The crypto market, especially the altcoin market, has been very volatile in the past two weeks (starting from approx. 14 Feb). Moonbeam coin has been one of these crypto coins and went through a drastic change in the price – from around 3.5 to less than 2.3 in the past 24 hours.) Here, you will read my price prediction for the moonbeam coin after a short description of the project.
If you are a trader and want to use Moonbeam as a short-term investment in your trades, I personally DO NOT suggest the Moonbeam coin. HOWEVER, if you are looking forward to the future of this coin and want to do a long-term investment, then keep on reading this article. Here, I have provided Moonbeam coin price prediction and analysis for the year 2022 and onwards.
- What you will read in this post:
- About Moonbeam coin
- Moonbeam coin’s vision
- Who Benefits From Moonbeam
- Key Features and Functionality
- Moonbeam coin Price Prediction for 2022
- Must read article: What is Gala crypto? Price predictions for GALA in 2022
About Moonbeam coin
Moonbeam is one of the most popular cryptocurrencies at the moment. This trending token has attracted more attention as a result of its Ethereum-compatible smart contract solution. Based as a para chain on Polkadot, Moonbeam allows for developers to build projects essentially alongside Ethereum, utilizing the scale of the Ethereum network while doing so at a faster speed and with a lower cost.
Moonbeam mixes the best of both worlds: the familiar and easy-to-use tooling of Ethereum and the scalable, interoperable architecture of Polkadot.
Moonbeam coin’s Vision
Moonbeam believes in a multi-chain future with a variety of chains and many users and assets on those chains. In this context, the moonbeam project has created Moonbeam: a smart contract platform that provides an Ethereum-compatible environment for building decentralized applications.
Moonbeam was designed to serve these new kinds of assets and users that exist across two or more chains.
Currently, existing smart contract platforms are designed to serve the users and assets on a single, specific chain. Moonbeam coin, by providing cross-chain smart contract functionality, allows developers to shift existing workloads and logic to Moonbeam and extend the reach of their applications to new users and assets on other chains.
Moonbeam’s cross-chain integration is accomplished by becoming a para chain on the Polkadot network. The Polkadot project provides integration and connectivity between para chains that are linked to the network and to other non-Polkadot-based chains.
As a decentralized smart contract platform, Moonbeam requires a utility token to function.
This token is central to the design of Moonbeam and cannot be removed without sacrificing essential functionality. The Moonbeam token uses include:
- Supporting the gas metering of smart contract execution
- Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run
- Facilitating the on-chain governance mechanism, including proposing referenda, electing council members, voting, etc.
- Paying for network transaction fees
In the Moonbeam deployment on Polkadot MainNet, this token is called Glimmer, as in, “that smart contract call will cost 3 Glimmer.” The token symbol is GLMR.
In the Moonbeam deployment on Kusama (called Moonriver), this token is called Moonriver, as in, “that smart contract call will cost 3 Moonriver.” The token symbol will be MOVR.
In our Moonbeam TestNet (called Moonbase Alpha), the token is called DEV. This token can be acquired freely, as its only purpose is to drive development and testing on Moonbase Alpha.
Who Benefits From Moonbeam
There are three main audiences who can most benefit from Moonbeam’s cross-chain functionality:
Existing Ethereum-Based Projects
Projects that are struggling with cost and scalability challenges on Ethereum can use Moonbeam to:
- Move portions of their existing workloads and state off of Ethereum Layer 1 with minimal required changes.
- Implement a hybrid approach, where applications live on both Ethereum and Moonbeam simultaneously.
- Extend their reach to the Polkadot network and other chains that are connected to Polkadot.
Polkadot Ecosystem Projects
Ecosystem projects that need smart contract functionality can use Moonbeam to:
- Augment their existing parachains and parathreads.
- Add new functionality that is needed but not included on the main Polkadot relay chain For example, they could create a place where teams can crowdfund their projects, implement lockdrops, and process other, more complex financial transactions than are provided by base Substrate functionality.
- Leverage the mature and extensive Ethereum development toolchain.
Developers of New DApps
Individuals and teams that want to try building on Polkadot can use Moonbeam to:
- Leverage the specialized functionality from Polkadot parachains while reaching users and assets on other chains.
- Compose functionality from Polkadot parachains by using Moonbeam as a lightweight integration layer that aggregates network services before presenting them to end users. Implementing a composed service using pre-built integrations on a smart contract platform will be a lot faster and easier (in many cases) than building a full Substrate runtime and performing the integrations yourself in the runtime.
Key Features and Functionality
Moonbeam achieves these goals with the following key features:
- Decentralized and Permissionless , providing a base requirement for censorship resistance and support for many existing and future DApp use cases.
- Contains a Full EVM Implementation , enabling Solidity-based smart contracts to be migrated with minimal change and with expected execution results.
- Implements the Web3 RPC API so that existing DApp front-ends can be migrated with minimal change required, and so existing Ethereum-based tools, such as Truffle, Remix, and MetaMask, can be used without modification against Moonbeam.
- Compatible with the Substrate Ecosystem Toolset , including block explorers, front-end development libraries, and wallets, allowing developers and users to use the right tool for what they are trying to accomplish.
- Native Cross-Chain Integration via the Polkadot network and via token bridges, which allows for token movement, state visibility, and message passing with Ethereum and other chains.
- On-Chain Governance to allow stakeholders to quickly and forklessly evolve the base protocol according to developer and community needs.
This unique combination of elements fills a strategic market gap while allowing Moonbeam to address future developer needs as the Polkadot network grows over time. Building your own chain with Substrate is powerful, but also comes with a number of additional responsibilities, such as learning and implementing the chain’s runtime in Rust, creating a token economy, and incentivizing a community of node operators.
For many developers and projects, an Ethereum-compatible smart contract approach will be much simpler and faster to implement. And by building these smart contracts on Moonbeam, developers can still integrate with other chains and get value from Polkadot-based network effects.
Moonbeam coin Price Prediction for 2022
Moonbeam is one of the most popular cryptocurrencies right now. This trending token has gained interest as a result of its Ethereum-compatible smart contract solution.
Like many other Altcoins, Moonbeam coin is also affected by the volatilities of Bitcoin. I expect that after Bitcoin achieves a stable support level, Moonbeam will start to surge. The predicted prices for entry are illustrated in the chart below. Be patient and snipe these targets when the time comes.
Here, you can see a higher quality of the image below.
For context, GLMR currently trades at $2.5 per token, at the time of writing.
- Digitalcoin provides 2023, 2025 and 2029 price targets for GLMR of $11.99, $16.88 and $33.07, respectively.
- PricePrediction also provides 2023, 2025 and 2029 price targets of $16.38, $35.59 and $142.54, respectively, for GLMR.
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