So no, Moonriver is not a soft song here. We are going to present to you this project which is getting a lot of attention at the moment. If you follow play to earn games in particular, this may resonate with you.
Moonriver is closely linked to the Moonbeam foundation known in part for the launch of its few games such as Seascape in particular.
Now let's see what it's all about.
Moonbeam Overview
Talking about Moonriver mainly means talking about Moonbeam and taking the opportunity to mention Kusama.
The Moonbeam Foundation created Moonriver to promote compatibility with Ethereum on the Kusama (KSM) network. In fact, Moonriver will function as a parachain on Kusama to extend projects to other users.
Thus, the smart contracts behind Ethereum Dapps then do not need to be completely rewritten for the Karura network.
If the Moonbeam team chose to launch Moonriver on Kusama, it was mainly to find a platform compatible with Ethereum to reduce costs, among other things.
According to the Moonbeam website, Moonmeam will be deployed on Polkadot this year.
On Kusama, you should know that parachains are custom blockchains that feed the main blockchain and the Kusama network itself; this is what we call “Replay Chains”.
They will enable the shared security of consensus and operations on Kusama.
The moonriver platform can then offer a wider range of services to developers:
- LEVM implementation: This is where the migration of Ethereum-based smart contacts into the Kusama ecosystem.
- There’s nothing quite like a Web3 compatible API: Allows Ethereum-based tools such as the Metamask wallet to be used with Moonriver.
- Bridge/ Ponts : There, token transfers and information sendings with Ethereum and other chains are made possible.
- Integrations malleable and flexible for tokens like DOT and ERC-20, and even services like chainlink and The Graph to name only the most popular.
How does Moonriver and its MOVR token work?
Moonriver serves and functions as the “canary network” for Moonbeam on Polkadot. New code will be fully tested and verified on Mooriver before being launched on Moonbeam.
Moonriver (MOVR) is therefore the native crypto which will allow the maintenance of the network. We will also use it for transaction fees or to execute contracts.
The developers have implemented a system called Parachain Auction where holders of the Kusama token (KSM) can vote for an application to go live as a parachain on Kusama.
At the moment, there are around 100 slots that can be installed on the Kusama network and benefit from Relay Chain technology and become parachain slots. This number is still flexible but it is possible that voters (token holders) increase or decrease the number of supported projects.
On Parachain Auction which are kinds of auctions have fixed periods of 6 to 48 weeks. For example, Moonriver went through an auction to gain access to the 100 available slots.
During a Parachain Auction, Kusama holders can support a project that they believe should receive a parachain slot. The project that obtains the most KSM in its campaign wins access to a parachain slot. This means that it can then operate on the Kusama network for a fixed period of 6 to 48 weeks.
MVR Tokenomics
There will be a total supply of 10 million MOVR tokens once the Moonriver network launches with an inflation rate of 5%. Also, 20% of transaction fees will go to the treasury to maintain the project. You can find out the details of token allocations here.
Moreover, the rise in the MOVR token also shows that investors have confidence and the curve continues to rise as there are so many partnerships.
The best exchanges to obtain Moonriver are currently Kucoin, Kraken and Gate.io
- Discover the Moonbeam website
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Disclaimer: This content is for informational purposes and does not constitute financial advice. We strongly advise our readers to conduct their own independent research before committing to any investment.
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