The network’s Kusama deployment is called Moonriver, and has its own utility token also called Moonriver (MOVR). Moonriver (MOVR) is the utility token of the Moonriver network, the permanently incentivized canary network to Moonbeam. New code ships to Moonriver first, where it is tested and verified under real economic conditions. Once proven, the same code is shipped to Moonbeam on Polkadot.
Supply and other token economic behaviors on Moonriver are the same as on Moonbeam, but the token distribution is different in order to support the unique goals and attributes of the network. Moonriver serves as a “CanaryNet” for Moonbeam, and is a community-led experiment, where the community has the power over the direction that it takes. Among other things, Moonriver used a large parachain crowdloan to obtain its initial parachain slot on Kusama.
Parachains are custom and project-specific blockchains, in this case in the network of Kusama or Polkadot. They are all connected to and secured by the Relay Chain. It is also responsible for the shared security and consensus of the network. Parachains therefore not only have all the benefits and features of the Relay Chain but are also multichain interoperable with each other as a result.
The basic principle behind the Moonriver network is to function as a smart contract platform that provides a one-stop hub to its users for redeploying Ethereum DApps without the need to configure them into the Karura network. This is possible because the deployment process will be completed with minimal friction in a substrate environment provided by the Moonriver network.
The Moonriver network provides EVM implementation as it allows smart contracts that are based on Ethereum to be migrated into the Kusama environment. It also allows for the creation of bridges inside the network, which can be used for state visibility, token transfers, and facilitating the communication process between different chains. The Moonriver platform also allows various integrations through its Web3-compatible API functionality, a popular example being the Ethereum wallet Metamask and other popular Ethereum-based tools that users can use with Moonriver.
Unique Features of Moonriver (MOVR)
A minimum of five MOVR tokens can be staked on the network. The reward payout time is set to two rounds, with each round containing a total of 300 blocks that takes approx. 1 hour to complete.
The rewards are distributed among collators and nominators. Collators produce blocks and collect transactions from users to generate proofs for relaying the validation process. Nominators are the MOVR token holders who hodl and stake their tokens on the Moonriver network and vouch for the collators of their choosing.
The rewards given to the collator are fixed at 20% annual inflation. Meanwhile, the nominators are offered variable rewards proportional to the number of tokens staked in the Nominators reward pool.
MOVR holders have the power to govern the Moonriver network. They can submit their proposals, hold referendums, determine the launch periods of public referenda, fast-track voting periods, determine lock and cool-off periods, and delegate their voting power to other accounts.
A community treasury will be in place to facilitate the approved proposals by the governance council. It is funded by a set percentage of the transaction fees of the network. The unique part about this feature is that every network that is based on Moonbeam will have its personalized treasury that allows easier management and allocation of funds to the approved proposals by the governance council.
As a decentralized smart contract platform, Moonriver requires the MOVR token to function. This token is central to the design of Moonriver and cannot be removed without sacrificing essential functionality.
Some of the uses of the MOVR token on Moonriver include:
Supporting the gas metering of smart contract execution
Incentivizing collators and powering the mechanics around the creation of a decentralized node infrastructure on which the platform can run
Facilitating the on-chain governance mechanism including proposing referenda, electing council members, voting, etc
Paying for transaction fees on the network
When the Moonriver network launched, the total supply of MOVR tokens was 10 million. A portion of the network tokens has been reserved to ensure the network maintains a parachain slot on the Kusama network.
A significant portion of the network (30%) was fairly and permissionless distributed as part of the initial crowdloan. The remaining balance is distributed to teams building on Moonriver and held by the Moonbeam Foundation to support long-term protocol and network development. Notably, there is no “founders reward” and the PureStake team developing Moonriver does not own any of the tokens at network genesis.
Source: Moonbeam Foundation
Source: Moonbeam Foundation
The purpose of inflation in Moonriver is to pay for the ongoing security needs of the network. The primary security budget items are to pay for a parachain slot on an ongoing basis, and to incentivize collators to provide collation (block production) services to support the Moonriver network. The system targets 5% annual inflation, with approximately 1% going towards incentivizing collators and approximately 1.5% going towards the parachain bond reserve to accumulate on-chain funds to pay for a parachain slot in perpetuity. The remaining roughly 2.5% is for users that stake their MOVR tokens and helps to power the collator selection process. Inflationary token emissions can vary over time based on changes to parachain block times, network conditions, variances in relay chain performance, runtime bugs, and other factors.
Fees on Moonriver related to transactions and smart contract execution are handled in two ways. 80% of the spent fees are burned, which acts as a deflationary force and accrues value to existing MOVR holders based on increased utilization of the network. 20% of the spent fees go to the on-chain treasury which can be allocated via on-chain governance to projects and initiatives which further adoption and engagement with the network.
Moonriver (MOVR) can be purchased at those big exchanges:
1. Binance Exchange- you can purchase on MOVR using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB) instead of cash. Use the link above for a bonus 10% discount.
2. Kraken Trade Moonriver (MOVR) and other cryptos and get 10% discount on trading fees using the link.
3. Crypto.com In this platform, you can earn interest in a wide variety of coins, as well as apply for a crypto debit card. This operates similarly to a pre-paid Visa card, where you top up before use either with cash or crypto. We also have rewards of up to $50 for new investors when using the above link to create a new account.
After your purchase, if you would like to store the coins in offline devices for safety you can use Ledger
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For the Aussies: Coinstash is an Australian crypto exchange based in Brisbane. New users can get $10 free on signup using this link
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