There was a time when miners took canaries with them to the mine. These birds are sensitive to dangerous gases in the air, so they began to behave restlessly if there was gas in the mine. And now the developers of Polkadot are using the “canary” Kusama network to test the operation of the blockchain before launching. Learn more about the project and its prospects in our review.
What is Kusama (KSM)?
Kusama (KSM) – is an experimental blockchain that was launched by the developers of Polkadot to test technologies and vulnerabilities before launching them on the main network. In its structure, it repeats Polkadot and consists of 3 elements: Parachains, Relay Chain, and Bridges. To develop blockchains on Kusama a Substrate is used. This is a platform with which the development of parachains is simplified.
Kusama co-founder Gavin Wood describes it as a network that gives up stability and reliability in exchange for fast movement and the latest technologies:
- Speed. The Kusama network is faster than Polkadot, which makes it more flexible.
- Lack of audits. Kusama does not pass technical audits. This way the network develops faster, but it becomes more vulnerable to errors in the code. This is done specifically to detect errors in this network, and not in Polkadot.
It is described as a “canary network” where its users or Polkadot users can get trial access to new features that are not yet available on Polkadot.
Why should I exchange Kusama?
We offer you a brief look at the main reasons for trading KSM:
- Although Kusama is intended as a springboard for the development of projects, it may happen that many projects will want to stay on Kusama. Development here is faster and more innovative, and the costs for each Kusama parachain are much less. If this happens, the price of KSM will soar.
- Over the past year, the price of KSM has increased by more than 1700%. According to the forecasts of DigitalCoin and LongForecast, the price will be around $400 by the end of 2021.
As of August 13, 2021, KSM is approximately $268, and the market capitalization is $2,273,938,691. The maximum price of KSM reached $623.75 on May 18, 2021. The minimum coin cost was $0.9143 on January 14, 2020.
Where to trade Kusama?
A variety of platforms for trading KSM is quite extensive. Among the best are:
- Binance – the leader in global trading volume. An attractively low fees. It supports almost all popular cryptocurrencies and has a large set of tools for analytics and trading.
Trading pairs: more than 2000.
- Huobi – an exchange with a large set of trading tools and a unique anti-hacking system. There is a compensation fund, thanks to which investors can not be afraid that as a result of hacking the exchange and stealing cryptocurrency, their funds will be lost forever.
Trading pairs: about 1000.
- 7b – a crypto broker offering incredibly convenient conditions for trading cryptocurrency. It places special emphasis on security.
Trading pairs: more than 2000.
How to exchange Kusama using the 7b crypto broker app?
The 7b team tries to facilitate trading by providing a safe and convenient platform for buying or selling more than 400 cryptocurrencies. We do all the most difficult work for the trader, you just have to make a few clicks:
- Download 7b crypto broker app.
- Log in to your 7b account.
- Check if you have the funds to trade.
- In the “Trade” section, type KSM in the search bar.
- Study the KSM price chart and make sure that now is the best time to buy or sell.
- Indicate the desired amount.
- Confirm the transaction.
Where to exchange KSM?
For the exchange of KSM, we recommend using reliable swap platforms and brokers. Unlike the exchange, the swap procedure on such platforms is characterized by its simplicity. Key differences between the platforms:
Broker:
| Pros | Cons |
| Security and reliability | The funds are credited to your account |
| A wide range of cryptocurrencies | |
| There are no upper limits |
Swap platform:
| Pros | Cons |
| Anonymity and privacy | There is an upper limit |
| Non-catodial service | |
| Possibility of exchange at a fixed rate |
Several platforms for secure exchange:
- Changelly. It has been successfully operating since 2015, 170 coins are available for exchange.
Fee: 0.25%.
- ChangeNOW. It provides unlimited anonymous exchange for more than 170 cryptocurrencies.
Fee: included in the exchange rate.
- SimpleSwap. It provides an instant exchange at a fixed or floating rate for more than 300 coins.
Fee: included in the exchange rate.
- Swapzone – a cryptocurrency exchange aggregator where one can compare exchange rates, analyze and swap cryptocurrency in just one interface.
Fee: included in the exchange rate.
What to know before exchanging Kusama?
When choosing an exchange service, it is necessary to take into account such criteria as:
- Avaliable crypto. Before using the exchanger, it is better to make sure that it has the necessary cryptocurrency.
- The exchange rate. Before making a swap, you should study several exchangers to find the best rate.
