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**THE POLKADOT ECOSYSTEM**
Polkadot is a wide-open blockchain sharding technology that makes it simple to move crypto assets, data, and tokens across blockchain systems. Polkadot enables corporation scalability by distributing transactions across multiple blockchains, in addition to interconnectivity. The platform is unique in that it can be improved even without the usage of forks, making it one of the best creative blockchain networks. Polkadot provides extensive functionality to its users through relay chains, parachains, parathreads, collators, and bridges.
The Polkadot ecosystem is a Blockchain ecosystem that allows users to create and develop various blockchain initiatives. With the help of this blockchain, users can create oracle or bridge projects. Polkadot projects are those that are built using the Polkadot framework. The ecosystem also includes Substrate, a user-friendly platform that accelerates the development of decentralized apps for future launch and integration with the Polkadot relay chain. Polkadot, Ren, Kusama, Chainlink, Celer Network, Ocean Protocol, Reef, and other cryptocurrencies are all part of the Polkadot ecosystem.
The polkadot ecosystem is a Blockchain ecosystem that enables users to create and develop all kinds of blockchain projects using its framework. Users can build oracle or bridge projects powered by using this blockchain.
**As I previously stated, there are numerous Polkadot projects; however, I will only discuss the one that I believe is the best of all the projects in the ecosystem**
**KUSAMA (IMPORTANCE AND FUNCTION)**
Kusama is the best Polkadot project, and while I'll explain why I chose it later, let me first introduce the project.
Kusama is a free pre environment where developers may test new blockchains and decentralized apps before they are released on the Polkadot or Kusama networks. It's like a testing ground for Polkadot developers who want to try out prototype versions of their projects.
I looked at a variety of projects on the Polkadot platform and believe Kusama is the best owing to its ease of use. Kusama can be used for a variety of purposes, including serving as a development environment for new projects, facilitating the introduction of parachains, and facilitating interoperability with other blockchains.
When the United States develops a new weapon, they test it in Nevada to see how effective it is and what modifications are required. This is similar to what Kusama provides; it is a platform where developers can conduct real-world tests of their projects to see what modifications are required and if the project has achieved the goal for which it was created. Each cryptocurrency project is created to address a problem with an older cryptocurrency, but some of these projects have been unable to do so due to insufficient testing. With Kusama, developers can effectively test the network before launching it, making Kusama a very relevant platform.
**KUSAMA (DESCRIPTION AND PLATFORM)**
Kusama is also known as the canary network of Polkadot. Kusama is a scalable chain of specialized blockchains developed with Substrate with an architecture that is quite similar to Polkadot. It is an experimental development environment for developers who want to experiment with new ideas, develop new projects, or prepare projects for deployment on Polkadot. It works in a similar way as Litecoin, which is used as a test net for changes to the bitcoin network.
Kusama uses a real-world blockchain platform to provide a functioning market and testnet settings that most other networks cannot, as well as other services such as trying out new bridgers, blockchain exploration, and bringing solutions to the Polkadot network. Kusama also benefits from better governance parameters than Polkadot, allowing it to run more effectively. The combination of two blockchains, the main network (relay chain) and user-generated networks (parachains), is another feature of the Kusama network. Parachains are developed to enable users to host their own layer-1 blockchains alongside the Kusama network. The deployment of a separate parachain linked to the relay chain makes it easy to enhance network security while also increasing scalability as well as interoperability.
The Kusama network includes its own native currency, known as KSM, which is used on the network. The KSM token can be used for a variety of things on the blockchain network, including governance tokens for maintaining protocol upgrades and improvements, as well as fees for talking with other parachains or bridging to support new parachains. Validators also stake KSM tokens in order to maintain network security and gain incentives. KSM may be purchased on a variety of exchange platforms, including Binance, Ftx, Okex, Huobi Global, and others.
The Kusama market capitalization is $3 billion at the time of writing this post, with a unit selling for $376, making it the 51st largest cryptocurrency. There are only 8,470,098 KSM in circulation, with a maximum supply of 10,000,000.
**The network is managed by a number of actors which includes:**
**Nominators:** This actor is in charge of safeguarding the Relay Chain by selecting good and reliable validators. They also teach new users how to use the Kusama network and delegate their staked KSM tokens to validators for reward.
**Validators:** Validators are in charge of checking and adding new blocks to the parachain. They are rewarded for participating in consensus and voting on suggested network changes.
