Kusama is known for being the canary network of Polkadot, and KSM is its utility token.
The name “canary” remounts to the old expression that was related to the canary birds used in the coal mines to identify if there was a gas level risk for miners – if the released bird didn’t come back from the mine it indicated danger for miners to go in.
Similarly, Kusama works as the “test” network for developers – or to be more specific, the “staging environment” with the same structure as Polkadot, but with fewer rules and limitations.
Therefore, the motto of Kusama is “Expect Chaos”, but in a good way: the canary network is used for sorting out potential problems, and at the same time it allows good quality tests for projects to be made inside of it.
Before we jump into KSM, let’s understand with more comprehension how this project works.
The canary environment
For developers, there are usually four environments used in a project:
1 – Development
2 – Test
3 – Staging, and last, and definitely not least,
4 – Production
The Development one is where the magic begins when the developer works in its own machine to create and build the coding.
The Test environment is when the application goes to a server and the needed alterations will be effectively tested.
As for Staging, this is when things get even more serious: the idea here is to be very close to what this application will be in reality. Everything needs to be running as smoothly as possible in the Staging part and it’s almost a replica of the definitive version.
And lastly, the Production environment where the application will actually run in its final version.
But why is that necessary to understand Kusama?
Well, Kusama could be considered the “Staging” part of Polkadot.
However, for its capability to develop customized projects with great scalability, a lot of projects stay on Kusama while others, with time, migrate to Polkadot.
What does Kusama do?
With the power of Substrate, Kusama presents itself as an “unprecedented interoperability and scalability for blockchain developers who want to quickly push the limits of what’s possible”.
What does Kusama offer to developers?
According to Kusama’s website, whoever builds with this network can be assured that will find:
Fast Iterations
Extremely rapid progress, and growth inside the network.
Low Economic Barriers
Considerable low barriers to entry and launch your custom blockchain (parachain) project (especially ideal for startups).
Advanced Technology
Even before being deployed on Polkadot, new features are employed inside Kusama’s multichain and sharded network.
Open Governance
Attention here, especially if you are considering investing in KSM: “Kusama is owned and governed by a community of network participants who vote on and control the evolution of the network”.
Engaged Community
One of the bright sides to having a famous cousin is to carry its name, right?
Polkadot’s global brand and developer community are big benefits for a user’s parachain, parathread or dApp.
Valuable Experience
Take one step at a time to reach for the stars. Teams who wish to move to Polkadot can “fine-tune” their projects on Kusama – the canary, remember? – and develop their community and brand before the deployment.
Parachain, Relay Chain, and Bridges
Other cool concepts to understand even better than Kusama are the ideas behind Bridges, Parachain, and Relay Chain.
We all know by now that Polkadot is a blockchain network looking to connect different blockchains in one single system.
For this, Polkadot uses bridges that connect one blockchain to another – Bitcoin with Ethereum, for instance.
The core, or the backbone where all the info about Polkadot’s blockchain is stored, is the Relay Chain.
The Relay Chain has the purpose of validating all the transactions that happen inside the Parachains.
As for Parachains, they are blockchains that will use the Relay Chain in order to develop and operate their specific goals.
So, let’s take an example: if you want to build something inside Kusama’s network, you will be using Kusama’s Parachain.
Your project will be, therefore, validated inside the Relay Chain of Kusama (which because of its familiarity, works very similarly with the Relay Chain of Polkadot).
Got it?
Polkadot also explains with graphics what each instance is supposed to deliver:
The KSM token
Now that you understand Kusama and Polkadot’s purpose, it’s time to dig into KSM.
KSM is used in the blockchain to
- Validate the network
- Nominate validators
- Bond parachains or parathreads
- Vote on governance referenda
So, to invest in KSM is to invest in the “Chaos” itself, having more say inside this revolutionary system and ultimately believing in the power of blockchain development.
KSM inside Klever
With Klever Ecosystem, you will be able to use KSM to:
Send/Receive KSM
To deposit KSM to Klever Wallet:
1. Click on the KSM icon from your Portfolio.
2. Switch to the desired Account.
3. Inside the Account page click on the RECEIVE button.
4. On the next screen, you can:
– Use the sending application to scan the QR code.
– Copy the address to Clipboard, then paste the address inside the sending application.
The image above is for illustration purposes only and it uses KLV as an example. The same can be done with KSM.
5. In the case of sending, do the same as the first 2 steps and then click on “SEND”.
6. Enter the amount you want to send, then click ok then NEXT button.
The image above is for illustration purposes only and it uses KLV as an example. The same can be done with KSM.
7. Click on the Book icon and select an Account or Contact to which you want to send the tokens. Alternatively, you can paste an address from the Clipboard or scan a QR code.
8. Once done, click on the Send button.
9. After that, you will be redirected to a screen where you can see all the transaction details. When everything is fine click on the Submit Transaction button. Once submitted, a green screen will appear which confirms that the transaction is submitted successfully to the network.
Swap KSM
You can Swap KSM in the Klever Wallet with the following pairs:
- KSM/KLV
- KSM/ETH
- KSM/TRX
- KSM/USDT
- KSM/BTC
To Swap KSM in the Klever Wallet, follow these steps:
1. Click on the Swap tab (which resembles a dollar sign) from the bar at the bottom.
2. From the tokens list, select the token you want to swap. Then, the token you want to get (in this case, KSM).
* The picture above is for illustration purposes only
3. Enter the desired amount to swap (YOU PAY). Note, there is a Minimum value to swap. Once done, click on Next button.
4. Select the Account you want to receive the tokens on. You can select from your Accounts or Contacts by clicking on the Book icon. Alternatively, you can paste an address from the Clipboard or scan a QR code.
5. Choose if you want to Pay Fee with KLV by enabling the related button. Paying fees with KLV gives you a 25% reduction on swap fees. Once done, click on the Convert Now button.
6. After, you will be redirected to a screen that confirms that your order is placed. You can click on the “Got it!” button and relax. You will receive your tokens after a while.
Buy KSM
You can buy KSM, amongst other cryptos, fast and securely using your credit or debit card.
The user can either buy through Simplex or Apple Pay.
To do it, it’s very simple:
1. Open the Klever Wallet app;
2. Click on the banner ‘Buy crypto with credit card’;
3. Agree with the terms and conditions.
4. You will be redirected to the Simplex page, where you can choose the Payment method (Via credit card or Global Bank Transfer).
This simulation is with BTC but the same can be applicable to KSM.
5. Fill in the card details then proceed to finish the payment process.
Bonding and Nominating KSM
By giving the keys to our users and empowering them to self-custody and take ownership of their crypto, Klever enables users to also bond and nominate KSM in their Klever wallet.
| Quick reminder: In order to earn rewards, the user needs to bond their assets to nominate validators. Nominating is similar to “staking”. It is used for securing the Relay Chain by selecting good validators for the network. |
For bonding in the Klever Wallet, you’ll follow these steps:
1. Go into the KSM token in your Portfolio;
2. Press the button “Bonding”;
3. Choose the amount you wish to bond;
The images above are for illustration purposes only.
4. After the Bonding is completed, go back to KSM in your Portfolio;
5. Press the “Nominate” button;
6. Choose the Validator of your choice;
7. Press “Nominate” at the bottom.
The images above are for illustration purposes only.
With all that being said, it’s fair to say that investing in Kusama is to believe in the blockchain purpose itself: the idea of decentralized networks and to test new possibilities in this new universe we call web3 – even if “chaotic” sometimes.
Download the Klever Wallet and begin your KSM journey with us.
