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Kusama (KSM) is a unique and important cryptocurrency and blockchain platform that serves as an "experimental" or "canary" network for Polkadot. To understand Kusama, it's helpful to first grasp its relationship with Polkadot.
Here's a breakdown of what Kusama cryptocurrency is:
1. Polkadot's "Canary Network":
* Testing Ground: Kusama is essentially a highly similar, but distinct, blockchain network to Polkadot. It's built with nearly the same codebase (Substrate) as Polkadot and serves as a rapid-development environment.
* Early Access and Experimentation: Developers can deploy their projects and new blockchain features on Kusama first. This allows them to test, iterate, and refine their ideas in a real-world, live environment with actual economic conditions, but without the higher stakes and more conservative governance of Polkadot.
* Warning System: Think of a "canary in a coal mine." If there are any bugs, vulnerabilities, or unforeseen issues with new code or features, they are likely to show up on Kusama first. This allows the Polkadot team to identify and fix problems before they are deployed on the more stable and valuable Polkadot mainnet.
2. Key Features and How it Works:
* Scalable Network of Specialized Blockchains: Like Polkadot, Kusama uses a sharded blockchain architecture. It has a central "Relay Chain" that provides security and communication for numerous independent, customizable blockchains called "Parachains."
* Relay Chain: This is the core of the Kusama network, where transactions are finalized. It's responsible for the overall security and interoperability of the network.
* Parachains: These are individual, application-specific blockchains that connect to the Relay Chain. Developers can build their own custom parachains tailored to their specific needs.
* Nominated Proof-of-Stake (NPoS): Kusama uses NPoS as its consensus mechanism. This means KSM holders can "stake" their tokens to support validators who process transactions and secure the network. Nominators (KSM stakers) earn rewards for their participation.
* On-Chain Governance: Kusama features a highly decentralized and permissionless on-chain governance system. KSM holders can vote on protocol upgrades, changes, and feature requests. Kusama's governance process is designed to be faster than Polkadot's, allowing for quicker adaptation and innovation.
* Interoperability: Kusama aims to facilitate seamless communication and data transfer between different parachains and potentially other blockchain networks, breaking down the "silos" of isolated blockchains.
3. The KSM Cryptocurrency:
* Native Token: KSM is the native cryptocurrency of the Kusama network.
* Utility: It has several essential uses within the ecosystem:
* Governance: KSM holders can participate in the network's on-chain governance by voting on proposals.
* Staking: KSM can be staked by validators and nominators to secure the network and earn rewards.
* Bonding: KSM is "bonded" (locked up) to secure a slot for a parachain on the Kusama network.
* Transaction Fees: KSM is used to pay for transaction fees and message passing across parachains.
* Utility Token: It serves as a general utility token for various applications and services within the Kusama ecosystem.
Who created Kusama?
Kusama was founded in 2019 by Dr. Gavin Wood, the co-founder of Ethereum and founder of Polkadot and Parity Technologies.
In essence, Kusama is a vibrant, fast-moving, and experimental blockchain platform that plays a crucial role in the broader Polkadot ecosystem. It allows for rapid innovation and serves as a vital testing ground for new technologies before they are introduced to the more stable Polkadot network.
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Polkadot is a unique and ambitious blockchain platform designed to address some of the biggest challenges in the crypto space, particularly interoperability, scalability, and self-governance.
Here's a breakdown of what makes Polkadot stand out:
* Interoperability: This is Polkadot's core mission. It aims to connect different blockchains (like Bitcoin and Ethereum) so they can exchange data and assets seamlessly without needing a trusted third party. Think of it as a "network of networks" that allows various blockchains to communicate and work together.
* Scalability: Polkadot achieves this through its unique architecture:
* Relay Chain: This is the central chain of Polkadot, responsible for consensus, security, and coordinating the entire network.
* Parachains: These are independent, customizable blockchains that connect to the Relay Chain. Each parachain can be optimized for specific use cases (e.g., DeFi, gaming, supply chain) and process transactions in parallel, significantly increasing the network's overall throughput.
* Bridges: These allow Polkadot to connect and communicate with external blockchain networks that aren't part of the Polkadot ecosystem.
* Self-governance: Polkadot has an on-chain governance system, meaning that holders of its native cryptocurrency, DOT, can participate in decision-making and vote on proposals that shape the network's future. This empowers the community to direct the evolution of the platform.
* DOT Token: The native cryptocurrency of the Polkadot network is DOT. It serves several key purposes:
* Staking: DOT holders can "stake" their tokens to help secure the network and validate transactions, earning rewards in return.
* Governance: As mentioned, DOT holders have voting rights on network upgrades and changes.
* Bonding: DOT is used to bond (lock up) tokens to reserve "parachain slots" on the network.
In essence, Polkadot envisions a decentralized internet (Web3) where different blockchains can interact and share information freely, fostering a more connected and efficient blockchain ecosystem. It provides a framework for developers to build their own specialized blockchains and easily integrate them into the larger Polkadot network, benefiting from its shared security and interoperability.
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Gold prices ticked higher in Asian trade on Wednesday after sharp losses in the prior session, as a weaker U.S. dollar offered some support, even as a ceasefire between Israel and Iran dampened demand for safe-haven assets.
Spot Gold rose 0.2% to $3,329.93 an ounce, while Gold Futures for August gained 0.3% to $3,344.70/oz by 02:16 ET (06:16 GMT).
Bullion fell over 1% on Tuesday after President Donald Trump announced that a ceasefire between Iran and Israel had come into effect.
Israel-Iran truce pressures gold
President Trump, on late Monday, declared a multi‑stage ceasefire between Israel and Iran, and urged that neither party should violate it.
Despite the announcement of a ceasefire between Israel and Iran, concerns remained over how long the truce would hold. Just hours after declaring the agreement, President Donald Trump took to social media to accuse both sides of failing to uphold their commitments.
Gold, traditionally viewed as a hedge against geopolitical risk and uncertainty, has come under pressure as the ceasefire appears to be holding.
The metal was supported by a weaker dollar and uncertainty over the ceasefire. Media reports on Tuesday showed that U.S. strikes failed to destroy the Iranian nuclear program, but only delayed it by a few months.
The US Dollar Index edged down 0.1% in Asia hours, hovering near a one-week low.
Federal Reserve Chair Powell said in testimony before Congress that many paths were possible for monetary policy, and the central bank needed more time to see if rising tariffs drive inflation higher.
Metal markets rise on weak dollar
Broader metal markets rose as a weaker dollar made the commodity cheaper for foreign buyers. However, gains were limited as a broader risk-on mood weighed on precious metals.
Silver Futures rose 0.5% to $35.928 per ounce, while Platinum Futures were largely muted at $1,318.15/oz.
Meanwhile, benchmark Copper Futures on the London Metal Exchange rose 0.5% to $9,723.35 a ton, while U.S. Copper Futures were unchanged at $4.9015 a pound.
(source: Investing.com)
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#Binance has reported a significant number of users worldwide. As of late May 2025, Binance surpassed 275 million registered users, solidifying its position as a global leader in the crypto space.
It's worth noting that this number has been growing consistently. For context, in June 2024, they announced reaching 200 million users, and in 2022, they had around 128 million.
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