It's nice to learn again from your class, Prof; @allbert. Always explanatory and well detailed. Thank you.
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Polkadot bring together multiple Blockchains to bring together and enhance decentralised application building. Together with all connected parachains, it makes a scalable more than one chain.
There are some Polkadot projects that are already functioning well, they are;
Bridges: Interlay, ChainX, Darwinia, Ren.
Oracles: ZK Oracle, ChainLink, Kylin Network, PolkaOracle
DeFi smart contracts: Altair, MathChain, Acala Network
NFT: NFTMart, Banksy Finance, Chads.VC
Identity validators: KILT protocol, Litentry
Privacy: Phala Network, LayerX, Gunclear
As of this year (2021) there are more than 350 projects that have been launched on the Polkadot basis, and more are still coming.
There are upcoming projects of Polkadot that's worth knowing about. They are;
PolkaBTC, Moonbeam, Polskastarter, Polkaswap, Bridge Mutual, Riochain, Acala, Kilt, Edgeware.
1. Explain in your own words why you chose it and why do you think it is relevant to the world?
Project belonging to Polkadot System I'll talk about is Kusama.
Kusama was founded in the year 2016 by Gavin Wood (one of the founders of Ethereum) Robert Habermeier and Peter Czaban.
Screenshot Source
The reason why I choose Kusama is simply because of its features. The features goes thus;
Kusama allow a practical, live experience for testing new projects of Polkadot before they launch them into the mainnet.
It is also a project by the Polkadot team, not from another developer. So, it's expected that the team’s knowledge from one end to the other and skull or knowledge will be embodied in a more successful project.
Kusama is the first to serve as an experiment Polkadot mainnet version, so it gives the developers real-life economic conditions for their projects trial before they launch it.
Kusama is in supports many functions for users, functions as validating transactions, connecting parachains, assigning validators, performing financial transactions, and direct popular voting.
“Canary network” that's one of Kusama features give developers an accurate estimate of any difficulty they will face despite launch.
These features makes Kusama a unique testing place for all Polkadot developers, giving competent and accurate information, the safe invented experience of running a project as a full-scale parachain of Polkadot.
2. Description of the project and its platform. (Screenshots needed)
Website: kusama.network
Web3 Foundation enabled Polkadot younger brother Kusama to take benefit of the projects Start.
Kusama is developed by the same developers that designed Polkadot, they used almost the same tools and code. The network places the latest tech from Equality Technologies and Web3 Foundation in from the developers, even before Polkadot have those features.
Kusama has most of Polkadot’s major features. For instance, Kusama also makes use of 2 blockchains, which are its main network, they are called a relay chain, where transactions are never-ending, and the network that the user-generated, which is called parachains.
Parachains can be altered for any usage and influence the main convey chain for security.
Screenshot source
3. Functionalities and real-life applications. (Screenshots needed)
Kusama allow Polkadot project to be built on a user base and gain pulling in the community before the official launch and this is the advantage of starting a project on Kusama
Scalability
Kusama’s splinted blockchains and open administrations provide a scalable and future-proof foundation for marketplaces, businesses, and applications to unfold and mature.
Interoperability
Kusama links many Blockchains together into only one network, unconstrained many developers from the siloes made by inheriting blockchain networks.
Customization
With underlayer, developers can build their app-specific blockchain and connect it to Kusama.
To become a Parachain in Kusama, you have to get hold of a slot in a Parachain Slot Auction. Each slot duration is capped to 2 years and would be divided into a lease period of 6 months. But Parachains can lease more than one slot at a time to extend their lease to Polkadot past 2-year slot. But It depends on the auction, it might be possible that a slot belongs to 4 different Parachains in a two-year slot.
KSM (kusama token) also plays a key role in maintaining and operating the network of Kusama;
If you own and stake KSM, you will be able to vote on the network's upgrade, each vote you can make would be due to the amount of KSM you staked.
Kusama give newly minted KSM to users that voted for as a reward but it depends on how many tokens they staked, with those that validates and those that nominates receiving rewards.
Screenshot Source
4. Future development and associated projects. (Screenshots needed)
KSM tokens are expected to be released in endless, at an advance determined inflation rate.
According to the latest tweet on Kusama's twitter's page, the Kusama Council has passed Motion 377 to come up with the next 48 auctions on yours truly. At block #9,777,777 on Oct. 23, 2021, the 12th auction on Kusama will start, and proceed every week for the next good 48 weeks.
5. Make a technical analysis of the token of the selected platform, then through your validated exchange account make the purchase of the token (15 USD as a minimum). Screenshots and an explanation of the procedure are required.
KSM Price statistics
As at today 20th of October 2021 at 2:50 pm Nigeria time that I'm writing this task;
Kusama price: $373. 36
Price change 24 hours: $1.64 (0.44%)
24 hours low/high: $363.76/381.19
Trading Volume 24 hours $139,438,041.57 (-20.55%)
Volume / Market Cap: 0.04432
Market Dominance: 0.12%
Market Rank: #51
Marker Cap: $3,146,091,608.76 (-0.90%)
Funny Diluted Market Cap: $3,584,718,753.52 (-0.90%)
It's a verified account.
I have more than 32 USDT in my wallet, so I can buy coins worth 30 USD.
KSM can be traded with 5 different coins, depending on your choice and the one you have but I have just USDT.
I bought the KSM with the whole 32.5 USDT
Conclusion.
Kusama is like a cousin brother to Polkadot that it's even built on, and it serves as a test arena for its developers to test the other projects they are working on before launch. It works in a way that Tron Super Representatives (SR) works in the sense that the amount of KSM you staked is the amount of vote you can make and new-minted KSM would be given to their representatives as a reward. Kusama would enhance its developers to make more projects due to the success they have in Kusama.
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Plagiarism Report:
Thank you for your time.
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Still me,
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