Moon This, Moon That: The Scoop on Moonbeam and Moonriver
Moonbeam Foundation created Moonriver as an Ethereum compatible blockchain environment on the Kusama network. Moonriver intends to operate on Kusama as a parachain that helps crypto projects expand their reach to new users and market avenues with a multichain approach.
Parachains are custom blockchains integrated within the Polkadot and Kusama networks. They are customized for any number of uses and fees into the leading blockchain known as the Relay Chain. The Relay Chain is the heart of the Polkadot and Kusama networks.
Moonriver Overview
Moonriver is a companion network to Moonbeam, which is on Polkadot. Moonbeam provides an alternative to other projects by combining innovative contract capabilities found on Ethereum with the high scalability offered by Polkadot’s multichain network.
Moonriver intends to function as the canary network for Moonbeam on Polkadot. It acts as a testing ground for Moonbeam; therefore, the new code implemented on the web is sent there first. Developers have to work out the bugs before things are sent over to Moonbeam’s mainnet; developers have to work out the bugs within Moonriver. A few months ago, Moonriver joined Kusama, launching the token price from $70 to a high of $495.
Kusama is the relay chain, and Moonriver is the Parachain slot; thus, Moonriver acts as a bridge between Kusama and Ethereum. Moonbeam will be compatible with Ethereum through Polkadot once Moonbeam is live. In addition, Moonriver is like an Ethereum environment working with industry-standard ETH tools, dApps, and protocols. It is simple to move dApps from ETH and join it to Kusama using Moonriver.
Projects that land on Kusama and Polkadot are worth staking on as the duo networks in the blockchain market are well respected. The impressive boost in valuation has caused a flock of investment interest into Moonriver’s token. Investors seeking to buy their MOVR have plenty of options including Kraken, and KuCoin.
Polkadot
Polkadot is one of the fastest-growing blockchain networks as of lately. The network has a massive series of chains that users can transfer data with at high speeds and efficiency. This great innovation has lured many developers to jump on the bandwagon to get their projects done on the platform. Investors are swarming the Polkadot ecosystem to invest in $DOT and the projects up for parachain auctions.
Kusama
Kusama is Polkadot’s sister chain and operates like Polkadot. To understand the sister aspect, their relationship is similar to that of a minor league baseball team and the associated major league team. It provides a testing playground for developers giving each project a network to experiment with before moving to Polkadot. Many projects in Polkadot have a spot on Kusama first, where they work out all the kinks. However, Kusama is a costly club to join as it only hosts about 100 parachains. Many investors have claimed that every project that secures a test net on Kusama is worth checking out and Moonriver is no exception. The Moonriver network was launched in mid-August and had massive improvements.
MOVR Token
The utility token of the Moonriver network
The native crypto maintains and operates the Moonriver network. The currency will be used in paying transaction fees and supporting smart contract executions. In addition, it also incentivizes collators to produce blocks that support the network and facilitate on-chain governance mechanisms.
Moonriver incentivizes collators and powers mechanics around, creating a decentralized node infrastructure on which the platform runs. The utility token is involved in facilitating the on-chain governance mechanism, including referendums, elections, voting, and paying transactions on the network.
Supply and other token economic behaviors on Moonriver and Moonbeam are the same. Nevertheless, token distribution will be different, thus supporting the unique goals and attributes of the network. It serves as the canary net for Moonbeam and a community-led experiment where people decide the direction it takes. In addition, it supports the gas metering of smart contract execution.
Genesis token allocation
What role is Moonriver playing?
Moonriver intends to work as an innovative contract platform that allows developers to redeploy their Ethereum dApps in a substrate environment at ease. A substrate environment creates novel blockchains and blockchain applications that run on Kusama and Polkadot networks. The Moonriver platform offers services such as EVM implementation to its developers. The implementation allows the migration of the Ethereum-based smart contracts to the Kusama platform. Web3-compatible APIs will be offered to enable Ethereum-based tools such as Ethereum wallet, Metamask, with Moonriver. Bridges will allow token transfers, state visibility, and message passing with Ethereum and other chains such as Bitcoin.
Moonbeam has made connections happen. The Ethereum compatible smart contract environment on the Polkadot network is compelling for developers and users. Moonbeam has created a data infrastructure that makes the tools of Ethereum and Polkadot more accessible.
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