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Kucoin| What is Glimmer, and how does it work?

KuCoin is a cryptocurrency exchange that accepts various digital assets and cryptocurrencies.

KuCoin was founded in September 2017 and has since grown to become one of the most popular cryptocurrency exchanges, with over 20 million registered users in 207 countries and territories across the world.

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KuCoin, often known as the “People’s Exchange,” is a global crypto exchange based in Seychelles that offers users 24/7 multi-language customer assistance.

Meanwhile, KuCoin has built 23 local communities throughout Europe, Southeast Asia, and other countries, allowing users to access highly customized services.

What exactly is Glimmer?

Glimmer (GLMR) is a utility token used to power the Moonbeam para chain transactions. GLMR will serve a similar purpose to DOT, native to Polkadot, and Ether, native to the Ethereum network. GLMR is also well positioned to be used for transaction payment, staking, and governance.

Moonbeam is a decentralized smart contract ecosystem designed to function with the Glimmer utility coin. GLMR serves as the backbone of the network’s design, ensuring that security and other critical functions are available.

How does Glimmer function?

The Moonbeam ecosystem is supported by Glimmer, which can be seen in the various capabilities and day-to-day transaction execution. The Moonbeam Network has complete control over its business, activities, and sovereignty by using the Polkadot platform as a para chain.

As a layer-1 blockchain, it will be able to interact with other Polkadot Parachains at no cost or minute charges. Interaction with other external networks is also possible since it takes advantage of the Polkadot ecosystem’s characteristics as a para chain.

Glimmer’s creator is unknown:

The Project has 24 members, with Derek Yoo as the CEO and creator and Stefan Mehlhorn as the COO. Alan Spade is the network’s VP of Blockchain Engineering. Several team members have recently worked on DeFi projects, while others were early team members in other well-known cryptocurrency stocks.

The team appears well-equipped to take the Project to new heights, with hands-on experience in smart contracts, process engineering, token launch, foundation governance, and community organization.

What is the GLMR token, and what is it used for?

Glimmer will have 1 billion tokens available upon launch, with a 5% annual inflation rate. As the Project consolidates, 1% of the inflation tokens will be utilized to settle security needs. This section will also settle grouping services for block manufacturing, anchoring the network in its daily operations.

With 1.5 percent of the inflation tokens, a para-chain bond reserve will be established and committed to perpetuating the para-chain slot payment. An additional 2.5 percent will be used to compensate holders of wagered tokens that drive collator selection.

Conclusion:

The Glimmer Project was created to give developers access to an open platform where they can create decentralized applications to address requirements in various fields of human effort. Glimmer token holders will be able to stake their tokens for extra rewards, submit proposals, and vote on project optimization ideas.

Because of its para chain status, the network may take advantage of Polkadot’s strengths for cross-chain interactions and maximum efficiency. Web3 supporters will find it advantageous to exploit its features and functions to construct their apps for a seamless launch, thanks to its flexible design.

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