Moonbeam Network Is Now Producing Blocks On Polkadot

The Moonbeam smart contract platform has officially started the process of becoming a fully operating parachain on Polkadot, which generates blocks on the network.

This first stage, termed Phase 0, is the first of a multi-step process that will culminate when Moonbeam is fully operational on Polkadot, which is planned in January 2022.

The 3 main phases are: Centralized, Decentralization (Phase 1) and Full Launch (Phase 2).

Following the completion of the crowdfunding campaign, the project began the launch process with over 35 million DOT (equal to $1.4 billion) provided by over 200,000 supporters globally. It is possible to say that it has the most collaborators and the most total DOT mobilized of any firm.

Moonbeam’s three-phase launch is intended to secure the network’s stability and safety by gradually introducing new functionalities. It is projected to take 3 to 4 weeks to complete.

It is known that 15 percent of the total GLMR supply was initially given as a community prize, amounting to 150 million GLMR. These tokens will be distributed to community contributors based on the quantity of DOT they have provided to the campaign. Thirty percent of the incentives will be awarded immediately once the transfer is initiated (January 2022), while the remaining seventy percent will be distributed over the course of 96 weeks (term of the parachain lease).

Individuals that took part in the Moonbeam Foundation’s Take Flight event will have to wait 40 days until the network’s Full Launch (Phase 2) in February 2022.

Patrick

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