What Is Kusama (KSM) and How to Buy?

Kusama is an experimental network utilized by developers who wish to iterate quickly or prepare for Polkadot deployment. This network is also known as a "canary network."

In this article, we will discuss Kusama (KSM), its features, and how it works.

What Is Kusama (KSM)?

The Kusama network's native coin is referred to as the KSM token (just as DOT is the native token of the Polkadot network). This token's first distribution follows the same standards as the DOT token distribution. If you participate in the DOT initial coin offering (ICO), you will have access to the exact number of KSM tokens as DOT.

This serves the purpose of encouraging token holders to use the Kusama network and contributing to the growth of the network along with the team. Nonetheless, the most significant shift in Kusama is associated with the production of tokens through network rewards.

The KSM coin is a governance token that may be used to control protocol upgrades and patches and pay fees via parachains. Validators risk their KSM to protect the integrity of the network and are rewarded with inflation incentives. 

On the other hand, Nominators can use their KSM to demonstrate their support for particular validators and receive a portion of the benefits. In addition, the KSM digital currency can be utilized for linking purposes to encourage the development of new parachains.

Who Created Kusama?

Kusama was created by the co-founder of Polkadot, Dr. Gavin Wood, along with a team of developers. The Kusama network was launched in 2019 as a "canary network" for Polkadot. It was designed to test new features and upgrades before implementing them on the more stable Polkadot network. 

How Does Kusama Work?

Kusama is a sister chain to Polkadot and has taken several of the network's most prominent design features and implemented them into its network. As an illustration, Kusama employs two distinct blockchain technologies to execute transactions and manage network activity. 

The primary network is the Relay Chain, and validators stake their positions. The Relay Chain has just the most fundamental capabilities, but it is in charge of coordinating the entirety of the system. Users have developed other networks, and these networks are called Parachains. Each Parachain might have a unique design, set of features, and use case depending on the project using it.

What Makes Kusama Unique?

Kusama is one of a kind in several different ways. It is intended to serve as a "canary network" for Polkadot. This would enable developers to test new features and improvements before implementing them on the Polkadot network, known for its greater stability. Users of Polkadot will benefit from a network that is both more robust and secure as a result.

Second, Kusama possesses a one-of-a-kind governance system that allows token holders to propose and vote on network changes and upgrades. Because of this, Kusama is a community-driven and decentralized network rather than one controlled by a centralized authority. The community decides decisions within the network.

Last, Kusama was developed to facilitate transactions quickly and safely, making it appropriate for various use cases such as NFTs, gaming, and DeFi. The one-of-a-kind design of Kusama's blockchain also makes it possible to interoperate with other blockchains, making it an adaptable and versatile network for users and developers alike.

Why Use Kusama (KSM)?

Users may find Kusama intriguing due to its pre-production capabilities for the Polkadot network and its focus on promoting interoperability between the two blockchains. This may be the case since Kusama facilitates interoperability between the two blockchains.

Projects can also keep parachains on both Kusama and Polkadot, and they can use their Kusama parachain to try out new features and conduct experiments before upgrading their Polkadot parachain.

Gitcoin, a platform that offers paid chances to developers by connecting them to open-source projects, and 0x, a platform for decentralized exchanges, are two projects that have installed parachains on both networks. Other projects have also done so.

Suppose investors are bullish on the future of the Polkadot ecosystem and blockchains that will act as a basis for applications. In that case, they should be adding KSM to their portfolios.

What Gives Value to KSM?

The value of the native cryptocurrency of Kusama, known as KSM, depends on several factors. The following are some of the most important aspects that contribute to the value of KSM:

Utility: KSM has utility within the Kusama network, where it may be used for multiple purposes, such as paying transaction fees, staking, and participating in governance. The greater the number of people who use Kusama, the greater the demand for KSM, which can cause its price to rise.

In the same way that the supply and demand dynamics of the market affect the value of any other asset, they also affect the value of KSM. The price of KSM could rise if there is a high demand for it but a limited supply.

Adoption and partnerships: The value of Kusama can improve if more projects and developers build on Kusama and use KSM as a means of payment.

How to Buy Kusama Coins?

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including KSM, users can now trade easily and seamlessly. Here's a guide on how to buy KSM on CoinEx.

1. To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
2. After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
3. After depositing fiat or cryptocurrency, go to the KSM trading page, choose a trading pair, and specify the amount of KSM to purchase.
4. To buy KSM tokens, choose the appropriate trading pair, specify the desired quantity of KSM, and trade the paired token for KSM.