Polkadot’s “Canary Network,” Kusama (KSM), Explains How to Launch Parachain
Ahead of parachain functionality release, the Kusama (KSM) team explained the procedure for parachain setup and the concept of crowdloans
Kusama Network (KSM), a “canary chain” of cross-chain ecosystem Polkadot (DOT), invites all developers to experiment with integrating their blockchains as parachains. Also, a detailed anti-scam manual is revealed by Kusama devs.
How to launch parachains on Kusama (KSM)
In its patented cross-chain design, Kusama’s parachains represent integrated sub-chains that leverage network computational resources and transactional bandwidth for their operations.
All teams can book Kusama (KSM) slots for their own parachains. In order to secure their place, teams are required to design a parachain, deploy it via Substrate and try its functionality in Rococo testnet.
Then, the team must develop an auction strategy and try to challenge a competitor in the candle auction. To ensure a fair competition, the exact timeframe for the auction has not been disclosed, and the winner will be chosen by a verified random function.
The lucky team is allowed to lease Kusama’s parachain slots with their KSM stakes. Before the leasing period expires, the team can take part in the next auction to extend its booking.
Better together: introducing Kusama’s crowdloans
Also, teams interested in booking Kusama (KSM) parachain slots can collaborate and agree on booking places with their joint KSM stakes. In order to initiate a fundraising campaign—a “crowdloan”—the team needs to announce its total allowed contributions and a campaign end date.
Then, KSM from participants will be transferred to a special “index.” Should initiators win the auction, the full amount of KSM transferred is locked until the leasing period ends. Otherwise, KSM will be unlocked at the end of the campaign.
The Kusama (KSM) team issued a warning regarding crowdloan scams. First, participants should be certain that KSM have been transferred to the campaign index and not to an address in the Kusama (KSM) network.
As covered by U.Today, yesterday, April 6, 2021, the world’s largest stablecoin issuer, Tether Limited, shared details of the upcoming release of USDT on Kusama (KSM) and Polkadot (DOT).