Kusama (KSM)

What is Kusama?

Kusama (KSM) is a cryptocurrency that serves as a testnet for the Polkadot (DOT) ecosystem. It is an unrefined and experimental proof-of-stake network based on Polkadot's codebase.

How does Kusama work?

Kusama acts as a warning system for Polkadot, alerting any issues or updates that may threaten the stability of the network. It is a scalable network of specialized blockchains built using Substrate, with a codebase similar to Polkadot.

Why use Kusama?

  • Kusama allows developers to move swiftly through the governance and upgrade process, enabling rapid progress and growth.
  • It has low economic barriers, making it ideal for lean startups looking to launch their custom blockchain projects.
  • Kusama offers advanced technology, allowing developers to build on a next-generation, sharded, multichain network and employ the newest features before they are deployed on Polkadot.

Kusama was founded in 2019 by Gavin Wood, founder of Polkadot and co-founder and former CTO of Ethereum.

KSM is the native cryptocurrency of the Kusama Network, which is a "canary network" for Polkadot. It serves as a nearly identical copy of the Polkadot blockchain to test new features before they are released on Polkadot.

Kusama operates on a proof-of-stake mechanism, where users can stake their KSM tokens to validate transactions and earn rewards. The staking process involves depositing KSM into a smart contract.

The Web3 Foundation announced a private token sale of 500,000 DOT in June 2019, with 5% of the total DOT supply. As an incentive to participate in the experimental Kusama Network, DOT holders were able to claim one KSM for every DOT held.

Kusama and Polkadot both offer on-chain governance protocols for KSM and DOT token holders.

Kusama serves as a risk-taking and fast-moving platform for developers to spark innovation, disrupt the status quo, and prepare for deployment on Polkadot.

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Where to Buy Cryptocurrency Kusama

1. Coinbase

You can buy Kusama on Coinbase's centralized exchange. Coinbase offers a safe and easy way to get started with crypto, and you can buy Kusama with a credit card, debit card, bank transfer, and more.

2. Kraken

Millions choose Kraken to buy Kusama. You can start with just $10 and fund your account with your preferred payment method. Kraken also offers dollar cost averaging and rewards for Kusama purchases.

3. Binance

Binance is another option where you can easily buy Kusama with the lowest fees and highest security. You need to create a free account on the Binance website or the app, and then choose how you want to buy the Kusama asset. Options include credit card, debit card, bank transfer, and third-party payment.

4. Ledger

If you prioritize security, you can buy Kusama securely with a hardware wallet like Ledger. You need to find a Kusama compatible hardware wallet, buy Kusama on an exchange, and then transfer your Kusama to your hardware wallet for secure storage.

Note that these are just a few options for buying Kusama, and there may be other exchanges or platforms available. It's important to do your research and choose a reputable and trustworthy platform to buy Kusama.

Founders of Kusama

Kusama, a scalable network of specialized blockchains, was founded in 2019 by Gavin Wood, who is also the founder of Polkadot and a former co-founder and CTO of Ethereum.

Wood played a crucial role in the development of blockchain technology and has a background as an English computer scientist. He co-founded Ethereum and created Polkadot and Kusama as platforms for innovation and disruption in the blockchain space.

  • Gavin Wood - Founder of Polkadot and Kusama, co-founder and former CTO of Ethereum.

Kusama's founding team includes:

  • Peter Czaban
  • Robert Habermeier

Together, they established Kusama as a risk-taking, fast-moving network that serves as a "canary in the coal mine" for Polkadot, providing an experimental environment for developers to innovate and prepare for deployment on Polkadot.

Kusama Roadmap and Future Plans

Parachains on Kusama

Kusama is set to launch a groundbreaking feature called parachains in 2023.

Parachains are independent chains that run alongside the main Kusama chain, enabling developers to build and deploy decentralized applications with their own unique rules and features. This development will allow Kusama to support a wide range of applications, from DeFi platforms to NFT marketplaces.

Parachains offer advantages such as scalability, high transaction processing capability, and flexibility for developers to modify chain rules and features without affecting the main Kusama chain.

Origin of Kusama

Kusama was founded in 2019 by Gavin Wood, the founder of Polkadot and former CTO of Ethereum. It serves as a risk-taking and fast-moving "canary in the coal mine" for Polkadot, providing a platform for change agents to take back control, spark innovation, and disrupt the status quo.

Fast Iteration

One of Kusama's key advantages is its risk-taking and nimble mentality that allows developers to move swiftly through the governance and upgrade process.

This enables rapid progress and growth for projects on the network.

Low Economic Barriers

Kusama offers a low barrier to entry for launching custom blockchains (parachains). This feature makes it ideal for lean startups looking to move fast and iterate on their projects.

Advanced Technology

Kusama is built on a next-generation, sharded, multichain network and utilizes advanced features before they are deployed on Polkadot.

This allows developers to build on the cutting edge of technology and take advantage of the newest innovations.

Overall, Kusama's roadmap and future plans focus on enabling flexibility, scalability, and innovation within its blockchain ecosystem through the introduction of parachains and providing a platform for fast iteration and low economic barriers.