Kusama (KSM)

Kusama is a scalable network of specialized blockchain built using Substrate, which is the same code base as the Polkadot cryptocurrency. More specifically, it's an experimental environment for developers who want to prepare for deployment on Polkadot. The main goal of the project is to explore new opportunities and experiments with the participation of the public and Blockchain network, which can then be implemented in the main project of the Polkadot ecosystem. As the creators themselves say, it is a risky network created for change agents, serving to stimulate innovation and disrupt the status quo.

The story of Kusama

Not much can be said about the history of this project, it was founded in 2019 by Gavin Wood, co-founder of Polkadot and working on the Ethereum project. The project was created as part of the entire Polkadot ecosystem, and its main goal is to innovate, create and test completely new programs in a simple way, which, thanks to the same code base, can be later introduced in the Polkadot system.

Principle of operation

Kusama works on the basis of the Substrate code, it is a completely experimental and risky network, created with the participation of a community whose task is to catch trends and innovations and then introduce it in the main project, i.e. Polkadot. Kusama is an entirely social network, which means its existence depends on its users. The official website even says that the network will work as long as the public wants to use it. All innovations and changes in the structure of the network are voted on, so users decide on the direction of development. Thanks to this, Polkadot programmers can catch the needs of the community and ideas for new solutions that they can introduce in the polkadot system. 

The benefit for users is the possibility of quick and cost-free testing of a new innovative product before introducing it into the main system. It is a very good solution for startups. In addition, you can then use innovative tools that have not yet been introduced into the main polkadot system. Thanks to the use of the same source code, transferring the application from the Kusama system to Polkadot is hassle-free. However, it should be remembered and taken into account that this is an experimental network decided by the community. Because it is built on a blockchain, all the voted changes are introduced immediately and irreversibly, which results in instability and high risk, which is emphasized by the creators at almost every step.

Wallet

 Kusama has a KSM Wallet where you can keep your tokens. Additionally, when it comes to hardware wallets, KSM can be stored on the Ledger. It is possible to stack tokens on both Kusama Wallet and Ledger, which allows voting and decisions regarding the future of the project.

Quotations

The KSM cryptocurrency currently ranks 42nd in terms of capitalization. The highest price for the project was on January 18, 2021 at $ 120.43. The current daily turnover is just over $ 23 million. The asset is listed on 7 exchanges, of which the Binance exchange is responsible for the highest turnover, as much as 70%. Next, 8% of the turnover is equal to MXC, Bkex and Bibox. The remaining stock exchanges have a very small turnover, not exceeding one percent.