This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Shiden Network?

Shiden Network (SDN) is a multi-chain decentralized application layer built on the Kusama Network. It supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions, enabling the deployment of various decentralized applications (dApps) and smart contracts. The SDN token is used for staking, consensus, and rewarding validators, as well as incentivizing the development and use of dApps within the network.

How is Shiden Network used?

The Shiden Network (SDN) is a utility token that serves several purposes within the Shiden ecosystem. Its primary functions include:

  • Staking for Consensus: SDN tokens are used for staking to ensure the network's consensus mechanism.
  • Rewards for Validators and Nominators: SDN tokens are distributed as rewards to validators and nominators for their participation in the network.
  • Commission Payment: SDN tokens are used to pay commissions within the network.
  • dApps Rewards System: SDN tokens are used to incentivize the development and use of decentralized applications (dApps) on the network. Token holders can stake their SDN tokens to support their preferred dApps, earning rewards in the process. This system encourages the creation of high-quality dApps and fosters a thriving ecosystem.

These functions enable the Shiden Network to operate efficiently and promote the growth of its decentralized application layer on the Kusama Network.

How do I store Shiden Network?

To store Shiden Network (SDN) tokens, you have several options:

  1. Hardware Wallets: Ledger and Trezor are highly recommended for their security. You can connect your Ledger device to Ledger Live and find Shiden EVM (SDN) in the app to manage your tokens.

  2. Software Wallets: Klever offers a secure crypto wallet with various payment methods to buy SDN tokens. This wallet provides a user-friendly interface to manage your SDN holdings.

  3. Metamask: You can also use Metamask, but transferring SDN tokens between Substrate and Metamask requires converting addresses manually. There is a proposal to create a web interface to simplify this process.

  1. Exchange Wallets: After purchasing SDN on an exchange, you can store it in the exchange's wallet. However, it is recommended to transfer your tokens to a hardware or software wallet for added security.

Remember to always prioritize the security of your tokens by choosing a reputable wallet and following best practices for storing cryptocurrencies.

How to buy Shiden Network?

To buy Shiden Network (SDN) tokens, follow these steps:

  1. Create an Account: Register on a cryptocurrency exchange that supports Shiden Network trading, such as Kraken, Crypto.com Exchange, Coinw, MEXC Global, or gate.io. Verify your identity and secure your account with two-step verification.

  2. Fund Your Account: Use fiat currency to purchase a cryptocurrency like USDT, ETH, or BNB, which can be easily traded for SDN. You can use services like PayPal, bank cards, or bank deposits to fund your account.

  3. Transfer Funds: Transfer the purchased cryptocurrency (USDT, ETH, or BNB) to the exchange that supports Shiden Network trading.

  1. Buy SDN: Use the transferred funds to buy Shiden Network (SDN) in the spot market. You can do this by selecting the SDN trading pair (e.g., SDN/USDT) and executing the trade.

  2. Store Your SDN: Once you have purchased SDN, you can store it in your exchange account or transfer it to a personal cryptocurrency wallet for added security.

Remember to research and compare different exchanges to find the most suitable one for your needs, and always follow the specific procedures for each exchange.

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How Shiden Network works

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