Moonbeam: Ethereum layer 1,5 on Polkadot

What is Moonbeam?

Moonbeam is a Substrate-based implementation of Ethereum. While having a closer look, Moonbeam is actually a lot more, it’s a layer 1,5 of Ethereum which mirrors Web3 RPC, accounts, keys, subscriptions, logs, etc.

Technology diagram, source: https://docs.moonbeam.network/learn/technology/

Moonriver: Canary network of Moonbeam

In the future, Moonbeam will secure a parachain slot on Polkadot. However, before we have a parachain auctions on Polkadot, Kusama has to come first. Therefore Moonbeam is launching its own incentivized Canary network called Moonriver. Similar to the relationship between Polkadot and Kusama, the new code will ship to Moonriver first, and once proven after testing and verifying under the real economic conditions, the same code will be shipped to Moonbeam.

Moonriver

Moonriver Kusama parachain auction strategy

The team has allocated 60% of the River tokens for a crowdloan to community members, to support Moonriver's chances in the Kusama parachain auction. So there won't be any rewards in River tokens for the founders of Moonriver.

Tokens

Moonbeam has two different tokens, Glimmer for Moonbeam and River for Moonriver. Let's have a closer look at both of them.

Glimmer (GLMR)

Glimmer is the utility token of the Moonbeam network. It is central to the entire Moonbeam network, which can’t run without it. Holding GLMR utility tokens will serve as the gateway for network participants to access their corresponding network functions.

  • paying transaction fees for network operations,
  • incentivizing collators for maintaining parachains on Polkadot,
  • supporting the gas metering of smart contract execution,
  • enabling on-chain governance mechanisms — proposing referenda, voting, electing council members,

River (RIVER)

River is the utility token of the Moonriver, the Canary network of Moonbeam. And as said before, Moonriver will be parachain of Kusama.

Conclusion

Moonbeam will allow developers using familiar Ethereum development tools to create new smart contracts and dApps within the Polkadot ecosystem.

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Polkadotters | Kusama & Polkadot validators

Polkadotters | Kusama & Polkadot validators

Czech bloggers & community builders. We are validators of Polkadot, Kusama, Darwinia, Crab, Bifrost, HydraDX, StaFi, Centrifuge under the name: POLKADOTTERS