Glimmer is the Moonbeam platform’s native token. Moonbeam is a decentralized smart contract platform. Glimmer is essential to the platform’s functionality, as it is used to power smart contracts, network security, and DApp performance. Since Moonbeam’s launch, the Glimmer token has been trading very unpredictably, making it a popular choice for investors.
If none of this has made much sense to you so far, that’s okay. The crypto world can be very confusing. This article will break down GLMR tokens, the Moonbeam platform, and some other useful information:
What is the Moonbeam Platform?
Glimmer is Moonbeam’s native token – its utility token. Moonbeam is a decentralized smart contract platform that works on the Polkadot network. Moonbeam is also Ethereum compatible, which means that developers can implement Solidity smart contracts and DApps without losing money on fees. Moonbeam’s inclusion as part of Polkadot’s network para chain means that Moonbeam is very secure, benefitting from Polkadot’s security.
Moonbeam is very similar to Ethereum, making it a popular choice for former – or current – users of the Ethereum platform. The Moonbeam platform also offers staking. You can buy GLMR to stake on a crypto platform on an exchange. Some of Moonbeam’s other features include chain management, cross-chain integration, and on-chain governance.
What is Glimmer (GLMR)?
As already mentioned, GLMR is Moonbeam’s native token. On the Moonbeam platform, Glitter serves some very important functions, including the payment of transactions and smart contract execution fees, facilitating and ensuring robust network security, and on-chain governance, where council members can be elected.
GLMR is crucial to the Moonbeam platform’s operations. Without it, the platform would not be able to function. Additionally, the token is essential to the parachain’s design, by enabling DApp performance and network security, as mentioned previously.
After the platform’s launch, there were 1,600,000 GLMR tokens released for sale. The token supply was broken down into advisors, foundation, private sale, public sale, team, and seed sale categories. Additionally, Moonbeam has a DApp, where users can stake their GLMR tokens.
What is Staking?
GLMR can be, as already mentioned, staked on the Moonbeam platform. Staking is when you commit your crypto assets to a blockchain network, in order to support a network’s transaction validation. Staking is a way of earning interest and accumulating cryptocurrency. Lots of crypto investors use staking, and mining, as ways of accumulating more crypto. It can be very lucrative.
How to Stake Crypto
If you are interested in staking crypto, then the first step is to buy a cryptocurrency that uses proof of stake. Not all cryptocurrencies allow staking. You will need to buy a cryptocurrency that does, like GLMR. Some other cryptocurrencies that allow staking include Ethereum, which runs on a platform that is very similar to Moonbeam. Ethereum was the crypto world’s first crypto with a programmable blockchain, that could be used to create applications. Moonbeam is also, like Ethereum, used to create applications. Other cryptos include Cardano, an eco-friendly cryptocurrency; Polkadot [which Moonbeam runs off of], and Solana, a scalable blockchain.
Once you have purchased crypto, it will be immediately available on the platform that you have purchased it from. Alternatively, if you have purchased it privately, then it will be sent directly to your wallet. Assuming that you bought it on a crypto platform, however, then you will need to transfer the money directly to your blockchain wallet.
With all of that said, some exchanges have their own staking programs, so you can stake directly on the platform. Wallets are a very important part of crypto trading, staking, and investment. If you do not have a robust, secure wallet, then there’s a chance that thieves could compromise it, and steal your crypto. Crypto theft is an industry in its own right.
Most experts recommend using offline wallets because they are much more secure. It is also advised that you keep your wallet’s password written down somewhere, secured inside a safe. Do not ever share your password with anyone, even friends or family. There’s always a chance that they could try to steal your crypto, especially if the currencies that you own skyrocket in price.
The way that you stake differs depending on the cryptocurrency that you are using. For the most part, staking pools are used. Staking pools are when crypto traders combine funds to have a better chance at increasing their overall staking rewards. You can, of course, use a private staking platform or company. If you are going to use a platform, company, or pool, then you need to conduct research into the following things:
- Reliability is one of the most important things to look for. You need your platform or pool to be reliable, consistent, and quality. You also need to make sure that the pool or platform’s servers are up as much as possible – you can’t earn interest or rewards if the servers are down all of the time.
- Fees are something else that you need to think about. Most pools and platforms take fees from one’s staking rewards. Ideally, you want to find a platform or pool that will take as little fees as possible. The entire point of staking is to earn rewards and make a profit. If your profit is being diminished because of sky-high fees, then there’s no point staking, is there?
- Size is something that you need to think about if you are using pools. This is because smaller pools are less likely to be used to validate blocks, though they do tend to offer much larger rewards, meaning, if you are using a pool, you do not need to divide rewards. Another thing to bear in mind is that you do not want to select a pool that’s too small and will fail because then you could lose your investment. Thankfully, platforms do not suffer from this problem, as they are large and organized. If you are using pools, then it is also advisable that you use mid-sized pools because they are neither oversaturated, nor likely to fail.
GLMR is a great investment, and also very useful for staking if you are interested in doing this. If you are going to invest in GLMR, then make sure that you conduct market research so that you can see how it is performing. You should also find a reliable crypto vendor to buy it from.