We all know that Ethereum 2.0 is going to launch but what is it? We all nowadays use smart contracts for one or other uses. Is Ethereum the energy web token? No, It is about the Expectation chaos that is Kusama.
What is KUSAMA?
Kusama is the canary network that has been introduced or say launched by Polkadot that shows the experimental version of the Blockchain interoperability protocol. It will allow all developers to build and utilize the para chain as well as test the governance, staking, and many other functioning in this real environment. And Ethereum 2.0 is going to the top rank in the economy of the market. The para chain is the specific data formation that is coherent and is validated by their validators of the Polkadot chain of Relay.
This project is highly anticipated when reported last month to have the private sale of around half a million DOT token for the implied valuation. As per wood, “Kusama network is just to cater to the early, new, and high-risk functionality projects which are existing products of Polkadots.” Holders of DOT tokens can gain an equal amount of Kusama coins and start their experiments on the network in August 2020. And Kusama is known for the latest innovations and development in this real environment and market. You can use it by adding an extension of Kusama to your PC or mobile via web stores. Users can use staking in the application of Kusama by choosing their services and lock your holding of cryptocurrencies accordingly
Those users who are not the owners of the DOT token, the Web3 foundation will fund the KSM for extra experiments of KSM (Kusama) – as per the media news. The same amount of Kusama Tokens are going to be distributed but have not been declared yet – as per media reports.
This para chain does the following functions –
Around 100,000 Web3 foundation holding the DOTs can be further used as the incentivization to the stakeholder and community of Kusama. As per the spokesperson, KSM holders will be now or later on convert their tokens into DOT at some fixed amount. It will be set by the foundation. And the reward for participation can be 1 DOT per 100 KSM with the scheme is still being worked out and yet not set.