What Is Moonriver (MOVR) And How Does It Work? | KuCoin Crypto Gem Observer

2021/08/26 15:30:00

When Ethereum launched, it changed the crypto landscape. Compared to Bitcoin, the other major cryptocurrency that came before it, Ethereum offered much more versatility and functionality. Today, that functionality has expanded even further - but so has the competition.

Still recognizing the potential of Ethereum despite its setbacks, Moonbeam developed a multi-chain solution powered by Polkadot to increase the potential of Ethereum even further and make it competitive in the current crypto market. To ensure that all development went smoothly, Moonriver was created as a sister parachain.

What is Moonriver?

Moonriver is a companion network to Moonbeam. It is a community-led sister parachain on Kusama made for testing early, experimental and innovative builds of Moonbeam. It offers projects an easier on-ramp to Kusama.

The development on Moonriver is led by the community using the MOVR token, essentially giving MOVR holders the power to shape the future development of Moonbeam itself. However, Moonriver will still remain its own independent parachain, with developments that are created specifically for the network.

How does it work?

Moonriver is the canary network made to test new code before ‘going live’ on Moonbeam - an Ethereum-compatible smart contract parachain on Polkadot.

Like Moonbeam, Moonriver mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more, making it much easier to run Solidity smart contracts on the network. Therefore, Ethereum DApps can be easily replicated on Moonriver. It is also possible to access and interact with Moonriver using existing Ethereum-like H160 accounts & ECDSA signatures.

Another key benefit of Moonriver is its library of built-in integrations. This includes assets like DOT and ERC-20s, as well as infrastructure services like Chainlink and TheGraph that enhance the multi-chain potential of the project.

What is the MOVR token?

The MOVR token - called Moonriver - is the utility token for the network. The token distribution is as follows:

Community Initiatives and Parachain Slot Reserve: 40%

Parachain Crowdloan: 30%

Long-Term Network Stewardship & Adoption: 24.5%

Developer Adoption Program: 4.5%

Parachain Bond Reserve: 0.5%

Treasury: 0.5%

What is the MOVR token used for?

MOVR is central to the operation of Moonriver. It offers several different uses:

They support the gas metering of smart contract execution while also incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run.

It also facilitates the on-chain governance mechanism including proposing referenda, electing council members, voting, etc. Otherwise, it plays the important role of the means of paying for transaction fees on the network.

Closing Thoughts

While Moonriver is for all intents and purposes a canary network for Moonbeam, it is a critical part of the ecosystem. It allows for more innovation by working as a testing ground for future Moonbeam builds without disrupting live working builds. It has its own incentive model too, bringing value to the MOVR token.

Speaking of which, the crowdloan for Moonriver, which was supported by KuCoin, was successful. It received a total 205,935.0111 KSM from 5,977 contributors, highlighting its promise right from the beginning. KuCoin will list Mooriver (MOVR) and open MOVR/USDT,MOVR/ETH trading pairs as world premiere on August 27. The next best time to get involved with Moonriver is now.

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