What is Kusama?
This blog post will cover:
- What is Kusama?
- Where did Kusama come from?
- What are the advantages of Kusama?
- What are the disadvantages of Kusama?
- How to buy Kusama on SimpleSwap?
What is Kusama?
Kusama is a cryptocurrency of Swiss origin as well as the Polkadot cryptocurrency. These two projects have pretty same goals and a team of creators.
The Nominated Proof-of-Stake (NpoS) algorithm is used to confirm transactions. In practice, this means that users can credit their coins to trusted nodes (validators) that have the right to confirm transactions. This way users get a part of the validators' income and owning Kusama cryptocurrency brings them an income of 7 to 20% per annum. This type of earning on cryptocurrencies is called staking. The main advantage of the Kusama cryptocurrency is good scalability and the ability to combine several blockchains within one platform. It is also convenient to create various decentralized applications (DeFi) based on Kusama. The application can use parallel blockchains (parachains), which reduces the load on the main blockchain and allows it to perform operations safely. There are already many program libraries based on Kusama that are used to create various applications: decentralized oracle, stablecoins, payment gateways, firmware IoT.
Owners of KSM tokens have the right to vote when choosing how to further develop the Kusama project.
Where did Kusama come from?
The development of Kusama cryptocurrency is provided by a strong international team. It is led by one of the main developers of Ethereum and Polkadot cryptocurrencies, Dr. Kusama. Kusama's main goal is to become a testing ground for technological innovations, the most successful of which will be implemented in Kusama-like cryptocurrencies Polkadot. The Polkadot network has used DOT tokens, and each owner of DOT tokens is charged KSM tokens in a ratio of 1 to 1. In the future, networks Polkadot and Kusama will be more closely integrated. Both Polkadot and Kusama provide fast transactions with minimal commissions.
What are the advantages of Kusama?
- The ability to generate passive income from staking.
- A large number of technological innovations.
- Strong project team.
- High popularity in the cryptocurrency community.
- High transaction speed, good scalability, low commissions.
What are the disadvantages of Kusama?
- High price volatility.
- Excessive system complexity for the average user.
- With the release of Polkadot, the interest in using Kusama may drop.
- There is no Kusama storage software wallet.
How to buy Kusama on SimpleSwap?
All you have to do to support the Kusama project and get some KSM tokens is go to the main page of SimpleSwap and follow the instructions:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select Kusama in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. KSM will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
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