Hello everyone,
Welcome to another week of crypto assignments. Today, I'll like to talk more on the assignment questions given at the end of Professor @allbert's lecture on the Polkadot system, a well known competitor to the Ethereum Blockchain.
Choose a project, platform or service belonging to the Polkadot Ecosystem (Polkadot not permitted) and make a detailed post which must comply with the following aspects.
Q1. Explain In Your Own Words Why You Chose It And Why Do You Think It Is Relevant To The World?
Before we talk about any of the projects belonging to the Polkadot Ecosystem, let's take a little detour to understanding Polkadot itself as an ecosystem. The Polkadot network has gained so much attention these past couple of weeks, so much so, it is considered a contender to the Ethereum Blockchain. As already mentioned in Professor's lecture, Polkadot was founded by some of the key producers of Ethereum. It is a multiple-chain system that merges the activities of lot other blockchains. It offers vast benefits including scalability offers. The main aim of polkadot is to simply connect the vast number of blockchains that exist into a global network despite the fact that these blockchains have different modes of operations. There are a never of projects/platforms run on this blockchain. They include Polkadex, Moonbeam, Kusama, Acala, etc.
For the purpose of this assignment, I choose Kusama Project.
The key reason why I chose Kusama is perhaps it's nature to provide a baseline for the development of the major other projects belonging to Polkadot. It is referred to as the "backstage" or the "testnet" for all these major projects before they are launched and implemented for the mass public. it's codebase/working operabilities has striking similarities to that of Ethereum itself. This project is not just special because it built using the Substrate like polkadot itself, it provides a sustainable network atmosphere for the development, test and launch of many innovative ideas on the blockchain ecosystem as far as interoperability, and user-friendliness are concerned.
Despite the fact that this project is just a simpler version of polkadot, it has proven to be a very conducive system fort testing out newer ideas especially for the development of parachain platforms and services.
What is also amazon and mouthwatering about this project is it's future as its native token currently sits well in the price market.
Kusama also runs an open governance system, which allows anyone to vote and be able to manipulate the growth of the network.
One could say Kusama has a tremendous relevance in the blockchain world by serving as the interoperable platform for the testing and development of many innovative services that will help solve some of the challenges faced in the blockchain ecosystem before it is been deployed for consumption by the general public.
Q2. Description Of The Project And Its Platform (Screenshot Needed):
Kusama is one of the multichain network projects that is created for the innovation and development of parachain platforms and projects in the blockchain network. It is scalable network that is usually referred to as the "canary in the coal mine" because it sacrifices itself to prompt for danger in the cause of experimenting new parachains, thus, helping to secure the safety of the Polkadot parachains.
The Kusama network was created by Dr Gavin Wood in 2019. Dr Wood is the co-founder of Ethereum and as such, Kusama has nearly similar codebase and infrastructural settings as Polkadot, it's cousin. As said by the professor in his lecture, it is built using "Substrate". Kusama offers a number of commendable features including;
Interoperability and Scalability for fast and convenient development of innovations by developers to be deployed on the Polkadot network.
sourceCheaper Trade barriers: This makes it indiscriminate to everyone, including small startups to easily innovate and grow their parachain projects on the blockchain.
Open governance system: This system ran by Kusama makes it possible for the network traders and investors to donate and be able to manipulate the overall growth of the network.
Customization on the part of developers as they can easily personalize their products while developing through Kusama because of the Substrate used.
The native token of the Kusama network is the KSM. KSM just like all other tokens can be obtained in a number of ways by buying, Voting,validating the network, nominating voters/witnesses. One can also claim the KSM token in relatively some few easy steps. All you have to do is to Create a Kusama account using a never of ways including the Kusama ledger application, the browser extension, as well as the Polkawallet app downloaded from your phone or pc.
Also, a person gets an equivalent amount of KSM is he/she had a DOT indicator token way back at the time of generating the genesis block of Kusama.
