Shiden (SDN) Crypto Profile And Details

Shiden (SDN)

Shiden (SDN)

What is Shiden (SDN)?

Shiden is a smart contract platform for decentralized applications (dapps) on the Kusama network. Shiden is built to support “layer 2” solutions, which refers to secondary frameworks built on top of existing blockchains that improve upon a network’s scalability and transaction speeds. Shiden is intended to operate on Kusama as a parachain.

If you’re unfamiliar, parachains are custom, user-generated blockchains that are linked to Kusama’s Relay Chain, the main blockchain and heart of its network. The Relay Chain is responsible for Kusama’s shared security, consensus and transaction settlements. By being integrated into the Relay Chain, parachains benefit from the Relay Chain’s base features.

Shiden is intended to work as the “canary network” for Plasm, its Polkadot counterpart built by the same team, meaning that it provides early code releases that are available before they are launched on Plasm.

Shiden’s native cryptocurrency, SDN, plays a key role in maintaining and operating the Shiden network, and can be used for staking and rewarding nodes, paying for transaction fees and rewarding dapp operators.

Similar to most parachains, SDN is expected to be airdropped to community members who use their KSM, Kusama’s cryptocurrency, to vote for the application to go live on Kusama in a process called a Parachain Auction.

Shiden's Network Design

Developers can use the Shiden software to run custom programming logic (smart contracts) and design new programs (decentralized applications) meant to replicate products and services. Shiden network is designed to be compatible with a number of layer 2 scaling solutions, including Plasma and the Optimistic Virtual Machine, which developers can leverage in the dApps they deploy to the Shiden blockchain. 

To achieve this, developers can deploy Ethereum smart contracts thanks to its EVM compatible blockchain, or write their own programs using Ink!, a rust-based smart contract programming language built for Polkadot and Kusama applications. 

SDN Launch & Issuance

Currently, only 100 projects can build on the Kusama network and leverage its Relay Chain’s security by accessing what Kusama calls a parachain slot. This number is flexible and subject to change by governance vote over time. 

Access to Kusama parachain slots is provided to projects for fixed periods of 6-48 weeks, with Shiden needing to go through an auction to win access to one of the 100 slots.

During a parachain auction, Kusama holders can bond their KSM in support of the project they believe should receive a parachain slot. At the end of a determined period of time, the project with the most KSM committed to their campaign generally wins access to a parachain slot, allowing them to operate on Kusama’s network for a 6-48 week period.  

The Shiden team will crowdsource support for its parachain auction bid by accepting community contributions. If Shiden wins an auction, supporters are expected to receive Shiden’s SDN token. 

Of note, if Shiden fails to win a parachain slot, the KSM committed to their bid by community participants will be returned at the end of Shiden’s auction campaign. If Shiden wins an auction, the bonded KSM will be returned to participants when Shiden’s access to the parachain slot expires.

For more information on Kusama parachain auctions, visit our Parachain Auctions page which covers the topic in more depth. 

Monetary Policy

SDN is expected to be airdropped to those who bonded KSM to the project during the parachain auction in what they are calling a “paradrop.” The overall supply and distribution of SDN tokens, as well as the details of the paradrop, cannot be known with certainty and are subject to change. Refer to your Kraken account for the latest estimated rates. 

Source : KRAKEN

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