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Highlights
- Dubbed as the future of multichain, Moonbeam is an Ethereum-powered smart contract parachain on Polkadot network.
- On 11 January, Moonbeam was in trends following the completion of the initial coin offering (ICO) and will be making its debut on the KuCoin exchange on Tuesday.
- The initial circulating supply of the token is placed at 55,000,000 GLMR coins and the issue price US$0.25 with an initial market cap of US$13,750,000.
Dubbed as the future of multichain, Moonbeam (is an Ethereum-powered smart contract parachain on Polkadot network. Working as a highly specialised parachain, the Moonbeam protocol was founded by Derek Yoo, CEO of PureStake, in 2019.
Moonbeam, governed by its native token GLMR, acts as a connectivity bridge between Polkadot Parachains along with other blockchain networks such as Bitcoin and Ethereum. On 11 January, Moonbeam was in trends following the completion of the initial coin offering (ICO) and will be making its debut on the KuCoin exchange on Tuesday. The trading of the GLMR token will be open for pairs of GLMR/USDT and GLMR/BTC on the exchange and deposit and withdrawal will begin from 10:00 am UTC.
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The initial circulating supply of the token is placed at 55,000,000 GLMR coins and the issue price US$0.25 with an initial market cap of US$13,750,000.
What makes Moonbeam unique?
Moonbeam allows the developers to take advantage of the Ethereum’s dominance on top the Substrate. Substrate allows developers to quickly build and launch a blockchain with various feature options which a particular project would need. This would allow developers to deploy smart contracts seamlessly with the same tools at the same time, make the most of the modern Substrate framework.
Acting as a bridge between Ethereum and Polkadot, it is able to take advantage of the infrastructure and smart contract features on the Polkadot platform. This brings in solidity and the multi-chain feature to the GLMR token and takes the best of the two blockchain networks.
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Developers find it a seamless process in porting their decentralised applications (DApps) that are available on Ethereum in a permissionless manner. It also reduces the significant changes that often act has a hinderance in operating between different blockchain networks.
Besides, the developers also find it easy to bypass the issues related to scalability and that of expenses, which are often seen on the Ethereum network.
What’s in store?
The Moonbeam protocol in the coming days could see significant interest amongst the investors. Being a multichain network, it does boast of significant features, and it won’t be a surprise to see if the GLMR token hits the roof on KuCoin in the next 24 hours.
Besides the investors, it could also attract DeFi developers, who are looking to make the most of Ethereum’s capabilities. Recently, the Moonbeam network had announced that it could be working with other networks such as Clover that could expand Moonbeam’s net to a wider horizon.
