Polkadot ecosystem, the Ethereum’s Contender - Crypto Academy / S4W7 - Homework Post for @allbert

in SteemitCryptoAcademy2 years ago (edited)

Wow, I'm happy once more to have been a part of the steemit wonderful lessons and particularly this great one that speaks of Polkadot's ecosystem the Ethereum's contender.
The work and research done on my assignment goes below :

NIKOYANA1.jpg

1-Explain in your own words why you chose it and why do you think it is relevant to the world?

The lesson records the Polkadot ecosystem to be an Ethereum's contender and on the other hand, I sought for a contender to the Polkadot's system and still a project of Polkadot, I'm considering the Kusama.
As this lesson unfolds, we'll see more reasons to why I chose this.

IMG-20211022-WA0005.jpg source

The reason I chose this Kusama project and its importance to the world :
The Kusama project, firstly is the first project of the Polkadot ecosystem and this explains a lot about its authenticity and even its first hand efficiency in system functions.

This system also has a welcome nature to the development of new apps and blockchains by test running them before they are finally launched on their softwares.

  • The importance of this Polkadot project is felt, in the aspect of its replication of the main polkadot system via running a double blockchain system being the relay chain which accounts for permanent transactions on the platform and the parachains that allowing for user data edition and securing of the original blockchain.

2- Description of the project and its platform. (Screenshots needed)

The Kusama platform could be best described as an experiment base for any decentralized app or blockchain built on the Polkadot ecosystem which is why, it is referred to as a distinctive "canary" testrun platform for Polkadot which is very difficult for other networks to incorporate

This project also tends to and is seen to mimick the Polkadot system since it works as speedily and even efficient as the Polkadot ecosystem even by quick stage deplohment
The use of relay and parachains like in explained in the No 1 above is still stressed here

IMG-20211022-WA0006.jpg source

It has its own currency which is the KSM coin used on the platform to maintain protocols, enhancements and upgrades in the platform. It currently run on a few advanced exchanges like binance, huobi global etc

There are a few major contributor's on the kusama block chain that plays a major role

  • Validators; they are used to add new blocks on the parachain
  • Nominators; as the name sounds they are used to nominate the validators
  • Council: A board of the coin holders that aid in the improvement of the block chain. With a maximum of 13 members
  • Developers; they are in charge of the development of the token to make it better.

A concise history of this project leads down to Gavin woods one of the Polkadot founders too in 2016 built in the same code base as the Polkadot which brings about the similarities in them.. The Kusama project has a further token known as the KSM is worth $382.92 having its trading volume at $142,933, 264 and market cap at $3, 420,275 073 (all these via coin gecko)

3- Functionalities and real-life applications. (Screenshots needed)

  • One major life application and functionality of the Kusama project, is its promotion of yet to be launched coins. We know that while crypto currencies still have their test-running /experiments on the Kusama platform , this platform helps them grow user base and momentum and this process helps any project released under such atmosphere scale easily and perform better.

Khala

IMG-20211022-WA0007.jpg source

Bifrost

IMG-20211022-WA0013.jpg

The khala and Bifrost are examples of such projects and during their five tier stages, they gain popularity and base before they get into the market

  • This platform, more so is used to experiment several upcoming projects before their launch, and this process could help the projects, find solutions to the initial shortcomings of the project and other important aspects of the project.

4- Future development and associated projects. (Screenshots needed)

Kusama, no doubt is one of the earliest and most authentic projects of the Polkadot ecosystem and its nature of being a test runner, for upcoming projects requires advancement of its platform since even the future projects its meant to test run and help grow their user base could be advanced too.

The Kusama has some future developments and associated projects and they would and involve joint hands with other digital companies and help for a better system and even the project's coin.

The first development is that the Kusama Platform, is set to unleash the anticipated parachain auctions which is great news for up coming projects launched on Kusama.

IMG-20211022-WA0012.jpg screenshot from Twitter

Chainlink's announcement of allowing grants to chain safe systems like Kusama is also another associated project as this process would allow the platform move for hybrid smart contracts and make their system more even efficient.

The kusama network is making constant and steady development on their block chain with steady upgrades that was even confirmed from a tweet on Twitter causing future development and not staying stagnant

IMG-20211022-WA0014.jpg image from twitter

5- Make a technical analysis of the token of the selected platform, then through your validated exchange account make the purchase of the token (15 USD as a minimum). Screenshots and an explanation of the procedure are required.

I will be making my technical analysis using the Exponential moving average indicator of 50 and 100 EMAs on a KSM/BTC pair, on a 15minute time frame

From the chart below we can see an ascend in the price of the coin after the golden cross (where the short 50 EMA crosses over the long 100 EMA) which is a key cross that traders look out for following the rise in BTC it has also had a positive effect on the kSM/BTC chart.

We also have the death cross which is the reverse of the golden cross but unfortunately it isn't on the chart

kusama1.JPG

Below is my purchase of KSM coin using my binance account

  • Open the binance app and search for the ksm coin

IMG-20211022-WA0015.jpg

  • You will see the market charts, click on buy

IMG-20211022-WA0018.jpg

  • I will be making a purchase of 17usdt of the KSM coin
    IMG-20211022-WA0017.jpg

  • Below is the image of the filled purchase
    IMG-20211022-WA0016.jpg

CONCLUSION

I think personal it was a great lecture and an amazing research experience for me studying about the kusama coin and it's projects. Thank you all for reading through

Best regards
@allbert

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