**The Referendum Chamber:** This chamber is made up of KSM token holders. They have the authority to propose network changes and to agree or disagree with those recommended by other holders.
**The council:** The Council is made up of KSM holders as well, however it is elected by the referendum chamber. The Council is in charge of making improvements and considering KSM holders' recommendations for network development. The council consists of 13 members.
**The Technical Committee:** The technical committee is made up of developers who have been given the authority to examine proposals and make network decisions that will benefit both the Polkadot and Kusama networks. Members are elected by Council members and can make special recommendations in times of urgency.
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**FUNCTIONALITIES OF KUSAMA AND REAL-LIFE APPLICATIONS**
Kusama is being used by a large group of developers to create cutting-edge blockchain projects. The network supports private and public blockchains, as well as smart contracts and high-throughput chains, considerably expanding the range of applications that can be used, including marketplaces, oracles, social networking, gaming, and online sports. The Kusama network also makes it simple for developers to make quick adjustments to their projects, ensuring business flexibility, low entry hurdles perfectly for smaller startups, and a vibrant community that provides access to new innovations and ideas.
Kusama is also used by developers to properly test their apps before releasing them on Polkadot, as it includes all of the newest technological resources from Parity Technologies and Web3 Foundation before they are incorporated on Polkadot. Kusama is also used by crypto investors to expand their portfolios through staking rewards. The proof-of-stake algorithm is used by Kusama. Holders of KSM coins can actually earn rewards by staking their tokens.
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Kusama network has been used to build different projects like moonriver, karura , Phala network, shiden network, Bifrost finance, etc.
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Bifrost is a Polkadot Ecosystem Decentralized Finance platform that delivers staking liquidity through a derivative vToken for Staking and a Polkadot Lease Offering, both of which are now available. In a range of situations, including Defi, DApp, DEX, and CEX, vToken can optimize transactions. To decrease the risk of Staking assets, vToken can be utilized to establish the transfer channel of governance rights such as Staking and PLO. This project was built on the Kusama network because it uses the platform parachain.
**FUTURE DEVELOPMENT ON THE NETWORK**
Kusama, which is comparable to Polkadot in many ways, has given developers the ability to test their projects on the network before putting them on the Polkadot blockchain. The success of this solution is due to the low requirements for the deployment of parachains and validators, as well as the ability to carry out on-chain modifications without requiring a fork.
Due to the network's ongoing updates and partnerships, KSM has developed over time.
The council has given its permission to a proposed upgrade that will see the introduction of parachain auctions and crowd financing. This would definitely increase the worth of KSM tokens when implemented.
Kusama is also aiming to collaborate with Chainlink to facilitate ChainSafe Systems' expansion of the Chainlink Oracle Pallet, which will enable users to create hybrid smart contracts on the Kusama and Polkadot networks. This development will undoubtedly move the network in the right way when it comes to boosting blockchain interoperability.
**Associated projects**
Polkadot and Kusama are two projects that go well together. They were created by the same developers and use the same underlying framework. Polkadot is a reliable and secure Blockchain platform for developing and transferring data and assets. Polkadot is the decentralized online community's future. Kusama, on the other hand, is a user-friendly testnet for decentralized applications that are open to experimentation and research, allowing them to be thoroughly tested for flaws and loopholes before being released on the Polkadot or Kusama networks.
When discussing Kusama, it's crucial to explain polkadot because the two go hand in hand. Acala, moonriver, and so on are some of the other associated projects.
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**TECHNICAL ANALYSIS OF KUSAMA USING WILLIAM`S %R INDICATOR**
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I decided to use William’s %R indicator to determine my entry and exit points. Looking at the screenshot above the exit point is the point at which the coin is overbought because after that the buyers will start to sell thereby leading to a fall in price (downward movement). But I choose to enter the trade now because the coin is actually oversold presently and a buy signal is what will follow, leading to an upward movement as indicated by the line.
**TRADING $15 USDT TO BUY KUSAMA (KSM) TOKEN ON BINANCE**
**Stage 1: Locate the KSM/USDT pair**
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**Stage 2: click on the Buy KSM button to buy KSM at the Market Price**
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**Stage 3: Here, I bought 16.2USDT Worth of KSM**
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**Stage 4: the money is deducted from my 33USDT balance**
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**CONCLUSION**
This study allows me to learn about the Polkadot ecosystem and the Kusama(KSM) coin. it is indeed a great lecture.
@allbert
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