Subsocial network wins Kusama’s 16th parachain auction with over 100k KSM raised |


Kusama, a conceptual artist, has her work sold in an auction for over 100K KSM. The artwork will be on display at the Subsocial network’s HQ this fall and is currently available to view online here: www.kusamaworks.com/auction

The “shiden vesting schedule” is a social media platform that uses a tokenized economy to reward users for their contributions. Subsocial has raised over 100,000 KSM in its latest auction.

Subsocial network wins Kusama’s 16th parachain auction with over 100k KSM raised |

The most recent Kusama parachain slot auction was won by Subsocial Network, a decentralized platform meant to promote the establishment of decentralized social networks. Participants in the crowdloan will get 16.5 million SUB tokens (16.5 percent of the total supply) as an incentive. It’s just the fourth crowdloan to reach the $100,000 $KSM threshold.

Subsocial is laying the groundwork for the future of social finance.

In the newest Kusama crowdloan, the strength of community is once again shown. On Twitter, the Subsocial crew made an official statement.

The 16th auction of @kusamanetwork was won by #Subsocial! Our community rallied behind us, and we became the fourth crowdloan to reach its goal. As a parachain, we will be able to create a variety of unique connections in the #SocialFinance industry!

December 5, 2021 — Subsocial (hiring! check our connections) (@SubsocialChain)

Subsocial is a brand new social networking platform built on the Polkadot blockchain. They will devote 16.5 percent of the initial total supply of SUB tokens, or $16.5 million, to the crowdloan if they win the spot. 15 million of these will be allocated as guaranteed prizes. The remaining 1.5 million will go for referral incentives, which will be disbursed according to the referral program’s conditions.

Participants in crowdloans may also be eligible for referral incentives. Each participant will be given a unique referral code that will enable them to earn 15 SUB for every KSM their referrals provide, which will be shared 50:50 between the referrer and the referee. The Treasury will restore any unused referral money from the 1.5 million SUB allotment to the crowdloan.

There will be a vesting timeline for SUB prizes. The first 20% of the prizes will be accessible right now, while the other 80% will vest throughout the course of the parachain slot lease, which is 48 weeks.

As a censorship-resistant social network, Subsocial

With the rising focus on privacy and data issues on the most prominent social media sites, consumers are more supportive of additional openness. Subsocial seeks to revolutionize our online involvement as a decentralized center. It empowers content producers by allowing for unfettered expression and community benefits.

Subsocial distinguishes itself from earlier definitions of social networks by constructing it as a social finance protocol and redistributing power to innovators. Subsocial may be configured to enable content producers to select their revenue streams in addition to the present capabilities provided by social networks. 

Subsocial intends to let users create new versions of popular social media sites such as Twitter, Instagram, Medium, and others. 

Kusama, Parachains, Kusama, Kusama, Kusama, Kusama, Kus

Subsocial network wins Kusama’s 16th parachain auction with over 100k KSM raised |

Newsletter

The most relevant daily news in the worlds of crypto, DeFi, NFTs, and more are summarized here.

Subsocial network wins Kusama’s 16th parachain auction with over 100k KSM raised |

Gain a competitive advantage in the cryptoasset market.

As a premium Edge member, you’ll get additional crypto insights and context in every story.

Analyses of the whole chain

Snapshots of prices

a little more context

For just $19 a month, you can become a member right now. Examine all of the advantages.

Watch This Video-

The “kusama price prediction reddit” is a social network that has been created to help users with their cryptocurrency investments. The Subsocial Network raised over 100,000 KSM during its first auction.

Related Tags

  • shiden parachain
  • plasm crowdloan
  • kusama coin
  • kusama reddit
Previous This simple Bitcoin options strategy lets traders profit while also hedging their bets
Next German football league Bundesliga hops on the NFT bandwagon |