How and Where to Buy Kusama (KSM)
Gavin Wood, a computer scientist and programmer, founded Kusama in 2019 under the company Parity technologies. Gavin is the founder of Polkadot and former CTO, and co-founder of Ethereum. The extensive Parity Technologies team that built Kusama also created Polkadot and includes some of the world’s leading blockchain engineers.
“Kusama is a network built as a risk-taking, fast-moving ‘canary in the coal mine’ for its cousin Polkadot. It’s a living platform built for change agents to take back control, spark innovation and disrupt the status quo.” Kusama website
The Web3 Foundation, an organization that funds teams building foundations for the decentralized web, has funded grants to Kusama to assist growth.
What Is Kusama (KSM)?
Kusama is a blockchain platform providing a highly scalable framework of specialized blockchains for developers. It has a similar codebase to Polkadot and was built using Substrate, a building kit for blockchain developed by Parity Technologies. Polkadot is known for its success as an interoperable blockchain. Kusama is self-described as a “Polkadot’s canary network” as it gives access to an interoperable sharded network and has features beyond Polkadot’s capabilities, and is highly scalable.
Developers can deploy a blockchain on Kusama in preparation for launching on Polkadot, though many developers choose to finalize their products on the Kusama network. Because of the low barrier to deploying parachains, Kusama is popular with early-stage start-ups.
- Fast Iteration – Fast progress for developers to move “through the governance and upgrade process”
- Low Economic Barriers – Easy to launch a custom blockchain
- Advanced Technology – Unique features on the sharded, multichain network before deploying on Polkadot
- Open Governance – The Kusama network community owns and governs the development of the Kusama network
- Engaged Community – Leverage the Polkadot brand and community of develops for your project
- Valuable Experience – teams not ready for Polkadot can fine-tune their project on the Kusama network, building a brand and creating a community before deploying
$KSM is Kusama’s native token that helps maintain and operate the network. If you own and stake your $KSM tokens, you can vote on Kusama network upgrades proportional to how much $KSM you have staked.
What Makes Kusama (KSM) Unique?
Kusama is built for developers who want to develop their projects quickly and with ambitious plans. Kusama uses a nominated proof of stake (NPoS) consensus mechanism. It is built on a multichain and has a vastly different sharded design that doesn’t require a fork for fast on-chain upgrades. It supports XCMP (cross-chain message passing) communication with multiple parachains on the Kusama network.
The on-chain governance is permissionless and decentralized, so you can vote on governance proposals if you hold $KSM tokens. The Kusama governance process is around four times faster than Polkadot, with a conclusion in 15 days. The rapid speed means that projects can develop quickly on the Kusama network. Hence the popularity for start-ups that want to hit the ground running and don’t want the inconvenience of implementing a fork for upgrades and improvements.
How and Where to Buy Kusama (KSM)?
You’re interested in investing in Kusama (KSM) but might be feeling baffled about which cryptocurrency exchange is the best for you. Binance is a leading crypto platform with a wide range of markets and tokens and excellent trading volume: –
- Visit Binance’s official website and create an account
- Upload the requested documents for ID verification
- Use your Visa or Mastercard to deposit funds, or, if you prefer, you can deposit with a wire transfer or cryptocurrency
- Once you have funded your account, click on “exchange” and select a $KSM currency pair: KSM/USDT, KSM/BTC, KSM/BUSD, KSM/ETH & KSM/BNB
- Send your $KSM tokens to your crypto wallet. You can download Trust Wallet from Binance or use any wallet supporting Kusama (KSM) tokens
How do I Sell Kusama (KSM)?
- Login to your crypto wallet and locate the “trade” button
- Sell you $KSM tokens for a popular stablecoin like $USDT
- Create an account with an off-ramp platform like Coinbase or Gemini and transfer the $USDT to one of these exchanges
- Look for the “trade” tab and sell the “USDT for a fiat currency, which you can then withdraw to your bank account.
Should I Buy Kusama (KSM)?
It’s essential to base your decision on your knowledge and experience investing in cryptocurrencies because we cannot offer financial advice. Research the Kusama project and perhaps become a member of its social media community. Once you feel confident and are ready to buy $KSM tokens, we recommend purchasing from an established, reliable cryptocurrency exchange like Binance, Gate.io, or Kraken.
How do I invest in Kusama (KSM)? Safely?
Financial experts suggest investing only as much as you are comfortable losing, and for the cryptocurrency market, that’s good advice. It’s a highly volatile market, sometimes with significant price swings, often daunting for crypto newbies. If you’re happy to accept these risks and are ready to purchase Kusama (KSM) tokens, open an account with a trusted exchange like Binance, Gate.io, or Kraken.
Gate.io has an exchange and cold storage wallet, but Kraken does not provide a wallet service, so you need to set up an external wallet to connect to the exchange.