The crypto space remains flooded by many cryptocurrencies, as investors have many options to commit funds into. This uprising is mainly due to the variant applications of blockchain across various facets of life. All of this would not have been possible without the creation of Bitcoin. Historically, Bitcoin is the first application of the technology. It has remained a focal point of the crypto market. The cryptocurrency remains the leading, most valuable, and largest asset in the space. Its creation has also paved the way for many altcoins to flourish. However, one such application of blockchain, mirroring Bitcoin, is Moonbeam. In this article, we will be discussing the potential of GLMR Crypto in the crypto market in 2022.
What Is Moonbeam?
Moonbeam is an Ethereum-compatible smart contract protocol that aids developers in building interoperable applications. Launched in January 2020, it resides on the Polkadot chain and promises cross-chain interoperability between Polkadot and Ethereum. Its founder, Derek Yoo, is the CEO of PureStake. PureStake currently equips blockchain app developers and projects with a secure and reliable public blockchain infrastructure. Moonbeam’s development team consists of Stefan Mehlhorn, Katie Butler, and Nate Hamilton, representing the protocol in high positions.
Moonbeam also enables developers to move Decentralized Apps (DApps) between both networks without barriers or borders. Problems encountered in such interactions mainly include having to rewrite code or redeploy infrastructure. Fortunately, with Moonbeam, developers do not encounter such, as the network is highly interoperable. The protocol also makes it seamless to use Ethereum developer tools in the building and redeployment of Solidity projects.
It is also worth mentioning that Moonbeam is not just an EVM implementation as it also encompasses additional features. Features such as on-chain governance, staking, and cross-chain integrations are the extra add-ons of the Polkadot parachain. The networks also utilize the extra scalability and security of Polkadot’s sharded design and security umbrella. Its native and utility token is Glimmer (GLMR). GLMR use cases involve: aiding transactions, providing security, and facilitating staking-based governance decisions.
What is Moonriver Crypto?
One cannot talk about Moonbeam without mentioning its affiliate network- Moonriver. Moonriver is a sister network to Moonbeam and is an Ethereum-compatible smart contract parachain operating on Kusama. For the uninitiated, Kusama is Polkadot’s testing ground and a pre-production ground for the blockchain. Kusama allows developers to experiment and test new applications before releasing them on Polkadot. In that vein, Moonriver is also Moonbeam’s testing network and functions in the same capacity as Kusama to Polkadot.
The network allows developers to first test their codes, DApps, and latest builds, before taking them to Moonbeam. Its governance and its community-led native token is MOVR. Its token holders and developers have so much power over the network, as most MOVR is in their hands. However, unlike Moonbeam, it is built on Substrate and connects natively to the Kusama network. This allows Solidity-based smart contracts to be deployed with minimal changes and gain access to the assets built on them.
Why Should I Use Moonbeam?
Moonbeam is one of the most influential networks in the blockchain community, offering users bespoke services. One of them includes allowing developers to take advantage of the modern Substrate framework on which all Polkadot parachains exist. Listed below are also other advantages of the network that makes it very important to developers and users generally;
What is GLMR Crypto?
GLMR crypto is the native and governance token of the Moonbeam network. The token is primarily the brain of the network, allowing it to function properly as a decentralized smart contract platform. Its function across the network is optimum, as it is central to the core of its activity. It is the gateway for network participants to access the vital functions of the network. The token was first issued via a private community event called Take Flight. This event saw the issuing of one hundred million tokens to the public.
Presently, the token has a circulating supply of 227,380,902 coins and a maximum supply of 1,000,000,000 coins. Its annual inflation rate is 5%, and it currently does not have an uncapped supply. One of the token’s uses case involves facilitating Moonbeam’s on-chain governance mechanism. An example of the governance mechanism it facilitates includes proposing proposition, electing council members, and voting. Users can also use GLMR to pay for transaction fees on the network. Another use case of the token is to incentivize collators. The token is available for purchase and trading on many exchanges, including Binance, Kraken, and KuCoin.