Moonriver (MOVR) is a project focused on offering advanced capabilities of smart contracts compatible with Ethereum, but through the Kusama network and its parachains to offer greater speed and scalability to the dApps deployed on its network.
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Moonriver is a project designed on a parachain deployed in Kusama (KSM), and whose objective is to serve as a Canarian network or Moonbeam tests, which is executed on Polka dots (DOT). Moonriver has been designed in order to bring the network closer Ethereum (ETH) and its dApps to the Kusama network, allowing a powerful and flexible interoperability between both projects.
Along with this network, the team has also designed the native token Moonriver (MOVR) whose role is vital for the maintenance and operation of the network. This token is used to pay transaction fees, support execution smart contracts, encourage the validation of blocks of the nodes and facilitate a decentralized governance mechanism for the entire system.
How does the Moonriver cryptocurrency work?
Moonriver is designed to function as a platform for the deployment of smarts contracts and dApps capable of interacting with the Ethereum and Kusama ecosystems. The idea is that Ethereum developers can leave behind the multiple scalability problems that Ethereum presents, having a new execution space on a Kusama parachain.
Thus, dApps could reduce the commission of your operations and greatly increase scalability in order to offer fast and secure transactions to its users. The best? That Moonriver makes this possible without developers having to rewrite the smart contracts of their dApps, facilitating adoption and deployment on the platform.
To make this possible, Moonriver focuses its operation on three key points, namely:
EVM implementation
In order for Ethereum developers to port their dApps from this blockchain, Moonriver must be able to execute smarts contracts written in Solidity and be compatible with the EVM. Well, this is precisely what Moonriver makes possible.
In fact, Moonriver replicates Ethereum's RPC Web3 specifications and interfaces, your system of accounts, crypto ECDSA, registers and more, in order to guarantee an identical execution space to what we can find in Ethereum. Even the smart contracts deployed in Moonriver are identical to those of Ethereum, written in Solidity or any other language that is capable of generating bytecode (the code that executes the VM) for the EVM. In this way, it is possible to replicate the dApps and its behavior in Moonriver without making any changes, but by doing so you will already be enjoying the unique capabilities of Kusama and his parachains.
This is perfect because developers do not have to get used to a new way of working, they simply have to deploy their contracts on the new network, and with this they will be able to enjoy all its benefits. Also, this means that developers should not learn new programming tools, since those used in Ethereum work perfectly.
Web3 compliant API
Now, having an EVM compatible VM is just a first step. The second refers to the ability to interact with dApps through an increasingly popular standard: the Web3.
Ethereum's Web3 is an RPC communication standard that allows anyone to connect and interact with a dApps through their cryptocurrency wallet.
Surely, you have used this standard when you have connected your MetaMask (the most popular Web3 wallet in the world) to that dApp that interests you so much. Well, in Moonriver this function is possible. In fact, any Web3 wallet can be used to interact with Moonriver without major changes. The only thing that is needed is to add the Moonriver network to the wallet and with that you will be able to use MetaMask to interact with dApps in Moonriver without changing anything at all, not even the Ethereum address of your wallet. But be careful, always remember that they are two different networks and you should not confuse them.
The network data to make your MetaMask wallet use Moonriver are the following:
- Network Name: moonriver
- RPC-URL: https://rpc.moonriver.moonbeam.network
- Chain ID: 1285
- Symbol: Movr
- Block explorer: https://moonriver.moonscan.io/
If you configure the new network, then you will already have everything you need to connect to the network and enjoy its capabilities, as you can see in the following screenshot.
Bridges
Another vital point for the operation of Moonriver are the bridges or bridges, which are what enable token transfers, status visibility, and message transmission between Moonriver and connected blockchains (ex: Ethereum, Bitcoin or any other connected). In fact, Moonriver is currently closely tied to the Polkadot network (allowing DOT trading) and Ethereum (to handle tokens like chainlink and The Graph).
MOVR Tokenomics
The Moonriver token (MOVR) is responsible for allowing users and operators different tasks such as:
- Pay network transaction fees
- Support the execution of smart contracts.
- Incentivize transaction validators
- Facilitate a decentralized governance mechanism
In any case, the token has the following characteristics:
- Deployment network: MoonRiver
- Relay Chain: Kusama
- Token Name: Moonriver (MOVR)
- Early release: Q2 2021
- Small unit: Wei (10 ^ 18 Wei = 1 MOVR)
- Genesis Token Supply: 10 million
- Annual inflation rate: 5%, with an infinite token supply
- Transaction fees: 80% burned / 20% to treasury
Genesis Token Allocation
With the launch of the Moonriver network, the initial supply of MOVR tokens will be 10 million, an issue that is known as the Genesis Issue. This issue has several uses. The first is to allow the creation of a fund that serves to guarantee the security of the network, which mainly consists of maintaining the parachain slot of the Kusama network for the project.
In addition, a portion of these funds has been taken to create a reward for all those people who participated in Kusama's Crowdloan and allowed Moonriver to have the opportunity to acquire a parachain slot within the network. In this case, Moonriver has used 30% of the reward issue (3 million tokens out of the total 10 million, for a total of 900 tokens) and has distributed them equally to all those users who have supported the project. to obtain the parachain slot that guarantees its operation. The remaining tokens (70% of the reward pool) will be held by the Moonbeam Foundation to support long-term network and protocol development. Notably, there is no “founders bounty” and the PureStake team, which develops Moonriver, will not own any of the tokens in the genesis of the network.
The team has instead released a table that shows in detail how the allocation of these tokens is:
Inflation and commission model
Moonriver targets an annual inflation rate of 5% And as such it has an unlimited token supply. The purpose of this inflation is to maintain a flow of tokens that serve for the use and access to the network, in addition to serving the security needs of the network. Thus, of that 5% inflation, 1% will go to incentivize validators, 1,5% will go to the reserve of parachain bonds in order to accumulate funds to pay for the Kusama parachain slot that is occupied by Moonriver. The rest goes to those users who perform staking with their MOVR tokens within the system and support the network validators in their task. In this way, the operation and safety cycle that is sought to be achieved with that 5% inflation within the network is closed.
In addition, the network commissions within will be divided. Of 100% of the commissions, 80% of them are burned, eliminating the tokens from the total circulating existing in the network (this in order to maintain a circulation of coins adjusted to their reality of use). The remaining 20% will go to chain treasury, which can be allocated through governance in projects and initiatives that foster adoption and engagement with the network.
Conclusions
Moonriver is a project that seeks to attract Ethereum dApps developers to make the leap to their network and enjoy better scalability, lower commissions and without the need to modify their dApp at any time.
In that sense, Moonriver is a project that fully complies with what was promised, since it is very easy to make these migrations and, for the end user, with a practically transparent transfer, which contributes to adoption. On the other hand, its operating scheme also guarantees unique opportunities for users who wish to promote the network. For example, by staking to support transaction validators on Moonriver and enjoy an easy-to-use reward system.
In short, Moonriver is a project with incredible capacity, especially if we consider that its interoperability is not limited only to Ethereum, but to any network that connects to it, which can turn it into a huge cross-hub hub. chain supported on Kusama, its parachains and the Substrate framework.
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