Source:
MEXC Global
Guest: Yuki of Moonbeam
Host: MEXC Global
Introduction:
MEXC Host: First of all, let’s welcome @Yuki to the MEXC Community! Please introduce yourself!
Yuki: I’m Yuki from Moonbeam. I’m glad to be here as a guest to this community and introduce Moonbeam to all of you.
Questions about the project
Q1
MEXC Host: Please briefly introduce the Moonbeam project and its team.
Yuki: A big thank you to MEXC for this invitation. It’s my honor to introduce the Moonbeam network to all of you.
Moonbeam is based on Substrate and can be used as a smart contract development platform fully compatible with Ethereum. We are fully compatible with Ethereum and plan to become an infrastructure platform focused on developer demands.
We aim to create the most straightforward on-chain development environment where developers can quickly develop decentralized applications (DApps) for multiple chains.
The Moonbeam project was developed on the Substrate framework, the underlying technology for developing the Polkadot and Kusama Network. Because of its technical consistency, Moonbeam will deploy its project on Polkadot.
Of course, we have been following the development of Polkadot. First, we took a snapshot of the slot built Moonriver, the Moonbeam parachain on the Kusama network. Moonbeam will also participate in the auction of Boca network after Boca network opens its slot for auction.
Q2
MEXC Host: Many developers want convenience.
Yuki: Yes, we also did much research on developers and projects before developing Moonbeam. Moonbeam was put into development at the end of 2019. The initial reason that we chose to develop on Polkadot is that it is very convenient to develop projects using Substrate. Many developers hold the same view as us.
However, the Polkadot ecosystem itself does not support the characteristics of Ethereum, which also limits the expansion of the ecosystem boundaries. The advantage of our project is that we are moving the mature blockchain development tools running on Ethereum to the Polkadot ecosystem and make Substrate compatible with Ethereum.
Let me introduce our team
Our team is spread worldwide, mainly in North America, Spain, Italy, Canada, France, and other places. The team that develops and runs Moonbeam is PureStake.
PureStake, led by Derek Yoo, founder and former Chief Technology Officer of Fuze, provides protocol execution services and creates developer tools for the new generation of blockchain networks. The PureStake team has extensive experience in operating technology enterprises and complex software platforms.
Finally, we have sent a few links for extended reading. Those interested can browse PureStake’s official website: https: //www.purestake.com/.
If you are curious, welcome to read about the past experiences of Moonbeam founder Derek: https: //mp.weixin.qq.com/s/c89peNhchIsbcymsu_ IYjg
MEXC Host: For those interested, it is worth it to check them out. The introduction was very detailed.
Q3
MEXC Host: Let’s move on to the next question, which is also of concern to users. What is Moonbeam’s tokenomics? Can Moonbeam’s ecosystem development drive the appreciation of the tokens? What is the logic?
Yuki: Everyone must be very curious about this question.
First, the Moonbeam under Schop is divided into two networks, Moonriver deployed on Kusama and Moonbeam deployed on Polkadot.
Moonriver’s native token is MOVR, and Moonbeam’s native token is GLMR. Those interested in these two tokens can browse Moonbeam’s official website.
Introduction to the MOVR token: https: //moonbeam.foundation/moonriver-token/
Introduction to the GLMR token: https: //moonbeam.foundation/glimmer-token/
The supply mechanism and tokenomics of Moonriver are consistent with Moonbeam. Still, in order to adapt to the operating environment of the Moonriver Network, its token allocation mechanism will be different.
Moonriver can be compared to Moonbeam’s “Touchstone”, a community-led simulation environment in which the community determines its development direction.
In addition, Moonriver has acquired the first slots in Kusama through parachain crowdloan and is the second project to acquire the Kusama parachain slot. The Moonriver network is still under development, and we will keep updating relevant information on this page until the Moonriver network is online.
Let’s talk about the functions of these two tokens. In addition to the governance, these two tokens have two other important functions:
One is the decentralized block production or chain infrastructure, that drives the network of the staking systems on the platform.
Another is that this system allows us to have an open, license-free collator who is basically the block producer of the system responsible for the production block.
Moonbeam has systems similar to those of ETH. We try to restore systems like ETH as much as possible, so our token also has similar functions as ETH.
For example, tokens are used for the Gas fee when sending the contract to execute a smart contract. The most important practical function is to provide security for the system to implement smart contracts.
Next, let’s talk about the two tokens.
Both MOVR and GLMR had a initial issuance of 10 million tokens with an annual inflation rate of 5%.
The uses of MOVR in Moonriver include:
Pay Gas fees for smart contract execution;
Encourage Collators and support mechanisms to create decentralized node infrastructure for platform operations;
Implement chain governance functions, including a referendum on proposals, election committee members, voting, etc.
Pay for online transactions.
The uses of Glimmer (GLMR) in Moonbeam include:
Pay Gas fees for smart contract execution;
Encourage Collators and support mechanisms to create decentralized node infrastructure for platform operations;
Implement chain governance functions, including a referendum on proposals, election committee members, voting, etc.;
Pay for online transactions.
So it is not difficult to determine whether they are MOVR or GLMR. Their main functions are chain governance, gas fee measurement, etc. 80% of the transaction fees received will be destroyed and 20% will be in the treasury.
Q4
MEXC Host: This is really detailed! It is understood that some of the Moonbeam tokens will be used to participate in slot auctions? Will tokens put pressure on the market? What is the core that is supporting the value of the Moonbeam token?
Yuki: Yes, both MOVR and GLMR are partially involved in slot auctions, which the Moonbeam Foundation manages.
For example, at previous Moonriver auctions, the Moonbeam Foundation took out 30% of its initial circulation, or 3 million MOVRs, to support parachain bidding.
After Moonriver goes online successfully, 30% of tokens will be allocated to contributors participating in crowdloan, and the remaining 70% will be allocated during the subsequent loan period (48 weeks).
And there is one more thing that is very special.
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MOVR did not have any early bird airdrops or reservations from any teams or investment institutions. As a result, users who want to acquire MOVR early can only compete through parachains.
Will it put pressure on the market? At present, there is no price for MOVR, and it is not listed on any platforms. So you can imagine the rest for yourself.
Moonbeam has been working to develop its own decentralized ecosystem. When MOVRs or GLMRs are frequently flowing in their own networks, users will naturally feel their importance when they use them for gas or governance costs.
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