Saturday, July 20, 2024

Moonbeam Goes Live On Polkadot Network.

Moonbeam has completed its three-part launch process and is now fully operational and live on the Polkadot network. The smart contract parachain has pocketed a first by being a fully operational parachain on the Polkadot blockchain. It will make way for over 80 projects in its ecosystem.

Moonbeam’s launch began in December 2021 with centralized block production. Once everything was confirmed to be running smoothly, independent collators were added. This in turn decentralized the network. It has now reached a minimum of 48 collators.

Participants of the Moonbeam parachain auction crowdloan can claim their Moonbeam governance token rewards. They can initially claim 30% of their total allocated GLMR tokens. The participants can get an additional three weeks’ worth of vested emissions. The outstanding 70% of rewards will be released over the next 96 weeks. Token holders can commission their GLMR tokens to benefit from staking rewards.

The reward distribution, as per the platform, depends on the number of tokens the user has contributed versus the amount with the collator. This is tantamount to the way rewards are allotted on other Proof-of-Stake chains. Moonbeam is coherent with the Ethereum blockchain. As such, it can be connected with applications from the Ethereum mainnet with very few changes to the underlying code. Keeping this in mind, Ethereum is set to launch on the network. This includes Chainlink oracles and indexing protocol The Graph.

Prior to Polkadot, Moonbeam was associated with Kusama – Polkadot’s canary network.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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