What is #Moonriver (MOVR)?
Moonriver is an #Ethereum-compatible blockchain environment built on the Kusama network. It is
intended to function as a parachain, helping crypto projects expand their reach to new users and markets
with a multi-chain approach.
On Kusama, parachains are custom blockchains that feed into the main blockchain and heart of the
Kusama network, called the Relay Chain. By being integrated into the Relay Chain, #parachains benefit
from the Relay Chain’s base features.
The Moonbeam Foundation created Moonriver to provide an ethereum-compatible smart contract
platform to its community, and is also releasing Moonbeam (GLMR), a similar platform for Polkadot, later in
2021.
Moonriver is intended to function as the “canary network” for Moonbeam on Polkadot, meaning that new
code would ship to Moonriver first, where it can be tested and verified under real economic conditions,
before being shipped on Moonbeam.
Moonriver’s native cryptocurrency, MOVR, should play a key role in maintaining and operating the
Moonriver network. It is expected to be used for paying transaction fees, supporting smart contract
execution, incentivizing collators for producing blocks to support the network, and facilitating Moonriver’s
on-chain governance mechanism.
MOVR is expected to be airdropped to community members who use their KSM, Kusama’s cryptocurrency,
to vote for the application to go live as a parachain on Kusama in a process called a Parachain Auction.
MOVR Token Launch & Issuance
Access to Kusama parachain slots is provided to projects for fixed periods of 6-48 weeks, with Moonriver
needing to go through an auction to win access to one of the 100 slots.
During a parachain auction, Kusama holders can bond their KSM in support of the project they believe
should receive a parachain slot. At the end of a determined period of time, the project with the most KSM
committed to their campaign generally wins access to a parachain slot, allowing them to operate on
Kusama’s network for a 6-48 week period.
If Moonriver wins an auction, supporters are expected to receive Moonriver’s MOVR token.
Moonriver (MOVR) Network Design
Moonriver is intended to work as a smart contract platform, allowing developers to redeploy their
ethereum dapps in a substrate environment with minimal friction. This means that the smart contracts
that power Ethereum dapps will not need to be rewritten or reconfigured for the Karura network.
To access these features, the Moonriver platform will offer these main services to developers:
EVM implementation – Allows for Ethereum-based smart contracts to be migrated to the Kusama environment.
Web3 compatible API – Allows Ethereum-based tools, such as popular Ethereum wallet Metamask, to be used with Moonriver
Bridges – Allows for token transfers, state visibility, and message passing with Ethereum and other chains like Bitcoin.
Built-in integrations for assets like DOT and ERC-20s, and infrastructure services like Chainlink and The Graph.
Moonriver’s native cryptocurrency, MOVR, plays a key role in maintaining and operating the Moonriver
platform, and can be used for executing smart contracts, incentivizing nodes, paying for transaction fees
and facilitating governance.
Genesis Token Allocation
When the Moonriver network launched, the total supply for 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 permissionlessly 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.
Conclusion
Moonriver is an exciting new blockchain platform that offers ethereum compatibility and the ability to
create custom blockchains that feed into the Kusama network. With the launch of MOVR, the platform's
native cryptocurrency, community members have the opportunity to participate in the platform's growth
and development.