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Kusama (KSM) is a cryptocurrency built on the Kusama Network, which was created as a testbed (canary network) for the Polkadot network. The Kusama Network was designed to provide a flexible and fast environment for testing decentralized projects and applications before they are officially launched on the Polkadot network.
The currency was launched on December 12, 2019 and is very popular among developers and investors due to its flexibility and speed of development.
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Project objectives
1. Testing Innovations: Kusama acts as a living laboratory to experiment with innovations before implementing them on the Polkadot network.
2. Encourage rapid innovation: Provide an informal environment for testing decentralized applications and projects.
3. Enabling new ventures: Support ventures that want to launch their own networks more quickly.
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Financial data analysis:-
Rank: 113th.
Market Cap: $770.05 Million.
Fully discounted market cap: $770.05 million.
Market control: 0.0231%.
Trading supply: 15.76 million KSM.
Total supply: 15.76 million KSM.
Historical price performance
Record high: $623.75 (January 2021).
Record low: $0.9157 (January 2020).
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Founders and Team
Founder: Gavin Wood, co-founder of the Ethereum network and creator of the Solidity programming language. Gavin is a prominent figure in the development of blockchain technology.
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Most prominent uses
1. Decentralized Applications (dApps): Support the development and operation of decentralized applications and pilot projects.
2. Parachains: Enable projects to rent “parachains” to run their own networks on Kusama.
3. Governance: KSM is used to vote and make decisions regarding network development.
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Advantages and disadvantages of currency
Advantages:
A flexible and ideal environment for experimenting with innovations.
Experienced development team led by Gavin Wood.
Strong community that supports startups.
Disadvantages:
Sharp price fluctuations due to it being a test network.
Risks associated with unstable projects launched on the network.
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Conclusion: -
Kusama (KSM) is a great opportunity for investors and developers interested in Polkadot and new blockchain projects. The network allows for flexibility and speed in implementing innovations, making it a prime destination for experimental projects. However, like any other currency, one should be aware of the price volatility and risks associated with it.
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Sources
CoinMarketCap
Binance
Kusama Official Website
Polkadot Ecosystem Analysis
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