SubSocial secures highly coveted parachain slot on Kusama

2021-12-17 17:30

SubSocial, an open platform for decentralized marketplaces and social networks running in the Polkadot (DOT/USD) ecosystem, won a highly coveted parachain slot on the Kusama (KSM/USD) network in the most recent auction, Invezz learned from a press release.

SubSocial raises 100.5K KSM in auction

SubSocial launched its bid for a Kusama parachain last month, offering KSM token holders rewards in its native token SUB in exchange for supporting its proposal. The project reached its crowdloan cap of 100,420.69 KSM during the auction. SubSocial will distribute 16.5 million SUB tokens to contributors early next year after its parachain goes live.

An open platform with shared network effects

The successful bid takes SubSocial one step closer to accomplishing its mission to create an open platform with shared network effects, on which anyone can launch their own decentralized, censorship-resistant social network. SubSocial uses IPFS and the Substrate blockchain for decentralized file storage, enabling it to connect to the Kusama and Polkadot networks.

Kusama is a next-generation blockchain that allows different blockchains to interoperate without friction by uniting them in a network.

SubSocial founder Alex Siman said:

We are thrilled to have Subsocial secure a parachain slot on Kusama. This will allow us to build all sorts of innovative integrations in the Social Finance sector. Our community’s support has been incredible.

Leveraging Kusama’s cross-chain protocol for parachain communication

With the successful bid, SubSocial can leverage XCMP, Kusama’s cross-chain messaging protocol, to communicate with other parachains on Kusama. This will allow the platform to create feature integrations with those parachains to add value to other projects as well as derive advantages for itself.

One immediate advantage is that SUB tokens will be listed on DEXs. Token holders need SUB to transact on the platform and participate in governance.

KSM parachain goes live on January 8

Subsocial’s Kusama parachain is scheduled to go live on January 8, 2022. That’s also when its current betanet will be relaunched as a standalone mainnet. This means it will run two chains connected by a bridge. This is needed because the standalone mainnet performs better at the moment.

The post SubSocial secures highly coveted parachain slot on Kusama appeared first on Invezz.

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