Swarm (BZZ) is a decentralized storage and communication service that operates on a proof-of-stake consensus mechanism. It offers a secure, private, and censorship-resistant platform for data storage and relay. The native BZZ token grants users access to these services and serves as compensation for node operators who provide them. Users can acquire BZZ tokens through various means, including centralized exchanges, and use them to store and retrieve data on the Swarm network.
The BZZ token, also known as Swarm, is the native cryptocurrency of the Swarm network. It serves several purposes within the ecosystem:
Data Storage and Relay: BZZ is used by publishers to write data to the Swarm network and have it stored securely for extended periods of time. The token is also used to incentivize full node operators who provide data storage services.
Node Operation and Staking: BZZ is required as a non-refundable stake to operate a Swarm full node. This stake makes the node eligible to earn more BZZ in exchange for providing data storage services.
Postage Stamp Batches: BZZ is used to purchase postage stamp batches, which are necessary for publishing data on the Swarm network. These batches serve as a storage fee to incentivize nodes to store content for a certain period of time.
Decentralized Applications: BZZ can be used to reserve space on the Swarm network, allowing developers to host censorship-resistant decentralized applications.
Reward Redistribution: The BZZ tokens paid by publishers are redistributed to full node operators in exchange for the data storage services they provide. This redistribution is done through a "shelling game" system, which ensures a fair distribution of rewards based on the amount of BZZ staked by each node.
In summary, the BZZ token is essential for the functioning of the Swarm network, facilitating data storage, node operation, and incentivizing decentralized data storage and application hosting.
To store Swarm (BZZ) tokens, you can use a wallet app like MetaMask. Here are the steps:
Add the Gnosis Chain Network:
- Open MetaMask and add the Gnosis Chain network to your wallet. This is necessary because BZZ tokens are bridged from Ethereum to the Gnosis Chain for use in the Swarm ecosystem.
Add the Custom Token:
- After adding the Gnosis Chain network, you need to add the BZZ token as a custom token. The canonical address for the BZZ token on the Gnosis Chain is
0xdBF3Ea6F5beE45c02255B2c26a16F300502F68da.
- After adding the Gnosis Chain network, you need to add the BZZ token as a custom token. The canonical address for the BZZ token on the Gnosis Chain is
Import Your Node's Wallet:
- If you have a Bee node, you can import its wallet into MetaMask. The wallet key is stored in the
keys/folder in the node's datadir in JSON format, and the password is in a nearby file. For example, on Debian or Ubuntu, you can find the wallet key and password using the following commands:sudo cat /var/lib/bee/keys/swarm.key sudo cat /var/lib/bee/password
- Fund Your Node's Wallet:
- To interact with the Swarm test network, your node's wallet needs Sepolia ETH and sBZZ. You can acquire these by joining the Swarm Discord server, navigating to the #faucet channel, and requesting test tokens from the faucet bot. For the mainnet, your wallet needs xBZZ for traffic accounting and some xDAI for gas fees on the Gnosis Chain.
By following these steps, you can store and manage your Swarm (BZZ) tokens securely.
To buy Swarm (BZZ) tokens, follow these steps:
Choose an Exchange:
- Centralized Exchanges (CEXs): Find a reliable CEX where BZZ is listed. You can refer to Coinmarketcap.com's Markets section for a list of exchanges that support BZZ.
- Decentralized Exchanges (DEXs): Alternatively, use a DEX that supports the Ethereum blockchain, such as 1inch.
Set Up a Wallet:
- Web3 Wallet: Download and install a Web3 wallet like Metamask.
- App Wallet: Alternatively, use an app wallet like Trust Wallet.
Buy Ethereum:
- Centralized Exchange: If using a CEX, buy Ethereum as your base currency. If you are not an existing user, refer to guides on registering and buying your first cryptocurrency.
Transfer Ethereum to Your Wallet:
- Withdraw Ethereum: From your CEX account, withdraw the Ethereum to your wallet, ensuring you set the network to Ethereum.
Connect to the DEX:
- Choose a DEX: Select a DEX that supports your wallet, such as 1inch if using Trust Wallet.
- Connect Your Wallet: Use your wallet address to connect to the DEX.
Trade Ethereum for BZZ:
- Select Ethereum as Payment: Choose Ethereum as the payment currency.
- Select BZZ as the Coin to Buy: Select Swarm (BZZ) as the coin you want to purchase.
Confirm the Transaction:
- Preview and Confirm: Review the transaction details and confirm your purchase.
Monitor Your Wallet:
- Wait for the Transaction: Wait for the Ethereum to be swapped for BZZ and appear in your wallet.
Remember to stay informed about the best practices to avoid potential losses when using any cryptocurrency exchange platform.
