The crypto space remains flooded by many cryptocurrencies, as investors have many options to commit funds into. This uprising is mainly due to the variant applications of blockchain across various facets of life. All of this would not have been possible without the creation of Bitcoin. Historically, Bitcoin is the first application of the technology. It has remained a focal point of the crypto market. The cryptocurrency remains the leading, most valuable, and largest asset in the space. Its creation has also paved the way for many altcoins to flourish. However, one such application of blockchain, mirroring Bitcoin, is Moonbeam. In this article, we will be discussing the potential of GLMR Crypto in the crypto market in 2022.
What Is Moonbeam?
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Moonbeam is an Ethereum-compatible smart contract protocol that aids developers in building interoperable applications. Launched in January 2020, it resides on the Polkadot chain and promises cross-chain interoperability between Polkadot and Ethereum. Its founder, Derek Yoo, is the CEO of PureStake. PureStake currently equips blockchain app developers and projects with a secure and reliable public blockchain infrastructure. Moonbeam’s development team consists of Stefan Mehlhorn, Katie Butler, and Nate Hamilton, representing the protocol in high positions.
Moonbeam also enables developers to move Decentralized Apps (DApps) between both networks without barriers or borders. Problems encountered in such interactions mainly include having to rewrite code or redeploy infrastructure. Fortunately, with Moonbeam, developers do not encounter such, as the network is highly interoperable. The protocol also makes it seamless to use Ethereum developer tools in the building and redeployment of Solidity projects.
It is also worth mentioning that Moonbeam is not just an EVM implementation as it also encompasses additional features. Features such as on-chain governance, staking, and cross-chain integrations are the extra add-ons of the Polkadot parachain. The networks also utilize the extra scalability and security of Polkadot’s sharded design and security umbrella. Its native and utility token is Glimmer (GLMR). GLMR use cases involve: aiding transactions, providing security, and facilitating staking-based governance decisions.
What is Moonriver Crypto?
One cannot talk about Moonbeam without mentioning its affiliate network- Moonriver. Moonriver is a sister network to Moonbeam and is an Ethereum-compatible smart contract parachain operating on Kusama. For the uninitiated, Kusama is Polkadot’s testing ground and a pre-production ground for the blockchain. Kusama allows developers to experiment and test new applications before releasing them on Polkadot. In that vein, Moonriver is also Moonbeam’s testing network and functions in the same capacity as Kusama to Polkadot.
The network allows developers to first test their codes, DApps, and latest builds, before taking them to Moonbeam. Its governance and its community-led native token is MOVR. Its token holders and developers have so much power over the network, as most MOVR is in their hands. However, unlike Moonbeam, it is built on Substrate and connects natively to the Kusama network. This allows Solidity-based smart contracts to be deployed with minimal changes and gain access to the assets built on them.
Why Should I Use Moonbeam?
Moonbeam is one of the most influential networks in the blockchain community, offering users bespoke services. One of them includes allowing developers to take advantage of the modern Substrate framework on which all Polkadot parachains exist. Listed below are also other advantages of the network that makes it very important to developers and users generally;
- Minimal Changes: The network’s effectiveness is highly reliable on its interoperability with other blockchains. This is why most of its utility offerings to users rely on its high-scale interoperability. It currently allows EVM-compatible smart contracts, written in Ethereum’s Solidity language, to migrate without any significant coding changes. This is good for developers, especially those who cannot keep codes in the same format across blockchains.
- Compatibility with Ethereum: One of the advantages of Moonbeam being compatible with Ethereum is that smart contract migration between chains is fast. This means that developers will migrate across these chains cheaply and quickly without hindrance. Developers also enjoy this compatibility by accessing tools like Waffle and Truffle to build interoperable apps. This compatibility also allows users to use their Ethereum H160 accounts & ECDSA signatures to interact with Moonbeam.
- Multiple Coding Languages: Moonbeam can support apps written in other languages, apart from Ethereum’s Solidity language and other compatible ones. Example of such language includes Vyper, Flint, Javascript, etc.
- Cross-Chain Access: Moonbeam users currently have access to wallets, bridges, and other integrations on the Polkadot network. However, these users can also enjoy those from other solidity-based networks on Moonbeam. Alternatively, the network has also integrated multiple cross-chain bridges to foster the migration of assets between chains. The available bridge integration on the network are cBridge, Multichain, and RelayChain.
