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Subsocial To Distribute 16.5M SUB Tokens After Securing Kusama Parachain Slot -Breaking

by Mike Robinson

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Subsocial To Distribute 16.5M SUB Tokens After Securing Kusama Parachain Slot

After winning the auction, Subsocial has been awarded a parachain slot on Kusama Network.

Last month the platform opened its bid for Kusama Parachain. It invited KSM token holders and offered rewards in Kusama SUB tokens to back its proposition. During the auction, the project exceeded its crowdloan maximum of 100.420.69KSM. SubSocial will give 16.5 million SUB tokens out to all contributors following the auction. This is after SubSocial’s parachain launches early next year.

The successful bid brings SubSocial’s vision of an open platform with shared network effects that allows anyone to launch their own decentralized, censorship-resistant social network closer to reality. Substrate is the blockchain platform and IPFS are used for file storage. Subsocial can connect to both the Polkadot & Kusama networks. Kusama is the next-generation of blockchain protocols. It unites all purpose-built blockchains to allow them interoperable seamlessly on a large scale.

Kusama allows you to test new apps or blockchains with developers before publishing them on Polkadot.

Polkadot and Kusama combine to create “Dotsama”, a multi-chain ecosystem that acts as a bridge to various blockchains.

By securing a parachain slot on Kusama, Subsocial will be able to leverage XCMP, Kusama’s cross-chain message-passing protocol, to communicate with other parachains on Kusama. Subsocial can now integrate with the parachains it benefits while also adding value to its projects. SUB tokens will become easier to acquire by becoming listed on decentralized platforms. Integrations will make it possible to use other social tokens on the Subsocial platform.

Subsocial secured Kusama’s parachain slot. This will enable us to develop innovative integrations into the Social Finance industry. Our community’s support has been incredible,”
Alex Siman, SubSocial’s founder and CEO.

Subsocial’s Kusama parachain is set to go live on January 8, 2021. Current betanet will also be relaunched separately as a mainnet. It will have two chains that are connected with a bridge. They will share one SUB token. Two chains are required for Subsocial. The standalone mainnet performs well, but the parachain is needed to support feature.

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