What is Moonbeam?

Moonbeam (GLMR) is a smart contract parachain that is compatible with Ethereum and operates on Polkadot. It strives to provide a seamless environment for developers to build or redeploy Solidity projects in a Substrate-based environment. Moonbeam extends beyond a simple Ethereum Virtual Machine (EVM) implementation, offering a specialized parachain that mirrors Ethereum's Web3 RPC, accounts, keys, subscriptions, logs, and more. It also introduces additional features such as on-chain governance, staking, and cross-chain integrations. Moonbeam's compatibility with Ethereum allows developers to use existing Solidity smart contracts and popular Ethereum developer tools without the need for significant changes.

How does Moonbeam work?

Moonbeam operates by providing an Ethereum-like environment on top of Substrate, which is the framework on which all Polkadot parachains are built. This allows developers to easily redeploy their existing smart contracts using the same tools and integrations they are familiar with, while also benefiting from the modern Substrate framework. Moonbeam's network enables developers with Solidity or Vyper-based smart contracts to extend their reach into the Polkadot ecosystem. Through Moonbeam, developers can port their existing Ethereum DApps to Polkadot or create new decentralized applications using familiar Ethereum development tools.

What are the potential use cases for Moonbeam?

Moonbeam aims to provide a solution for developers looking to bypass the scalability challenges of the Ethereum network. By using Moonbeam, Ethereum developers can extend their influence into the Polkadot ecosystem, opening up new possibilities for decentralized applications. Moonbeam also provides integration and connectivity between Polkadot Parachains and other chains such as Ethereum and Bitcoin via bridges. This cross-chain integration capability makes Moonbeam a potential choice for developers aiming to build multi-chain applications or those looking to migrate their existing Ethereum DApps to a more scalable environment.

What is the history of Moonbeam?

Moonbeam was initiated in 2019 by Derek Yoo of Pure Stake. The Moonbeam Network was founded by Derek Yoo, the CEO of PureStake, a platform that provides secure and reliable public blockchain infrastructure to blockchain app developers, projects, and enterprises. Stefan Mehlhorn, a specialist in early-stage company management and operation, serves as the chief operations officer of both Moonbeam and PureStake. The native token of Moonbeam, known as Glimmer (GLMR), was issued via a private Community Event called Take Flight, with an initial issuance of 100,000,000 GLMR, which is 10% of the total supply.