Kusama Is an experimental blockchain-based platform that has a design basis of creating a scalable and interoperable structure for developers and other participants on the network.
The Kusama system is built on a Substrate framework. This allows for the level of interoperability required by the network. It is a kit used for the development of blockchain platforms and the Kusama system is also similar to the Polkadot platform in that it has a similar codebase.
The deployment of the Kusama network also facilitates the heightened scalability and interoperability of the network as a whole. These features are currently unavailable on the Polkadot network, making Kusama the superior platform and tagging itself a “Canary Network”.
The platform provides an environment where developers develop and test out application innovations before launching them to the Polkadot network later. However, several developers choose to stick with Kusama till the end.
The Kusama network enjoys the benefit of a low barrier to entry for the deployment of parachains, validator requirements of low bonds and is the most common platform used by early startups in the world of technology.
Who are the Founders of Kusama (KSM)?
The Kusama was built by the same company responsible for the creation of Polkadot. The company with the name Parity Technologies, which was founded by Dr. Gavin Wood, a globally celebrated computer scientist who is also one of the co-founders of Ethereum.
Parity Technologies is composed of some of the best blockchain developers in the world and also has a workforce of over 100 people spread in different locations all over the world.
Additionally, the Kusama network is financed via grants from the web3 foundation, whose launch, according to them, was in an act to help steward and nurture applications and technologies in general in the area of decentralized protocols for web-based software. The web3 platform also aids the Kusama network in community development, as well as research.
What is Kusama (KSM) used for?
The Kusama system is a platform that allows developers with innovative ideas to test out these ideas by providing them with an integrated development environment with all the required tools.
After the testing phase of the product, the developers can then decide what platform they want to launch it through. This could either be via the Kusama network or Polkadot.
Kusama’s native token, KSM is also like several other crypto tokens available, in that it holds value and can be exchanged with other cryptocurrencies in order for the holders to make a profit.
What Is the Unique Point of Kusama (KSM)?
Kusama, by default, is different from most of the other crypto platforms available in that it is strictly meant for developers who plan to launch applications via the network.
In addition to its utter difference from all the other available cryptocurrency platforms, it is also built based on a multichain system, which is also heterogeneously-sharded on the network. The network’s design mechanism allows it to perform fast on-chain upgrades without running the risk of a fork. It also supports communication with other parachain platforms on the network by passing messages through a cross-chain.
Similar to the Polkadot network, Kusama is also regulated by an on-chain governance protocol. The on-chain governance in operation here is permissionless, as well as decentralized, allowing for any participant with parachain tokens, including KSM vote on their governance proposals. However, in the Kusama system, the on-chain governance in operation is four times faster than that operating on the Polkadot network, having a voting and implementation period of 15 days. As such, the rate of development on the Kusama network is significantly increased.
The system essentially serves as a launching pad for projects immediately without having to run a fork to apply improvements to the system.
How many Kusama (KSM) coins are in circulation?
The circulating supply of the Kusama platform as of November 2020 was pegged at 8.47 million, while the entire system had a total supply of 10 million tokens. Unlike the operations of other cryptocurrencies, the supply of Kusama is not fixed, instead, it is increased at a steady pace of 10% every year.
On the Kusama network, the tokens staked affect the distribution process of the newly minted tokens. If half of the total supply of KSM tokens are stakes at one time, the validators on the platform receive 100% of the newly minted tokens. However, on the other hand, if the amount of the stakes is below 50%, then some of the inflated rewards are assigned to the Kusama treasury.
Initially, when the Kusama system launched, it was meant to serve as an airdrop to the users who partook in the Polkadot token sale. The tokens were distributed at a rate of 1:1, while on the other hand, users without DOT were able to get KSM tokens via a frictional faucet. The Kusama system has currently not undergone any form of an increase to its circulating supply, unlike the Polkadot platform.
Is the Kusama (KSM) Network secured?
The Kusama network was built under a nominated proof of stake consensus mechanism. As such, the system is operated by a network of nominators who are participants on the network who have staked KSM tokens to elect nodes to validate transactions on the network. The nominators on the network get a portion of the reward of their suggested nominators and are picked in the next rotation. After selection, validators can have their tokens slashed if they act dishonestly or are incapable of meeting the targets of the network.
The network also makes use of a queuing mechanism that has its basis on market trees to resolve cross-chain transactions. The Relay hain validators are charged with moving executed transactions from the output queue to the target parachain’s input queue.
How do I buy Kusama (KSM)?
Kusama has managed to get the attention of blockchain developers all around the world with its open-source platform which allows them to create, run and launch applications via the network. As such, the adoption rate of its native token, KSM has increased and is currently available across several exchanges. To buy KSM tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy KSM through your trading account.
