Kusama (KSM) is a cryptocurrency and blockchain network designed as a “canary network” for the Polkadot ecosystem.
It’s often referred to as a “testnet with real economic value” because it allows developers to test and experiment with new features and applications in a live environment, albeit with its own native token, KSM.Â
Kusama was created by the same team behind Polkadot, another blockchain platform. Polkadot is designed to connect multiple blockchains, known as parachains, to enable interoperability and scalability in the blockchain space. Kusama serves as a complementary network to Polkadot.
Kusama is intended to be a wilder and less stable version of Polkadot. So ot allows developers to test new features, innovations, and parachains in a real-world environment without compromising the stability and security of the Polkadot network. This experimental nature is why it’s often referred to as a “canary network.”
Just like Polkadot, Kusama uses a proof-of-stake (PoS) consensus mechanism. KSM holders can stake their tokens to participate in network security and governance. Stakers can earn rewards for validating transactions and securing the network.
KSM is the native cryptocurrency of the Kusama network. It has various use cases, including participating in governance, staking for network security, and paying for transaction fees and services within the ecosystem.
Kusama has its own governance system that enables token holders to participate in decision-making processes regarding network upgrades and changes. Token holders can propose and vote on referenda, making it a decentralized and community-driven network.
Disclaimer. This article is for informational purposes only and should not be viewed as an endorsement by CoinIdol. They are not a recommendation to buy or sell cryptocurrency. Readers should do their research before investing in funds.
