Wednesday, October 4, 2023

Subsocial Bids for Kusama Position


According to some analysts, it can be the first social media site to integrate with the emerging Web 3.0 economy.

Subsocial created a proposal for one of the highly sought-after parachain slots on Kusama (KSM). Subsocial is the social network for the Polkadot ecosystem.

Furthermore, Subsocial is an online system for decentralized online communities and marketplaces available to anybody to use. There are built-in revenue methods, and it is immune to censorship. A collection of Substrate pallets with a web-based user interface allows anyone to create their own decentralized censorship-resistant social network. This is often known as a community. Consider it a decentralized version of Reddit or Medium. But, with a collection of subreddits on Reddit and a group of blogs on Medium, each running on their blockchain.

They build the website using  Polkadot and IPFS technology stacks.

As part of the bid, the social network started its crowd loan auction and encouraged KSM holders to participate in the auction. For which they will compensate with SUB, the social network’s native cryptocurrency.

According to Kraken, Kusama is a public pre-production environment for the Polkadot blockchain that lets every developer explore. Also, it tests new blockchains or apps before launching them on the network.

To put it simply, Kusama and Polkadot are a mixture of Dotsama, a multichain ecosystem that works as a link between several blockchains. A patchwork of legal systems that are independent of one another but interact with one another. It all comes down to building a decentralized ecosystem while simultaneously protecting the privacy of the individuals. DotSama, by bringing the concept of ‘less trust, more truth,’ embodies all of the ideas that Web 3.0 stands for.

Polkadot and Kusama

It is a multichain interoperable protocol that facilitates the movement of any asset or data across its network. Polkadot, founded in 2016 by Gavin Wood, is sometimes referred to as the “Ethereum killer”. This is due to the increasing number of ongoing development projects on the system and possible application scenarios.

Kusama is a public pre-production setting for Polkadot that is open to the public. The Kusama test and experimentation environment allows developers to evaluate and try new apps and blockchains. This is before putting them on the Polkadot network. The $KSM network serves as the canary in the coal mine of the $DOT environment.

Since opening its initial parachain auctions in June, Kusama has successfully onboarded 11 companies. Also, the winning offer would allow Subsocial to list its token on decentralized exchanges such as Karura.

They will assign a total of 16.5 million SUB tokens, or 16.5 percent of the total original supply of SUB tokens, to the crowd loan. 15 million tokens are given as guaranteed incentives and the remaining 1.5 million tokens allotted to referral bonuses.

As a result of its potential to become the first social media platform to connect with the Web 3.0 economy fully, the network exemplifies some of the possibilities of the Dotsama ecosystem.

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Rainy Naidoo
Rainy Naidoo
Rainy Naidoo is a writer for Cryptoconstellation. She has her Degree in Journalism and communications. Rainy Likes to spend her free time reading and exploring new places.

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