What is Kusama Network Token? Price Prediction and Its Uses

Kusama is known as the scalable and multi chain network for radical innovation. Scalability and unprecedented interoperability for blockchain developers who wish to push the limits faster of whatever is possible. It is developed by using the substrate with the same codebase and the leading multi chain infrastructure just like Polkadot. Polkadot is known as the cousin of Kusama.

Origin of Kusama

The relationship between a society as well as technology has declined at the point. The point where large entities step and stretch their authority. Kusama is the network that is built as the quickly moving, risk-taking ‘canary in the mining of coal’. It is for its cousin ‘Polkadot’. It is the living platform established for change agents. Building Change agents to take spark innovation, back control, and disrupt the status.

What exactly is Kusama?

Kusama is the scalable wide network of blockchains that is developed using the substrate. And it has nearly the same coding base as its cousin Polkadot. The network is the experimental development environment for teams who wish to move quickly. And also innovate on Kusama and prepare for its deployment on Polkadot.

Gavin Wood is the founder of Polkadot and co-founder and former CTO of Ethereum. 

Launch your custom Blockchain!

You can launch your blockchain with customization – 

  • Fast iteration – Move quickly and ship your item. Kusama’s risk-taking and nimble mentality enable developers to move via upgrading procedure and governance. It also allows for faster growth and progress.
  • Lower Economic Barriers – Launch your blockchain project customized with lower barriers to entry. It is ideal for lean startups looking forward to iterating or moving faster.
  • Advanced technology – Build on a multichain network, sharded, next-generation when accepting the new features before they are deployed on Polkadot.
  • Governance – Kusama is governed and owned by the network participants who control and vote on the evolution of the network. Make your mark and have a voice in the network evolution.
  • Engaged community – Leverage the global brand and developers community of Polkadot for your dApp, Parathread, and Parachain.
  • Experience – For teams looking forward to moving to Polkadot after tuning on to Kusama – start building your community and brand on Kusama before its deploying process.

Bring scalability to your new project!

Kusama project is built to bring scalability – 

  • Innovation – Kusama is built by the same team of Polkadot by using almost the same tools and code. The network provides the latest technology from Parity technologies and Web3 foundation in developers’ hands. And also before those features make it to polkadot.
  • Scalability – Kusama sharded blockchain and open governance offers the future proof and scalable infrastructure for marketplaces, applications, and businesses for deploying and maturing.
  • Interoperability – Kusama brings many blockchains all together into one sharded network – freeing developers from the silos that were developed by a network of legacy blockchains.
  • Customization – With the substrate, developers can now develop their app-specific blockchain. Then you can connect it to Kusama.

Basis of Kusama

Kusama is based on the same codebase as Polkadot. Thus, it is a very early unaudited release. It is not only a testnet, it’s more. It is just because it is intended to be the testbed for new features. Most of them get implemented in Polkadot via its first landing on Kusama. Once people have got the chance to experiment with those new features in Kusama. Everything goes fine and they will move over to Polkadot.

So if you are familiar with the litecoin bitcoin dynamic. Here litecoin is kind of lower value and kind of intended to be a more experimental network than bitcoin. It moves very much slower. You need to think of Kusama being just like Litecoin and Polkadot as Bitcoin.

It is more than testnet as they are usually only playgrounds where tokens have zero value. Being the canary network concentrate on development and research and the testbed to polkadot, KSMs are of low value. But still have a few of them.

The history of Kusama!

In July 2019, DOT indicator token holders were able to claim their KSM. It is possible by making the ethereum transaction which enables them to be in the genesis block of Kusama. You need to follow the guidelines if you have not claimed your KSM.

The one and a half months later, Kusama launched with proof of authority as the validators. It is allowed to generate blocks. Those were run by parity and the web3 foundation and the functionality which was available at that time. It allows potential validators to indicate their intention to validate.

A few months later in chaos, as it was expected, Kusama transitioned to POS. There are now overall 130 validators on Kusama. Governance is the writing time on the KSM holders’ hands. Sudo was the kind of central superuser. It was holding the final saying for any type of governance decision on Kusama which has relinquished governance and power. These have completely transitioned to holders of KSM. As an example of governance, there were the referenda. It was being voted by KSM holders on raising the number of validators to 150.

