Kusama is a proof-of-concept blockchain platform that aims to give developers a massively scalable and operable foundation. Kusama is based on a platform provided by Parity Technologies, which is a blockchain building kit. Polkadot, one of the most successful interoperable blockchains, has a similar codebase to Kusama.
Fast-moving projects can use Kusama to construct a highly scalable interoperable sharded network with features not accessible in Polkadot. Kusama refers to himself as a "canary network" in this sense.
The platform is intended to serve as a testing ground for developers seeking to create and deploy their own blockchain, and it can be used as a prep network before releasing on Polkadot, while many projects prefer to use Kusama for their final product.
Kusama was designed by Parity Technologies, the same firm that made Polkadot. Dr. Gavin Wood, a world-renowned computer scientist, and programsr who also co-founded Ethereum is the project's founder.
Parity Technologies has a large workforce of over 100 workers dispersed across the globe, including some of the world's most successful blockchain technologists.
Kusama is also supported by the Web3 Foundation, which was established to "nurture and steward technology and applications in the domains of decentralized web software protocols."
The projects' blockchain architectures of Kusama and Polkadot are nearly identical, however, Kusama is supposed to be a more experimental version of Polkadot, where developers can build any type of project they want and let their community of users and followers decide the direction of the project. This means that Kusama can absorb the risk of early experimentation and that projects that prove to be sustainable can subsequently progress to Polkadot, which requires extremely high levels of security. Many projects that want to launch on Polkadot will do it first on Kusama in a similar format.
· The Relay Chain: The Kusama Relay Chain uses a kind of proof-of-stake (PoS) consensus called nominated proof-of-stake (NPoS) to keep its network in agreement regarding the state of the system.
This system allows anyone who stakes KSM in a specific contract to perform one or more of the following functions that are required for its operation:
Validators: Verify data in parachain blocks. They also take part in network consensus and vote on proposed changes.
Nominators: Protect the Relay Chain by selecting reliable authenticators. Nominees send their stacked KSM tokens to the validators and thus allocate their votes.
· Parachains: Parachains are specialized blockchains that depend on the relay chain's computing capacity to verify transaction accuracy.
The use case of Kusama tokens are: · Participants can govern protocol advancements through governance. · Token bonding is used to support the new parachain. · Tokens are staked in order to keep the network secure since the good validators are rewarded and bad actors lose the stakes. · Fee for using parachain to send messages.
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -44% Decrease 16/11/2021 Twitter's CFO rules out cryptocurrency investment, while China continues crackdown on cryptocurrency mining -22% Decrease 09/08/2021 The Kusama Network is taking the form of digital art as part of a huge installation by the Vancouver Biennale +30% Increase 09/06/2021 Kraken releases the Kusama parachain auction platform as KSM defies a downtrend +24% Increase 14/05/2021 KSM skyrocketed to a new all-time high as investors rushed into new positions to capitalize on the excitement surrounding the next parachain auctions +44% Increase
Kusama has a lot of potential as a cousin network to Polkadot. Not only was it created by the same creative mind that first helped bring us Ethereum and then went on to create Polkadot, but it also shares Polkadot's outstanding development staff and its unique and forward-thinking code base.
There may even be reasons to choose Kusama over Polkadot. While it is intended to be a platform for projects to develop on before releasing on Polkadot, it is possible that many projects may just continue on Kusama. Kusama's development is faster and more unique, and the costs for a parachain are predicted to be much lower.
Kusama, like its bigger cousin Polkadot, has a lot to be thrilled about. Because of the increased popularity and growth of areas such as DeFi that are a perfect match for these initiatives, this might be the next token to fly to the moon or further.
Kusama