchain?

Moonbeam blockchain was developed by Derek Yoo, and he currently serves as the CEO of PureStake. The chief operations officer of Moonbeam is Stefan Mehlhorn, and he specializes in early-stage company management and operation.

Is Moonbeam Blockchain proof of stake?

Yes, Moonbeam network is proof of stake. Users of the network can stake GLMR and get low-risk rewards. In this network, holders of the tokens can delegate their coins to collators, and the holder will get rewards for participating in securing the parachain.

What makes Moonbeam Blockchain unique?

A unique aspect of this parachain is that it has an Ethereum-like environment, and developers of dApps can redeploy their existing smart contracts quickly.

What is the native cryptocurrency of Moonbeam blockchain?

The native cryptocurrency of Moonbeam network is GLMR, and it is used for staking and paying transfer fees. You can buy this altcoin on various crypto exchanges, including Binance and KuCoin.

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Screenshots from Moonbeam network

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