Future of Kusama

In Kusama, there is no kill switch meaning. There is no central authority that can stop it. The one way the network can come to its end is via governance. If KSM holders choose to end the network that is very not likely to happen. In the future, Kusama can connect to Polkadot through a bridge or as the hierarchical sub relay chain.

How to get Kusma tokens?

There are many ways to get KSM – 

  • The token holder as DOT indicator – KSM is wished to be aligned with the existing DOt community and holders. For such reason, anyone who has participated in the DOT sale and has received the DOT indicator token. It is entitled to the equivalent amount of KSM on the Kusama network. You can also follow the guidelines to claim your KSM.
  • Faucet – Anybody can get KSM via frictional proof of work faucet. There are a few requirements which must be completed to use it. One of them is to own the Github account which was created before the 21st of June 2019. If this is the case, then you must get the KSM address which contains the string ‘ksma’. There are around two ways to generate the address and its whether through SubKey or PolkadotJS dashboard. Keep the note that this address can be used only once to claim KSM. And every Github account can use the faucet once every 24 hours. 
  • Grants web3 foundation – There are few ways for obtaining larger KSM via the faucet. This is for builders or governance participants that can apply for the grant from the web3 foundation.
  • Bug bounty program – If somebody can discover the unknown vulnerability in Kusama, then he will get rewarded for it with KSM.

What are the roles of Kusama?

There are few ways for participating in the Kusama network by either being the maintainer, builder, or an end-user.

Builders

  • The first responsibility is the concern about the development team and developers. Their role is to build parachains, bridges, parathreads, or block explorers. There are a few reasons why the development team and developers must consider building on Kusama. 
    • As we have already mentioned above, Kusama has the same codebase as Polkadot. 
    • So if they build their applications on Kusama, they would experience the same when they build it in Polkadot. 
    • Also deploying the para chain in Kusama would be way cheaper compared to Polkadot. 
    • Acquiring para chain slots will be a lot cheaper in Kusama compared to Polkadot. 
    • For new parachains that are in the early phase and need to be deployed to polkadot, it would make sense for developers and team to first deploy them in Kusama before Polkadot.

Network maintainers

  • Whether it is Polkadot or Kusama networks, the set of actors are there to help and maintain them. Those are collators, nominators, validators, and governance actors.
    • The nominator’s role is to select reputable and good validators and stale KSM. you need to refer to a guide on how to nominate in Kusama. There is the step by step procedure.
    • Collators’ work is to maintain parachains by collecting para chain transactions from users. It produces state transition proofs for validators.
    • Validators are also maintaining the network and are responsible to add new blocks and to participate in consensus with any other validators. They stake tokens at the risk of being slashed but they also earn rewards. They earn rewards to perform their validation duties.
    • The Governance actor’s role is to imply participating in how Kusama evolves and what direction it will choose. What will it turn out to be? Improvements as well as changes to Kusama codebase can be introduced via proposals. It can be submitted by everyone as long as the minimum amount of KSM. it is deposited for that need. 

Overview of Kusama!

The beginning point of the governance procedure can be the public procedure, the council proposal, or the emergency proposal submitted by the technical committee for making changes to the protocol.

The main aspect of Kusama governance is the referendum that enables KSM holders to vote to change the chain. Any referendum holds the proposal which is specially designed to propose the concrete changes to the chain. For example – changing blockchain parameters, registering or deregistering the para chain, changing runtime coding, cancel the referenda, or run the project from the treasury.

  • Once the proposal is developed, it has to become a referendum. 
  • Every launching period that is equivalent to 28 days, the proposal is backed with the most stake that becomes referendum.
  • When the public referendum is issued, the vote has a positive turnout bias. 
  • It means that it is biased towards not passing. 
  • On the other side, when the council referendum is issued and when the vote on the proposal was unanimous, the referendum will give the negative turnout bias meaning. 
  • It will be biased to pass. This is where the council’s true power resides.

Market stats of Kusama!

Kusama (KSM) – $33.53 USD (27.23%), 0.00294970 BTC (30.63%)

Market Cap – $284,034,441 USD, 24,984 BTC

Volume (24h) – $108,529,276 USD, 9,546 BTC

Circulating Supply – 8,470,098 KSM

Reported Circulating Supply – 8,597,990 KSM

Total Supply – 9,651,217 KSM

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