- Moonriver is a decentralized platform that provides a compatible environment to create smart contracts.
- The platform provides a set of frameworks and tools to make the process easier.
The Moonbean Foundation founded the Moonriver as an alternative that supports the Etherum-compatible environment on the Kusama (KSM) network. The foundation’s vision is to build a multi-chain network that allows users to expand their network of users and markets.
Simply put, it is a decentralized smart contract platform that allows users to create smart contracts. Moonrise works similarly to its sister, Moonbeam. The only difference between the cousins is that Moonbeam is a parachain built on the Polkadot relay chain. Moonriver is built on Kusama Relay Chian.
Understanding Moonriver
Moonriver’s vision is to build an environment that allows users to test the code under real economic conditions. The mechanism here is:
- The new code has been shifted to Monnriver for verification and testing
- Next, this code can be transferred to Moonbeam on Polkadot.
Moreover, Mooriver eliminates the changes required to run existing Solidity smart contracts on the network. Developers only need to replicate the Dapp and it’s ready for deployment. The entire system brings ease to creating and deploying smart contracts.
How Does Moonriver Work?
Moonriver and Moonbean facilitate the process of building smart contracts by providing frameworks and tools. To achieve the objective, Moonriver provides an Ethereum Virtual Machine (EVM) environment that supports unmodified Ethereum tooling.
Further, to make the process easier, Moonriver integrated Ethereum’s Web3RPC API. This API makes the migration of existing apps smoother. Moonrivers even merged the other ERC-20 and substrate-based assets (such as DOT and KSM).
Overall, Moonriver is an entire ecosystem that provides the frameworks and toolkits to make the smart contract process easier. It’s a decentralized smart contract platform and the currency/token used in the Moonriver ecosystem is termed a Moonriver ( MOVR) token.
Let’s understand the Moonriver Token!
Moonriver (MOVR): The Utility Token Of The Moonriver Network
Moonriver (MOVR) is a utility token of the Mooriver ecosystem. It’s similar to any other blockchain token.
MOVR Token Details
- Token Name: Moonriver
- Ticker: MOVR
- Deployment Network: Moonriver
- Relay Chain: Kusama.
- Token Type: Utility and Governance
- Total Supply: 10,000,000 MOVR
- Circulating Supply: 2,185,399 MOVR.
According to Moonriver’s official website, MOVR token can be used for –
- Users can use MOVR to pay for transactions. Used as a currency within the Moonriver ecosystem
- Allowing on-chain mechanism, this includes electing council members, voting, etc.
- Help in the creation of decentralized node infrastructure.
- Support smart contract execution of gas metering
Conclusion
Moonriver is a platform that allows users to create a smart contract using pre-developed frameworks and tool kits. The goal of the company is to make smart contract creation and deployment easier.
The token used in the Moonriver ecosystem is referred to as Moonriver (MOVR). It is considered a valuable asset and has huge potential in the future.