- The amount of the fee. Fees vary greatly, so compare the available services and choose the best one.
- Reputation. If the exchanger works honestly, without deceiving users, they will certainly leave positive reviews about this service.
- Remember that operations in the blockchain are irreversible, if you make a mistake in the wallet address, you will lose your funds.
How to buy Kusama?
Instruction on buying KSM
Buying KSM for the first time might a bit complicated for a beginner. That is why we have composed a step-by-step instruction so that you could buy KSM without any problems:
Step 1. Sign up to a service providing trading or exchanging
Step 2. Deposit your account with BTC or ETH
Step 3. Find KSM/BTC or KSM/ETH trading pair
Step 4. Enter the necessary sum
Step 5. Confirm the transaction
Where to buy KSM?
Choosing a trustworthy platform might be even more complicated. To avoid scam and fraud, use platforms with a significant amount of reviews and good reputation, such as:
- Kraken – an exchange with an ideal reputation in security issues. There are many tools and features available on the platform. However, the platform’s interface is often called complex and old-school.
- Gate.io – attracts the attention of traders with a high level of security and clear interface, as well as a fast speed of deposit and withdrawal of funds.
What is the best time to buy KSM
According to the most analytical reviews, the best time to buy KSM is now. Thought the price fluctuations might occur from time to time, the general trend is upwards.
However it is only up to you to decide, while the information above should not be mentioned as a financial advice.
How to sell Kusama
Selling KSM does not differ much from buying it, however, to avoid mistakes follow this instruction to sell KSM:
Step 1. Login the exchange platform you use
Step 2. Find KSM/BTC or KSM/ETH trading pair
Step 3. Enter the necessary sum
Step 4. Confirm the operation
Step 5. Exchange BTC or ETH to fiat (Optional)
What to know before buying KSM
Before buying KSM acknowledge yourself with some helpful tips, which might save your funds:
- Keep your KSM either on hot or cold wallet. It guarantees the safety of your funds.
- Stay calm when the prices go up and down – the volatile nature of cryptocurrency causes huge price fluctuations, however it does not mean you should buy and sell hundreds of times a day.
- Never entrust your funds to dubious services, while some of them might eventually turn out to be scam or fraud.
How to buy Kusama for fiat?
Today, due to the sharp growth of interest in cryptocurrencies, questions related to how, where and under what conditions it is possible to quickly and safely exchange fiat for cryptocurrency are becoming especially relevant. This can easily be done using a special platform with a fiat gateway, such as CoinGate or ChangeNOW. Compare supported currencies, fees charged, exchange rate, and reputation. Purchase on such platforms is extremely simple:
- Select an exchange pair, for example USD/KSM.
- Specify the desired amount.
- Enter the KSM recipient address.
- Confirm the transaction.
Kusama use cases
KSM token use cases:
- Stacking. Holders of KSM tokens can become validators and earn money by confirming transactions in the network, creating new blocks.
- Rent of parachains. In order to launch your parachain in the Kusama network, you need to block KSM.
- Voting. With the help of KSM tokens, you can vote for changes in the network and promote other users to the position of validators.
- Fees. By analogy with other blockchains, KSM is used to pay fees for transactions on the Kusama network.
FAQ
Is Kusama a good investment?
Kusama is an analog of Polkadot, only it works 4 times faster, cheaper, and without technical audits. This attracts a lot of projects that decide to stick to Kusama and not switch to Polkadot. The price of KSM has increased by 1700% over the past year and, according to analysts, will reach about $400 by the end of 2021.
How do I invest in Kusama?
First of all, take care of a reliable and secure wallet for KSM coins. Then the choice of platform depends on your requirements: for fiat-to-crypto purchases, you can use, for example, CoinGate. If you have the opportunity to make a crypto-to-crypto purchase, use 7b. Just log in to your account, select a crypto pair, deposit funds, enter the amount.
How to trade KSM for beginners?
Develop a trading strategy for a specific cryptocurrency and stick to it. Don’t shift the stop loss and take profit levels. Trading on a crypto exchange is a more professional level. At 7b, we offer secure and easy trading for beginners. Just select a trading pair, deposit funds, specify the desired amount, place a market order.
What is Kusama Blockchain?
Kusama project is a public pre-production environment for Polkadot, which allows any developer to experiment and test new blockchains or applications before launching them on the main network. It has the same codebase as Polkadot, but it differs in speed and lack of audits.
