What is Kusama (KSM)?
Irene avatar
Written by Irene
Updated over a week ago

Kusama (KSM) is an experimental blockchain platform designed to provide an interoperable and scalable network for developers. It was built by the same team that created Polkadot (one of the most famous interoperability blockchains) and uses almost the same code base. As a sandbox, Kusama allows developers to beta-launch on their blockchain before moving to Polkadot, although many prefer to stick to Kusama (e.g. because as an experimental blockchain, it gives access to features not yet available on Polkadot).

Kusama is built on a multichain and uses a nominated proof-of-stake consensus mechanism, meaning that there’s a network of nominators (KSM stakers) who elect validators and if their nominee is elected, they receive a small part of the inflation reward. Another key feature of Kusama is that it allows performing upgrades without the need to fork.

Check out this article to choose the most convenient way to buy cryptocurrencies, including KSM.

Important: please note that KSM deposits and withdrawals are currently not supported. You can buy, exchange and store KSM. If you'd like to receive or send it, you'll have to first exchange it for a currency which supports crypto deposits and withdrawals – you can always check with the list in this article.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
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