What is vomiting? Kusama (KSM) is a Blockchain project that allows testing of dApps and blockchains developed on the Polkadot network. In this article, you can access answers to frequently asked questions such as what is Kusama, what it offers, what is KSM coin, how to get it, what is it used for. For our curious readers, we have compiled it as Kriptokoin.com . Let’s examine the project together.
What is vomiting? Launched by the team that produced
Polkadot, Kusama is a Blockchain project that enables testing of new decentralized applications (dApps) and blockchains on the Polkadot network. Developers can test the dApps they create on Polkadot Blockchain through the platform. The platform operates as a public “pre-production environment”. In this context, the project is designed as a platform that offers high interoperability and scalability. The native cryptocurrency of the project is KSM coin. This cryptocurrency was created for users to perform various transactions within the network.
With almost the same code base as Polkadot, Kusama describes itself as “Polkadot’s wild cousin”. The project, built on Polkadot Substrate, is funded by funds from the Web3 foundation. The platform uses the Nominated Proof-of-Stake (NPoS) consensus mechanism to ensure its security. This mechanism was created as an alternative to the high-energy Proof-of-Work mechanism and has a distributed structure. The project is managed decentralized by the community.
What is KSM coin? What is it used for?
KSM coin is a token that works as the native and utility cryptocurrency of the Kusama network. KSM, whose maximum supply is not determined, is used by developers for application testing. In addition, the token has use cases that offer various advantages to users within the network. KSM coin is a governance token. This means that users holding KSM can participate in the management of the platform. Users who participate in the administration by spending their
Tokens can submit offers to the community and get voting rights in the decisions to be taken. The network uses a PoS consensus mechanism. This means that KSM holders can staking. Users can lock their KSMs to the platform with a certain maturity. Users who stake their assets are rewarded with additional KSM tokens for securing the network. In addition, the KSM coin can also be used to pay fees in the platform’s parachain auctions and to establish new parachain connections. At the time of writing, KSM coin was the 65th largest cryptocurrency with a market cap of around $1.55 billion. In addition, 8.47 million KSMs were in circulation.
How to get KSM coin?
KSM coin is supported by major cryptocurrency exchanges. Exchanges where the token is traded include Binance, Bybit, OKX, and CoinTiger. Investors interested in the Kusama project can become a member of one of the exchanges where the token is listed. After that, they can buy KSM by depositing funds into their wallets.
