InstaForex

September 20, 2021

Recognize Crypto: Kusama (KSM), Polkadot's 'Brother' (DOT)

 It is not valid not to talk about Kusama (KSM) because this network is considered a relative of Polkadot (DOT).


Trivia Kusama (KSM)


Kusama was launched in 2019.

Founded by Dr. Gavin Wood, founder of Polkadot, Web3 Foundation, and also former CTO of Ethereum.

Established for Polkadot, as a "canary network".

Mimics most of Polkadot's key features such as:

Using two types of blockchains: 1/ Main network (relay chain) where permanent transactions occur, 2/ User-generated network or user-generated network (parachain).

Relay Chain

Kusama's main blockchain, where transaction settlement takes place.

Using Proof-of-Stake (PoS) variations, nominated proof-of-stake (NPoS).

Users who stake KSM and perform two roles, namely: validator (validator) and nominator (nominee) have the opportunity to receive KSM rewards.

Parachains

Are custom blockchains, or simply - blockchains that can be set as appropriate.

Using chain relays for resource computing to ensure transaction accuracy.

To date a total of 8 parachains or projects have been established in Kusama: Statemine, Karura, Bifrost Finance, Shiden Network, Calamari Network, Moonriver, Khala Network, and KILT Protocol.

Meanwhile, another 142 projects are still under bidding.

Kusama Not the Same as Polkadot (DOT)


The differences of these two networks can be detailed through Kusama’s title as an experimental platform before any project or product is fully launched in Polkadot.



In short, any project such as a new decentralized application (DApps) will be placed in Kusama (at least 7 days to vote on results and 8 days to make changes) for product stability testing before being launched on the main network.


While in Polkadot, it takes up to a month for each phase. In fact, the network focuses on approaches that ensure stability and security related to great and low -risk projects such as financial applications.


KSM token


KSM can be said to be one of the most glorious cryptocurrencies in 2020. No matter, at the beginning of the year the asset was traded at $ 1.5 and in December its value had already touched the $ 70 level. At the time of writing this article, the value has reached over $ 400!


These tokens play a role as tools for network authentication, nominating authenticators, combining parachains or parathreads, and voting.


KSM is available on crypto exchange platforms such as Binance, KuCoin, Krake, Huobi and Gate.io. Apart from that, investors can also get KSM through participation in Kusama’s dual-node network.