What is GLMR Crypto?
GLMR crypto is the native and governance token of the Moonbeam network. The token is primarily the brain of the network, allowing it to function properly as a decentralized smart contract platform. Its function across the network is optimum, as it is central to the core of its activity. It is the gateway for network participants to access the vital functions of the network. The token was first issued via a private community event called Take Flight. This event saw the issuing of one hundred million tokens to the public.
Presently, the token has a circulating supply of 227,380,902 coins and a maximum supply of 1,000,000,000 coins. Its annual inflation rate is 5%, and it currently does not have an uncapped supply. One of the token’s uses case involves facilitating Moonbeam’s on-chain governance mechanism. An example of the governance mechanism it facilitates includes proposing proposition, electing council members, and voting. Users can also use GLMR to pay for transaction fees on the network. Another use case of the token is to incentivize collators. The token is available for purchase and trading on many exchanges, including Binance, Kraken, and KuCoin.
How To Buy GLMR On Binance
On the 11th of January 2022, Binance announced that users can now trade GLMR Crypto. They were open to trading it with GLMR/BTC, GLMR/BUSD, and GLMR/USDT trading pairs. To buy GLMR on Binance, you will follow the four simple steps below;
Step 1 – Sign Up
Logging in or signing up on Binance is the first for new users. Using your email address or phone number, you can do that on the Binance App or Website. This process is usually seamless and complete after supplying a few KYC details. You will also need to verify the information you provided. However, existing users will only need to log in to their accounts.
Step 2 – Deposit Funds
After logging in, it is essential to have enough funds or digital assets in your account. This will enable you to complete the purchase of GLMR smoothly. Funding your Binance account is easy and could be done via a bank deposit or a debit/credit card. There is also a payment option of peer-to-peer service and third-party payment available on Binance.
Step 3 – Buy GLMR Crypto
You will now use the funded account to purchase either BTC, BUSD, or USDT on Binance. After that, you will search for GLMR and complete your purchase by pairing GLMR/BTC, GLMR/BUSD, or GLMR/USDT. The new asset will automatically reflect in your account.
Step 4 -Trade Or Stake Your GLMR Crypto
Finally, now that you have your assets, you can either hold them in your Binance account or store them in your wallet. On Binance, you can also trade your GLMR for other crypto assets at your convenience and choice. Lastly, there is an option for Binance users to stake it on Binance Earn to earn passive income.
GLMR Price Prediction – Where will GLMR price reach
GLMR crypto has gone up by 38% in the past week, a testament to the rapid growth of the network and the token. Moonbeam remains one of the first parachains to go live on the Polkadot ecosystem and continues to be in demand. The network’s usefulness to developers and blockchain projects will continue to see it excel in the blockchain space. The utility and power of GLMR is also poised to see the utility token grow beyond boundaries. The past week has seen the token rise in value by at least 35%, and it looks like it won’t stop soon.
According to CoinMarketCap, the token’s recent dominance now ranks it among the top 100 assets in the market. Its average 24 hour trading volume is now around $130 million, and its market cap has crossed $4 billion. Its current price of $4.23 is still far from the ATH price of $437.07 it traded in January. Unfortunately, that collapse between January and February was devastating, although it has started to bounce back gradually since that collapse.
As a response to that collapse, it has gained more than 300% since February. However, with current metrics, the token might go on a bull run this year as recent performances continue to improve. Digital Coin is optimistic about the future of GLMR and sees the token ending in 2022 at $5.59. The crypto analysts are sitting on the fence concerning predictions and are not optimistic about its long-term future. Alternatively, CoinArbitrageBot is very bullish, predicting GLMR to reach $6.05 in 2022 and smash $10 next year. Unfortunately, WalletInvestor is pessimistic about GLMR, as they believe the token will fall by 90% this year and trade at $0.40096.
Conclusion
Moonbeam is an Ethereum-compatible smart contract protocol that aids developers in building interoperable applications. Its effectiveness is highly reliable on its interoperability with other blockchains. Apart from being compatible with EVM blockchain, it is highly scalable and fast. Its native and governance token is the GLMR. The prediction of GLMR’s future remains uncertain, as the token’s recent collapse still looms around its image. However, it is bouncing back amidst positivity and huge price gains.
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Source: https://cryptoticker.io/en/what-is-moonbeam-glmr-crypto/