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What is Kusama (KSM)?
Kusama (KSM) is the native token of the Kusama Network, a public pre-production blockchain platform designed for developers. Kusama serves as a “canary network” for Polkadot, allowing developers to experiment with new features and deployments before they go live on the main Polkadot chain. KSM tokens incentivize network participation and fuel various functionalities within the Kusama ecosystem.
Key Features of Kusama (KSM)
- Polkadot’s Canary Network: Kusama offers a real-world testing environment for developers building on Polkadot, promoting innovation and early adoption.
- Faster Development Cycles: Kusama’s looser governance structure allows for faster implementation of new features compared to Polkadot.
- Staking Rewards: Users can stake KSM tokens to contribute to network security and potentially earn rewards.
- Governance: KSM token holders have voting rights on proposals shaping the Kusama Network’s development and future.
Uses of Kusama (KSM) Token
- Staking: Users can stake KSM tokens to secure the Kusama network and potentially earn rewards from transaction fees.
- Network Fees: KSM tokens are used to pay transaction fees on the Kusama network.
- Governance Participation: Holding KSM allows users to participate in Kusama’s on-chain governance by voting on proposals.
- Funding Development: Kusama can be used to crowdfund projects building on the Kusama and Polkadot ecosystems.