The Weekly LBI Contest

in LeoFinancelast month (edited)

Authored by: @hetty-rowan


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Polkadot's WILD cousin

When you think of Litecoin, you immediately think of Bitcoin. Not surprising because Litecoin is the first official fork of Bitcoin and is very similar to Bitcoin. There are many more cryptocoins that differ very little from each other. You can say that many cryptocoins have a brother or sister. Just what you want to call it. But there are also cryptocoins that have no brothers or sisters… but a nephew.

Kusama is such a nephew. To be precise, Kusama is Polkadot's experimental cousin. The team even describes Kusama as Polkadot's WILD cousin, which was chosen on purpose, as Kusama is the experimental blockchain where crypto teams can work and innovate much faster than on the Polkadot blockchain.

Canary network

Okay, I realize this sounds vague. So below some explanation. Kusama is described as the Canary Network of Polkadot. The term 'Canary' was chosen on purpose, and it comes from the former coal mines. There you have to deal with poisonous gases and vapors and Canaries could detect this much earlier as humans. Not that a Canary was able to say that, but the Canaries died much earlier. The amount of poisonous gases and vapors in the air is much more fatal for Canaries than it is for humans. And when the Canaries died, the miners knew there were poisonous gases and fumes in the air.

Keeping the Polkadot chain safe and stable

Kusama works like a Canary for the Polkadot network, by first launching all projects on the Kusama blockchain, errors and weaknesses, vulnerabilities in codes can be detected BEFORE they end up on the stable Polkadot blockchain. This way of working allows a team to innovate and develop quickly on the Kusama blockchain and if crazy things are found ... then this never endangers the security and stability of the Polkadot blockchain. Only when all the irregularities have been removed can a project from Kusama move on to Polkadot. On Kusama, crypto teams can experiment with features not yet available on Polkadot. And because any flaws are exposed in this way on Kusama, they never endanger the security and stability of Polkadot.

That is very briefly a description of what the Kusama blockchain does. All of Polkadot's innovative techniques are also on Kusama, and more! Things that aren't on Polkadot yet are on Kusama, the experimental piece. And Kusama also has its own native chain token. The KSM.

Kusama's KSM token

Kusama's KSM token is the network's native token. It's a utility token with multiple use cases:

  • Validating the network;
  • Nominating validators;
  • Connecting parachains;
  • Governance (administrative) tasks.

Kusama has a circulating supply of 8.47 million KSM tokens, and a total supply of 10 million tokens. Unlike some other blockchains, such as Bitcoin, this maximum stock is not fixed. Instead, it is increasing at an inflation rate of 10% per year.

Gavin Wood!

Kusama was developed by a well-known person in the crypto world, GAVIN WOOD. The man who helped develop Ethereum, the man who invented the programming language Solidity. The man who also brought us Polkadot. This man is also behind Kusama! The same team that develops and works on Polkadot is also behind Kusama.

There is a lot more to tell about Kusama, but today I just wanted to cover the most important points to be able to continue with the contest! After all, today is Tuesday, and Tuesday is the contest.

Ah, my precious little gem Telcoin

Last week you kept an eye on Telcoin again. At least, trying to predict a price, I'm not crazy to expect anyone to really stick to the price of Telcoin… or it must be that you are fo'ed into it. No fomo with Telcoin at all for me, but very nice profits!

But that is not important to you. LOL. So back to the contest. What was 1 Telcoin worth last Friday, May 7?

The answer can be seen in the screenshot below. And we are talking about a price of $ 0.0378 per Telcoin!


tel.png

It just keeps going!

Yes, a nice increase… although it is much better today. Telcoin is already up to $0.0579 per Telcoin. And this is not the highest I have seen either. Telcoin is my gem! Okay, let me curb my enthusiasm and get on with the things that are important here. And that is who we can make happy with the prize we have won today.

Did you seriously expected Telcoin to drop?

None of you had the exact right answer. There were even many who expected Telcoin to drop back to 1 cent. I would say to those people, have you ever really read a letter I wrote about Telcoin and followed the developments? Or do you just live in a Leo / Hive bubble and do you expect that a solid project where the term “Marketing” has been heard cannot handle a Bitcoin dip?

Bitcoin is being a bitch again

Today seems exactly the same story by the way. Everything in my Portfolio seems to be red due to the Bitcoin dip, again! EXCEPT TELCOIN!

Well, apparently I had to get that out. But who am I going to make happy with the prize won today? That's the one closest with the closest prediction in her answer. And that was @gillianpearce this week. So on behalf of the @ lbi-token team, I would like to congratulate her on the chosen price of 2 SPI.


gillian.JPG

@gillianpearce, the prize will be sent to your wallet ASAP!


New week, new chances!

Then continue with the question for this week. I told you yesterday, this week you are going to try to predict the price of Kusama. Do your homework, read what can be found about the coins that I describe here. I would like to see someone give the exact right answer. But maybe my hopes are too high. I don't know.

Anyway… good luck with the prediction for this week. The answers can be given as every week for Thursday, May 13, 2021, 6:00 p.m., in response to this post.

What is 1 KSM worth on Friday May 14, 2021, noon.

All times are CET time.

The prices that can be chosen are the same every week.

  • Chest 1.5 LBI
  • Chest 2. 2 SPI
  • Chest 3.5 LEO

Good luck and on Sunday I'll be back for @lbi-token.

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Sort:  

$ 411.93
chest 2


Posted via proofofbrain.io

394.11
Chest 3

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$450

Chest 1

$ 399.12

Chest 1

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395.123

CHEST 2

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$401.82
Chest 3


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Thanks for this succinct explanation on Kusama, I had no idea...I just know people yap about kusama but I’m sure it’s for the token price and not for what it’s being used for,,,,,interestingly I’ve also missed your posts on Telcoin, these are the types of posts I look for....I will check it out now...
Cheers

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Wow. Thank you. That's a nice surprise! 😍

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$413.19

Chest 3.


Posted via proofofbrain.io

$433.57
Chest 2

will go with 398$ .

Chest 2 .

Congrats to @gillianpearce :)

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$408.88 Chest 2 please! I always love these weekly contests!

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$379.05

Chest 2

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$392.15

chest 1

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419,90 $

Chest 1

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Congrats to the winner.
Price: $440
Chest 1
Thanks

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Congratulations to the winner!
I'm going with:
480
chest 2

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$419
whatever chest you like :)

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$ 430

chest 1

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$387.50 chest 2

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$375
Chest 2

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$417

chest 1


Posted via proofofbrain.io

$551.74

Chest 2

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$ 480

Chest 1


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Your post was promoted by @amr008

$485

chest 2


Posted via proofofbrain.io

$364

Chest 2


Posted via proofofbrain.io

$550

Chest 1


Posted via proofofbrain.io

$400

Chest 2


Posted via proofofbrain.io

499.95

chest 1!

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