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Kusama: Everything you need to know

Source: Young Platform

For a long time now, we have been surrounded by virtual currencies and the rate at which their use cases in day-to-day life are increasing is something that was never really anticipated one of the major contributors to this huge success is the cryptocurrency industry.

The crypto world has been more than successful in luring in potential investors from all across the globe and has managed to make a name for itself in the global marketplace as well. Not just that, the said industry has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!

Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.

To begin with, cryptocurrencies as the name suggests are nothing but a form of online or digital currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available over the web.

In technical terminology, cryptocurrency is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.

In addition to this, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical with respect to the return on investments they could expect as well as the safety of their money too.

On the contrary, looking around today, it feels almost unreal to see how far the industry has managed to come, having pools of currencies available today for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.

Source: CryptoSlate

Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Ethereum, Polkadot, Binance Coin, Bitcoin, PancakeSwap, and Dogecoin, Cardano, EverGrow Coin as well as Baby Doge to name just a few of course.

Also, it is worth noting that, some of the major contributing factors to this extraordinary success of the industry include its negligible response time, the convenience it offers, ease of use, portability, intuitive nature, high-profit margins, real-time updates as well as the volatility of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts in the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Kusama. To know more, I suggest you read further!

Everything to know about Kusama (KSM)

Source: Kraken

Kusama or as commonly referred to as KSM is nothing but simply a protocol that is known to enable cross-blockchain transfers of any type of asset or data. Not just that, by uniting several blockchains, Kusama focuses on achieving high degrees of scalability as well as security.

In simpler words, self-described as Polkadot’s wild cousin, Kusama is simply an experimental blockchain platform that is designed in order to provide a massively interoperable as well as a scalable framework for developers. In addition to this, Kusama is built on Substrate, which is actually a blockchain building kit developed by Parity Technologies.

Speaking of Polkadot, Kusama has nearly the same codebase as and when compared to Polkadot, which as you might already know is one of the most successful interoperable blockchains. Moreover, by deploying on Kusama, fast-paced projects are able to gain access to a rather high scalable, interoperable sharded network, with features that are not yet available on Polkadot. To that end, the said platform is known to describe itself as a canary network.

Before moving any further, it is worth noting that, Kusama was developed by the same team that actually built Polkadot, a company usually referred to as Parity Technologies. Also, KSM is said to be the native utility token of the Kusama platform, which as a matter of fact can be used for a variety of purposes on the platform itself like being used for staking in order to secure the network or to connect new chains.

Coming back to the topic, as mentioned, the said platform is said to have been designed in order to provide a testbed for various developers on Kusama that are actually looking to innovate as well as deploy their very own blockchain and can be used as a proprietary network of sorts before even launching on Polkadot, though several processes opt to stick with Kusama for their final product.

Source: Kraken

Furthermore, Kusama benefits from a rather low barrier to entry for simply deploying parachains, and low bond requirements for validators, and is most commonly made use by early-stage start-ups and for experimentation. Moving on, Kusama is unusual among blockchain platforms since it is predominantly created for developers that want to launch ambitious, bold projects with a fast-evolving pace of development.

Having said that, it is built on a multichain, heterogeneously sharded design that is known to use a nominated proof of stake (NPoS) consensus system, which is nothing but an alternative consensus mechanism to the energy-intensive proof of work (POW) scheme that was employed by various other blockchains.

Moreover, this system is known to enable it to perform rather rapid on-chain upgrades without a fork and supports cross-chain message passing (XCMP) in order to enable communication with other parachains on the Kusama network. Apart from this, like in the case of Polkadot, Kusama features on-chain governance capabilities.

Now, this on-chain governance is both decentralized and permissionless, thus allowing anybody with Kusama tokens or even parachain tokens in order to vote on their respective governance proposals, which might also include changes to the protocol, and putative upgrades as well as other feature requests.

Lastly, the project serves several projects that actually want to hit the ground running, launching updates as well as improvements without the need to implement a fork to do so, thereby ensuring maximum community decisions.

Now that we have talked much about Kusama, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in Kusama (KSM)

Source: Cryptokopen.nl

As of today, the price of Kusama is about 68.88 US dollars with a twenty-four-hour trading volume of 71,331,442 dollars. Not just that, in just the past twenty-four hours, the value of Kusama has gone down by 6.27 percent, and with the current market cap of 583,433,754 US dollars, KSM is currently placed at the #76 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Kusama is  8,470,098 KSM coins, but unfortunately the maximum lifetime supply of the token is not yet available. In just the past week alone, the price of the platform has risen by 2.43 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Kusama is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Kusama can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

Source: Nomics

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Kusama does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Kusama? Let me help you with that. Currently, Kusama is available on all major crypto exchanges but, some of the popular exchanges that have KSM listed on them include Binance, Bybit, FTX, OKX as well as Bitget to name a few.  

In conclusion, what are your thoughts on Kusama? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Top 10 cryptocurrencies to buy in May 2022

 

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