With the expansion of new projects and the acceptance of people from digital currencies and blockchain technology, the connection between the chains has become more critical.
Projects and users seek to easily access the facilities and tools of networks and other chains by operating on one platform. Moonriver network is one of the networks of the Moonbeam platform. It has entered this field by using smart contracts and wants to provide a suitable platform for users’ activities and various projects.
In this article, we will introduce MOVR currency and its features so that you have a general view of it before investing in this currency code. Stay with us.
Polkadot, Kusama, and Moonbeam
To better understand the Moonriver project, you must first be familiar with the Polkadot, Kusama, and Moonbeam ecosystems to test these cryptocurrencies’ functionality.
First of all, we need to say that Polkadot is a multi-China cross-China hub that implements cross-China capability between other platforms.
You should also know that Kusama is a test environment for testing DApps. It runs on a Polkadot network so that developers can test those DApps in a test environment and then implement them on Polkadot.
Kusama is a twin for Polkadot, similar to everyone; only Kozama was built to test DAPPs.
And the Moonbeam platform is a side-by-side or parallel chain for Polkadot that gives Polkadat the ability to adapt to Ethereum’s smart contract and virtual machine. The Ethereum DApps can easily interact with the Polkadot network and even easily Migrate the Polkadot network, which is more scalable and cross-Chinese.
What is Moonriver?
The Moonbeam Foundation created the Moonriver to create an Ethereum-compatible blockchain environment on the Kusama Network (KSM). It acts as a parachain in Kosama and assists cryptographic projects to expand their access to new users and markets through a multi-chain approach.
In Kosama, parachains are custom blockchains that feed into the main blockchain and the heart of the Kosama network called the relay chain. The relay chain is responsible for the common security, consensus, and settlement of Kosama transactions.
By integrating into the relay chain, the parachains take advantage of the essential characteristics of the relay chain.
The Moonbeam team has chosen to launch Moonriver (MOVR) in Kosama to provide an Ethereum-compatible smart contract platform to their community. Moonbeam is launching a similar platform for Polkadot in late 2021.
MOVR is supposed to act as a “canary network” for Moonbeam. in Polkadot. The new code is sent to Moonriver first. It can be tested and verified in real economic terms before being sent to Moonbeam.
Moonriver’s native digital currency, MOVR, should play a key role in maintaining and operating the Moonriver network.
It is used to pay transaction costs to support the execution of smart contracts. Also, encourage collectors to generate blocks to support the network, and facilitate the Moonriver chain governance mechanism.
The MOVR is expected to be distributed to community members who use KSMA, Kosama’s digital currency, to vote on the program as a parachute in Kosama in a process called the Parachain Auction.
How does it work?
Moonriver provides an environment for testing new code in real economic conditions. The new code is first sent to Moonriver, where it can be tested and verified. After proof, the same code is sent to Moonbeam in Polkadot.
Although Moonriver shares a large portion of its code base with Moonbeam after launching both, Moonriver will continue to live as a parachain in Kosama with its special projects and specialized uses.
In August 2021, Moon River officially became a parachain on the Kosama network.
Moonriver is an easy route to Kusama Relay Chain. This allows teams and developers familiar with Ethereum to access the Kusama network with little or no restrictions.
Minimizes changes required to execute smart contracts Solidarity in the network. Thus, Ethereum projects can easily replicate their DApp and deploy in Moonriver using popular deployment tools.
Unique Features of Moonriver (MOVR)
At least five MOVR tokens can be placed on the network. Payment time is divided into two rounds; each round has 300 blocks and lasts about 1 hour.
Rewards are distributed among collectors and nominees. Collectors generate blocks and collect transactions from users to provide evidence for the transfer of the validation process. Candidates are MOVR token holders who own and share their tokens on the Moonriver network and guarantee for their selected collectors.
This reward is given to an employee with an annual inflation rate of 20%. In the meantime, different rewards will be offered to the candidate according to the number of tokens used in the candidate’s reward set.
The owner of MOVR has the right to manage the Moonriver network. They can submit their proposals, organize the referendum, set the start time of the general referendum, speed up the voting process, set the blocking and ending time, and transfer their voting rights to another account.
The network creates a social fund to support proposals approved by the board and receives financial assistance from a percentage of the network transaction fee. What is unique about this feature is that each network at Moonbeam has a personal tie that makes it easier to manage and budget for board-approved proposals.