What is Moonriver?
Moonriver, or MOVR, is a blockchain-based network that serves as a sister network to Moonbeam, a smart-contract parachain within the Polkadot ecosystem. The main goal of Moonriver is to provide a platform for developers to test and verify new blockchain code under real economic conditions.
Moonbeam, an Ethereum-compatible network, allows developers to easily port their projects to the Polkadot ecosystem with minimal to no code changes. The Moonriver network operates as a parachain to Kusama and serves as a testing ground for new code before it is deployed on Moonbeam. This system aims to minimize the changes required to run existing smart contracts on the network by mirroring Ethereum's Web3 Remote Procedure Call (RPC) and other features such as accounts, keys, subscriptions, and logs.
MOVR is the utility token of the Moonriver network, which serves several different functions. One of the main uses of MOVR is to support the gas metering of smart contract execution and to reward collators for creating a decentralized node infrastructure. Additionally, MOVR is used to facilitate on-chain governance mechanisms, including the election of council members and the proposal of referenda. It also pays for transaction fees on the network.
Moonriver aims to handle transaction and smart contract execution fees in two ways. The network plans to burn 80% of spent fees as a deflationary force, which will accrue value to existing MOVR holders based on increased utilization of the network. The remaining 20% of spent fees will be sent to an on-chain treasury that can be allocated via on-chain governance to initiatives and projects that work to increase engagement and adoption of the network.
Moonriver was built and funded by the Moonbeam Foundation. The CEO and founder of Moonriver is Derek Yoo, who is also the co-founder of Thinking Phone Networks and previously served as a product manager at BladeLogic. Stefan Mehlhorn is the COO and attended Chemnitz University of Technology. The Moonriver network was deployed to Kusama in June 2021, with a maximum total supply of 10 million MOVR tokens.
Moonriver (MOVR) is a cutting-edge blockchain platform that aims to provide an environment for developers and users to test new code under real economic conditions. The platform is a sister network of Moonbeam, which is an Ethereum-compatible smart-contract parachain within the Polkadot ecosystem. Moonbeam allows developers to port their projects with minimal to no code changes, enabling them to tap into the Polkadot ecosystem.
The Moonriver network is deployed as a parachain to Kusama and serves as a canary network for Moonbeam. This means that new code is shipped to Moonriver first, where it can be tested and verified before being deployed on Moonbeam on the Polkadot network. This helps to minimize the changes required to run existing smart contracts on the network by mirroring Ethereum's Web3 Remote Procedure Call (RPC), accounts, keys, subscriptions, logs, and more.
Moonriver aims to have a full Ethereum-like environment and work with industry-standard Ethereum tools, DApps, and protocols. This makes it an ideal platform for developers and users who are familiar with the Ethereum ecosystem but want to test new code in a real-world environment.
The MOVR token is the utility token of the Moonriver network. It serves several purposes, including supporting the gas metering of smart contract execution, rewarding collators, powering the mechanics around the creation of a decentralized node infrastructure, facilitating on-chain governance, and paying for transaction fees on the network.
Moonriver aims to handle transaction and smart contract execution fees in two ways. 80% of the spent fee is burned, which acts as a deflationary force and accrues value to existing MOVR holders based on increased utilization of the network. The remaining 20% of the spent fees is sent to the on-chain treasury, which can be allocated via on-chain governance to initiatives and projects for further engagement and adoption with the network.
The Moonriver network was built and funded by the Moonbeam Foundation. Derek Yoo is the CEO and founder, and Stefan Mehlhorn is the COO. The network was deployed to Kusama in June 2021, and the maximum total supply of MOVR is 10 million. With its innovative approach to testing new code and its commitment to providing a real-world environment, Moonriver is poised to become a leading blockchain platform in the space.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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