KUSAMA (KSM)
An Advanced Test Network for Parachains and Polkadot Ecosystem.
Polkadot has clearly become one of the most prominent cryptocurrency initiatives. Kusama, is one of the most ground-breaking aspects of its ecosystem.
Kusama is unique among blockchain platforms in that it is primarily designed for developers that wish to launch big, ambitious projects at a rapid speed of development.
Introduction
Kusama is a Polkadot’s canary network,
The phrase “canary network” The name is derived from the phrase “canary in a coal mine.” Canaries were once carried into mines by miners because the birds would sing in their cages and then quit singing if there was a harmful gas leak and they died.
They served as an early warning system for the miners, alerting them to danger. The good news is that Kusama serves as a “canary network” without injuring any birds. Kusama serves the same purpose as a virtual duplicate of Polkadot, providing the most realistic testing environment for blockchain projects conceivable. Canary network is an early release of the code that is available first and has genuine economic value. Kusama is a testing area for runtime upgrades, on-chain governance, and parachains for developers. Fast-paced applications that launch on Kusama receive access to a highly scalable, interoperable sharded network with features not yet available on Polkadot.
How does Kusama Work?
Kusama is based on Substrate, a blockchain development kit created by Parity Technologies. Polkadot, one of the most successful interoperable blockchains, uses almost the same codebase as Kusama.
Kusama has a low barrier to entry for deploying parachains, as well as low bond requirements for validators. It is most typically used by early-stage startups and for experimentation.
The Kusama network supports the development of two types of blockchains.
The Relay Chain — The main Kusama blockchain network, where transactions are completed. The relay chain isolates the operation of adding new transactions from the act of validating those transactions to gain higher speed.
The Kusama Relay Chain employs a version on proof-of-stake (PoS) consensus called nominated proof-of-stake to keep its network in agreement regarding the state of the system (NPoS).
This method lets anyone who stakes KSM by locking the cryptocurrency in a specific contract to play one or more of the following roles:
· Validators — Check the validity of data in parachain blocks. They also participate in network consensus and vote on proposed network changes.
· Nominators — Protect the Relay Chain by selecting reliable validators. Nominators delegate their staked KSM tokens to validators, who then vote for them. Users who stake KSM and play these roles are also eligible for KSM prizes.
Parachains — Parachains are bespoke blockchains that employ the computational capacity of the relay chain to ensure the accuracy of transactions.
Governance
Three types of Kusama users have the ability to affect the software’s development.
The Referendum Chamber — Anyone who buys KSM tokens has the ability to propose network changes and approve or reject substantial changes presented by others.
The Board of Directors — Council members are elected by KSM holders and are responsible for proposing changes and determining which changes submitted by KSM holders are implemented in the programme. The Council on Kusama began with seven seats but is expected to grow as community interest rises.
The Technical Committee — This group, made up of teams actively creating Kusama, can offer extraordinary proposals in the event of an emergency. Members of the technical committee are elected by the Council.
Differences between KSM and DOT
The first significant difference between the two networks is the speed with which the governance system operates. In Kusama, it takes seven days to vote on a referendum and eight days to implement changes following the results, whereas Polkadot takes a month for each.
Second, becoming a validator on Kusama is significantly easier than on Polkadot because the minimum staking requirements are lower.
Kusama’s Origins
Polkadot inventors Gavin Wood (co-founder of Ethereum), Peter Czaban, and Robert Habermeier established Kusama in 2016.
Wood’s career is noteworthy since he created Solidity, the programming language used by Ethereum developers to create decentralised applications (dapps). He was also the Ethereum Foundation’s first CTO and worked as a research scientist at Microsoft before that.
In 2015, Wood launched Parity Technologies, which maintains Substrate, a software development framework utilised by Kusama developers who want to create parachains.
Wood is also the head of the Web3 Foundation, a non-profit that oversaw Polkadot’s token sales, raising around $200 million from investors.
KSM Token And It’s Economics
KSM is ranked 70th largest cryptocurrency at the moment, is now trading at $126.82 (9,740 INR), as of MAY 6rd 2022. and as market size of more than $1 Billion. Kusama has a circulating supply of 8.47 million tokens and a total supply of 9.6 million tokens as of May 2022. In contrast to certain other blockchains, the maximum supply is not fixed. Instead, it rises at a ten percent annual rate of inflation.
The fraction of KSM staked affects how freshly created KSM tokens (because to inflation) are allocated. If exactly half of the KSM are staked, Kusama validators receive 100% of newly issued tokens, however if it is greater than or less than 50%, some of the inflation incentives go to the Kusama Treasury.
Closing Thoughts
Kusama is not without a sense of humour, and they have a strong understanding of the platform’s role in the greater Polkadot ecosystem.
Kusama’s tagline is “expect chaos,” which serves as a good reminder that this is, after all, a testnet. The fact that it is one of the most realistic testnets on the market, and practically a clone of Polkadot for that reason, increases the likelihood of pandemonium. However, it is all for a very good reason: to make the Polkadot Ecosystem and every parachain it hosts the most tested and long-lasting blockchain projects conceivable.
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