Currently at the time of doing this assignment, KSM has an exchange price of $382.79, with a circulating supply of 8,980,098 KSM and a volume of $112,837,920. The market cap of KSM is currently at $3,430,872,639 as seen in the screenshot below.
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Q3. Functionalities And Real Life Applications:
It is worth emphasizing that the main aim of kusama as much as polkadot itself is to provide a conducive ecosystem environment to be able to connect together the various blockchain platforms to be able to operate in a simultaneous manner, irrespective of the different languages used by different blockchains.
To contribute to this objective, Kusama serves as the canary in a mine, a form of a testnet for the development, testing and growing of potential projects that aspire to launch on kusama itself or be deployed on the polkadot network.
The Kusama blockchain provides anonymity to various parachain projects that are hosted and developed on it. The adoption of the Web3 Technology in Kusama allows it to fund projects that make provide conducive networking atmosphere for the development of decentralized software protocols.
Q4. Future Development And Associated Projects(Screenshots Needed):
The nature of operations of Kusama offers project/platform developers with a numerous range of possibilities especially when it comes to future innovations and growth. The integration of next-generation technology will allow users/developers to distinctly run parachain functions during testing and innovation. The future of Kusama is literally very bright and foreseeable, considering fast the network is growing since its inception. Kusama is able to attract lots of developers/startups because of the mouthwatering offers it entails, including the fact that it has lower requirements before issuing resources to developers to support grow their innovative projects. Despite the fact that it was just recently implemented, Kusama has made tremendous milestone achievements especially in the crypto market. After attaining a previous high of about $622.73.
It has made more than half of the profit within this short time, Indicating the potential development when it comes to blockchain networking.
Further development of Kusama will most likely see the increase in the nber of crowdloans and auctions for the deployment of parachain projects into the Polkadot network.
Already, there are quite a number of associated projects that have gone through the crowd loans and auctions in Kusama. Some of these projects include Sakura, Moonriver, Karura, Aphana, Darwinia Crab, etc.
- Moonriver Network (MOVR):
This project in conjunction with Moonbeam network is being auctioned for the integration to Kusama. At the moment, Moonriver(MOVR) has a total token supply of about 10 million with a 48weeks(2yrs) lease period.
- Karura (KAR):
This decentralized project is on the verge of slotting a portion in the crowd loan auction on Kusama. It is also referred to as the DeFi hub of the Kusama network.
- Phala Network (K-PHA):
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This project, like the Karura, is also bidding for a slot in the crowd loan auction on Kusama. Its native token is the K-PHA, which has a total token supply of 1 billion.
- Shiden Network (SDN):
Shiden is also one of the multichain DApp parachains auctioning on Kusama. It helps with the mergence of the Ethereum Blockchain with that of Kusama parachains. It has an allocation of 22% on Kusama, with a total token supply of 70 million.
Q5. Make A Technical Analysis Of The Selected Platform, Then Through Your Validated Exchange Account, Make A Purchase Of The Token( 15 USD as a minimum). Screenshots And Explanation Of The Procedure Are Needed.
Below i will demonstrate a step-by-step proceedure in purchacing the KSM coin on my bianance
After logging onto My verified Binance account, I click on market then search for the pair KSM/USDT since i have some funds already on my USDT.
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I then click on Buy KSM to invest after i am convinced with my analysis of the market.
The order then gets created using the current price market to buy 17 USDT worth of KSM which gives me 0.044955 of KSM
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Below is the transaction details
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All in all, the Polkadot system has really made tremendous achievement when it comes to integratimg all blockchain networks into a global zone. It offers vast benefits including scalability offers. The main aim of polkadot is to simply connect the vast number of blockchains that exist into a global network despite the fact that these blockchains have different modes of operations.Kusama offers a number of commendable features including interoperability, Scalability, open governance, etcetera.
Thank you all for reading my post. I'll be sure to come your way next week with another assignment post. Good luck to you.