Parachain Slot Auctions 101｜Kusama Network｜Altcoin Gems #22

Gate.io Podcast | Bitcoin & Crypto News | Altcoin News Podcast

Gate.io Altcoin Gems #22:

"Money never sleeps. Thanks for tuning in."

Kusama is the canary network of Polkadot, the origin of parachain slot auctions and the scalable, multichain network for radical innovation.

Kusama Official: https://kusama.network/

Kusama is often called a canary network for Polkadot. In the past, there was a belief among coal miners that canaries served as a warning for dangers ahead. In this sense, Kusama is an early, unaudited and unrefined release of Polkadot created to test the network’s technology and economic incentives in a real-world environment.

Parachains are Kusama’s advanced, next-generation blockchains that bring several breakthroughs compared to legacy networks. They are Layer-1 blockchain equivalents designed specifically to run a certain DApp or group of DApps and can be customized for any use and leverage the main relay chain for security.

Parachains connect to Kusama by leasing a parachain slot via auction. Parachain slots can be leased for up to 1 year at a time with the option to renew and grant the parachain continuous connection to the network for the duration of the lease. It is estimated that there can be up to 100 support parachains and they will be auctioned again when their lease period ends.

The KSM plays a key role in maintaining and operating the Kusama network. There is no capped supply of KSM. Rather, new KSM tokens are expected to be released in perpetuity, at a predetermined inflation rate. KSM holders can use their tokens to validate transactions, launch a parachain, pay for transaction fees, nominate validators and vote on governance proposals.

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*Disclaimer: The information presented in this podcast is for informational purposes only, and not financial advice in any way. Trading cryptocurrencies comes with high risks, so make sure to do your own research before committing your capital to any investment.

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