When talking about elevating blockchain infrastructure with secure, reliable tools and infrastructure services that fuel leading Proof of Stake networks, Purestake is one of the best with a track record of designing cloud-based tools and services for some major crypto projects like Algorand, Polkadot, Moonbeam and many more.
Moonbeam being an ethereum compatible smart contract parachain on Polkadot according to review shared here, is still being actively developed since the launched of the Testnet in September 2020. There is Moonrock and Moonriver Testnet which will lead to the launch of the Mainnet on Polkadot in the second quarter of 2021.
Despite the fact that the development is ongoing, and with the understanding that Moonbeam is built and powered by Purestake, it is important to understand the functionality or the use case of the utility token of the network.
Moonbeam Utility Token (GLIMMER Token)
The utility token for Moonbeam is known as Glimmer (GLMR). Most of the protocol tokens (often termed cryptocurrency, coins) are designed to be transferred on their native public blockchain network and to serve as a medium of exchange on that network. Glimmer will be deployed on the Polkadot network, and since the Moonbeam network is still under development, you should be on the lookout for information about this token and its use case.
According to the tokenization document for Glimmer, the following are some of the uses of the Glimmer token on Moonbeam:
- Transaction fees payment on the network.
- Gas metering support of smart contract execution.
- On-chain governance mechanism facilitation which includes, electing council members, referenda proposal, voting and many more.
- Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run
The total supply of Glimmer will be 10 Million tokens and a portion of the network tokens have been reserved to ensure the network secures and maintains a parachain slot on the Polkadot network.
Read More About Glimmer Token
Note: The Glimmer token is not yet available.
Moonbeam is still in the development stage which community members, developers, core team are actively involved and the final token distribution mechanisms, plans, and dates will definitely be discussed when this is ready. It is for your own good to plan ahead, DYOR and also joins the official social handle for the project for updates.