Kusama An Overview
Kusama is the canary network to Polkadot
Kusama is not a test-network for Polkadot — the test network is called Rococo.
Kusama is a fully seperate, functional and live network with massive value where all new-tech is run prior to being released on the main Polkadot network.
Kusama is fast-paced, innovative, and experimental while Polkadot is slower, less chaotic, and more reliable.
Kusama has deployed 5 chains and allows cross-network functionality.
At the moment the 5 chains on Kusama right now are Karura(DEX), Moonriver(Ethereum Smart Contracts), Shiden(Web Assembly + Layer 2 Smart Contracts), Khala(Privacy), and Bifrost(Finance).
The Kusama network is a Relay Chain, which means it is designed to be a canary network for Polkadot
And a Relay Chain will allow for consensus through NPoS and communication of parachains via XCMP.
Parachains are other application specific blockchains that connect to this Relay Chain and share its security and benefit from its interoperate with other connected parachains.
On Kusama vs Polkadot
Well firstly, Kusama is not going to be forever Polkadot’s playground or even compete with it, they are linked but they are separate and have completely different uses going forward
Think of Kusama like your band’s garage concert – it’s mainly improvised, and the next song could be completely unique and out of the box, not heard before.
While Polkadot what you get is everything more planned out, unlikely to change. rehearsed by all the contributors hundreds of times, like an opera you could say.
Kusama is more risk-friendly, and wants to attract that market.
Polkadot is more risk adverse, slower to change to the changes in the market, but on the other hand its benefits are its more stable, and friendly to big players you might not ever see in the wild waters of Kusama.
So with that basis you can see they are like chalk and cheese!
Where and how to buy KSM Kusama on Binance
Where and How to buy Kusama KSM on Binance
Step 1: You will have to Register for an account on Binance
So to get started in this guide on buying KSM from Binance, the first step is getting yourself an account on Binance registered.
To do this we will be buying Bitcoin directly from Binance, and then trading it for KSM.
I have seen other sites recommend buying on coin base or uphold, but this is a bad idea, as you will just be getting lots of fees. You will get a fee from coin base, and then transferring it over to an altcoin exchange.
So the best method is to do everything on Binance as it has everything you will need in one spot. From staking to buying btc, and having the most alt trading pairs on the market.
So with that all said we need to know make an account on Binance.
Step 2: Time to Verify The Binance Account
Before you can do anything else, you need to verify your Binance account. To do this check your email and confirm it.
You will have the option to do KYC which we highly recommend as it increases the security of your account, which is so important.
So make sure you use a working mobile phone, and the name on your ID.
Step 3: Buy BTC from Binance Directly
Next up we need to buy Bitcoin directly from the binance platform, you do this with your debit card.
Click on buy crypto and then you will be able to buy Bitcoin with your native currency.
Remember we are doing this because we want to trade it for Kusama on the platform.
Once you have bought the Bitcoin it will go safely into your Binance wallet, and ready for the next step forward.
You can go and check your wallet just to make sure, on the platform homepage click on wallet.
Step 4: Now you have BTC trade it with KSM.
So, now we are nearly done here, what we need to do is simply trade our bought Bitcoin for KSM.
To do this click on trade, then click on classsic.
You will come to an image like below.
All you need to do then is click on the box and type in KSM.
Then press on KSM/BTC
Bingo all done for this step and you are close to getting your hands on KSM.
Optional, Find the Best time to buy.
This is a kind of optional step that you may like to do, we recommend learning about price action and learning about TA technical analysis. To find the best price entry point when you are trading!
Step 5: Time to Buy Your KSM on Binance
So once you have clicked on BTC/KSM you will see the image below
Here all you need to do is either type in the amount of Bitcoin you wish to spend, or the amount of Kusama you want to buy.
Click on market price if you a total beginner.
If you are not use a limit order and try and get a better price from the market, using the sellers in red on the left hand side of the binance platform.
Click the green buy KSM button and there we go you have KSM in your wallet that was traded out for BTC. All done!
What makes Kusama Special
Why should you buy Kusama?
Personally, im sure Kusama will find its niche and become a very important separate network to DOT.
And if i think about its future, future cutting edge technology will be starting its life on Kusama.
Some may migrate off to Polkadot but some will find a very comfortable home and stay in Kusama.
These will be things like robotics, IoT, data, any bleeding edge research projects will find it suitable with a relatively low cost of entry.
Kusama has massive potential to evolve into its own space, and will not in future be thought of as a canary network.
If that acutally happens you can not be 100% certain, but you can be certain that Kusama has huge potential
Also, Robert Habermeier has tweeted that Rococo is scaling up to 200 parachains.
This tell me parachains are going to enter the stress testing phase, and that will lead to a parachains debut on Kusama .
When that happens, I believe KSM will x5 it current price of 375 and that a low estimate
With that all said make your Binance account today and get started with KSM.
Is Kusama crypto a good investment?
Kusama has massive potential, and along with DOT they have huge potential in the crypto market. Its a lower market cap, so KSM has a lot of space to grow price wise upwards.
Can you have NFTs on Kusama
Now that the Kusama relay chain network has introduced complexity into NFT’s by introducing what it calls ‘art Legos’