Moonbeam is a platform that was established in 2019 by Derek Yoo, CEO of crypto infrastructure platform PureStake. Moonbeam is designed to be a smart contract platform that brings the capabilities of Ethereum, Polkadot, and others together. It is connected to Polkadot's relay chain and has the same level of scalability and security.

Moonbeam lets developers design their own dApps that are Ethereum-compatible without having to rewrite or change code, which is made possible by using Ethereum's Virtual Machine (EVM). Cross-chain technological integration, on-chain governance, and staking are also included.

An issue occurred on the Moonbeam network on April 5, 2021 that resulted in a 4-hour and 13-minute pause in transaction processing. The team quickly identified the root cause and implemented a solution by deploying a client upgrade. As all nodes are updated, block production will gradually resume. The specifics of the event will be revealed at a later date.

So far, the team has verified that the system has been successfully backed up and is functioning. The latest news has had a minimal impact on the price of GLMR. It's worth noting, however, that any occurrence like this on the blockchain industry is worth monitoring. Cryptocurrency investors and users should always do their due diligence before investing in any blockchain-based project.



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