Ethereum-compatible smart contract parachain Moonbeam is live on Polkadot

The Ethereum ecosystem is one of the most popular platforms for Dapps. Every day, a new project launches that could change how we interact with finance or real estate in the future. One company seeking to leverage this trend has emerged: Moonbeam. They are launching their first game on October 1st which will be powered by smart contracts and blockchain technology.,

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The “moonbeam parachain auction” is a smart contract that was created by the team behind Polkadot. It allows users to create and manage their own parachains on top of the main chain.

Moonbeam, an Ethereum-compatible smart contract parachain, has gone live on Polkadot, bringing the long-awaited debut closer.

The winner of the second slot auction became the first fully operating parachain on Polkadot, ready to welcome the deployment of over 80 projects, when the launch procedure was finished.

Implementation of the project

Moonbeam is supposed to “light up Polkadot’s ecosystem” with activity, much as Moonriver did with Kusama’s dapps and use.

1/ ūüöÄ‚Äč Moonbeam is LIVE on @Polkadot! ūüĒ• We are excited to announce that Moonbeam is the first fully operational parachain on Polkadot. Moonbeam will bring many new integrations, activity & users to light up Polkadot‚Äôs ecosystem. ‚ö° #MoonbeamLightsUphttps://t.co/yBhgyWwaRn

‚ÄĒ January 11, 2022, Moonbeam Network (@MoonbeamNetwork)

A number of infrastructure initiatives, including bridges, multi-sig support, The Graph, Chainlink oracles, and others, will go live on the parachain in the coming weeks. 

Moonbeam’s long-awaited debut comes after the Moonbeam Foundation staged a tremendously successful crowdloan campaign.

In fact, the EVM-compatible smart contract platform established a new standard for crowdloans by receiving the most number of contributors (over 200,000 worldwide) and the highest quantity of DOT (35 million DOT, or $944 million at the time) of any parachain.

The first 30% of crowdloan incentives (45 million GLMR) were awarded proportionally to participants’ contributions, while the remaining 70% (105 million GLMR) will vest linearly over the 96-week parachain lease duration.¬†

Users may link Moonbeam to MetaMask and start utilizing their native GLMR coins now that they are transferrable.

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According to CoinMarketCap, GLMR was trading as low as $11 earlier today. 

24-hour chart of Moonbeam to USD (CoinMarketCap)

As the day progressed, the price increased by 157 percent, momentarily topping $27. The coin is currently trading at $23.60 at the time of writing.

Because of the parachain’s Ethereum compatibility, developers can easily port existing Solidity smart contracts and dapp frontends to Moonbeam while still benefitting from the relay chain’s security and connectivity with other Polkadot-connected blockchains.¬†

Beginning on December 17, the launch procedure steadily added more features.

The final step of the launch began once block production and decentralization were installed and proved to be working properly.

Staking by collators, crowdloan incentives, and governance 

The superuser key (Sudo) was removed during the final phase of the launch, and the EVM and balance transfers were enabled.

Balance transfers let users to engage in on-chain governance, as well as collator staking and crowdloan rewards distribution. The active set of collators was expanded to 48 at this point. 

Collators, which act as complete nodes in the relay chain and are a major component of Polkadot’s multichain architecture, enable messages to be sent from one parachain to another.

They consolidate parachain transactions from users and create state transition proofs for relay chain validators in a maintenance role. 

Collators save all required information for writing new blocks and transaction execution while keeping a complete node for the relay chain and a full node for its parachain.

In a nutshell, it’s all systems go!

Polkadot, Parachains, Polkadot, Polkadot, Polkadot, Polkadot

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The “moonbeam crowdloan” is a smart contract that allows users to borrow money from the blockchain. The contract was created by Moonbeam, a parachain for Ethereum-compatible smart contracts.

Related Tags

  • how to buy moonbeam token
  • moonbeam crypto release date
  • moonbeam token price
  • moonbeam network
  • moonbeam binance

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