Kusama (cryptocurrency)
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Kusama is a multi-blockchain network of interoperable heterogeneous parallel chains often referred to as parachains. It seeks to incentivize a global network of computers to operate a blockchain on top of which users can launch and deploy their own blockchains.[1]
| Kusama | |
|---|---|
| File:Kusama Network Logo.png | |
| Ticker symbol | KSM |
| Development | |
| Original author(s) | Gavin Wood |
| Initial release | 2019 |
| Latest release | 0.9.1 / |
| Code repository | https://github.com/paritytech/polkadot |
| Written in | Rust |
| Developer(s) | Parity Technologies |
| License | GNU General Public License v3.0 |
| Website | https://kusama.network |
| Ledger | |
| Block time | 6 seconds |
| Block explorer | https://kusama.subscan.io/ |
| Circulating supply | 4,382,000 KSM (est. May 2021) |
| Valuation | |
| Exchange rate | $430 USD (May 2021) |
| Market cap | $3.6 Billion USD (May 2021) |
Search Kusama (cryptocurrency) on Amazon.
History
Kusama was founded by Dr. Gavin Wood in 2019, the founder of Polkadot and co-founder and former CTO of Ethereum.[2] Initially started as a testnet for Polkadot, it soon became a live network with its own governance. The development of the project is overseen and supervised by Parity Technologies based in London, United Kingdom.[3] and Web3 Foundation, a non-profit organisation based in Zug, Switzerland[4]
Technical aspects and parachain ecosystem
Kusama achieves consensus using the nominated Proof of stake (nPOS) model. The native cryptocurrency of the network is KSM which acts as the governance token.[5]
It is dubbed as the Canary Network to Polkadot and serves as a public pre-production environment for developers to experiment and test new technology or applications before releasing them to the latter. Kusama acts as a base layer or layer-zero chain and several separate layer-1 blockchains or parachains run parallel through the network.[6] Parachains benefit from the relay chain’s uniform networkwide security and the ability to transfer data or assets between blockchains via the use of XCMP (Cross-chain Message Passing). The relay chain validators provide validation for transactions and blocks after receiving the created blocks from parachain collators. The parachains may also connect to outside blockchain networks, such as Bitcoin and Ethereum.[7][8][9]
References
- ↑ Wood, Gavin (2017-07-16). "Announcing Kusama, the canary network". Polkadot.
- ↑ Kim, Christine (2019-08-23). "Gavin Wood launches Kusama to test Polkadot Network". Coindesk. Retrieved 2 May 2021.
- ↑ Foxley, William (2020-09-23). "blockchain made easy by substrate". Coindesk.
- ↑ "How Web3 Foundation is creating a decentralised new web". Capital.com. 2021-04-08.
- ↑ "Governance and role of council in Kusama". kusama.network. Retrieved 2021-05-02.
- ↑ Koffman, Tatiana (2021-04-20). "The next gen DeFi on Polkadot and Kusama". Forbes. Retrieved 4 May 2021.
- ↑ Khatri, Yogita (2021-04-06). "Tether to launch USDT stablecoin on Polkadot and Kusama". Theblockcrypto.
- ↑ "Kusama tests parachain applicants on rococo". Bitcoinist. 2021-04-26.
- ↑ Chaparro, Frank (2021-01-27). "CMS Holdings leads $1.3 million fundraise for Ethereum-Polkadot bridge". Theblockcrypto.
External links
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