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What is Moonriver (MOVR)?
Moonriver basic info
What is Moonriver (MOVR)?
Moonriver is a smart-contract parachain that is compatible with Ethereum and operates on Kusama. It is designed to function as a complementary network to Moonbeam, providing a permanently incentivized canary network. New code will be deployed to Moonriver first, where it can be tested and validated under genuine economic conditions. Once verified, the same code will be shipped to Moonbeam on Polkadot. To achieve this, Moonriver offers a complete EVM implementation, a Web3-compatible API, and bridges that link it to existing Ethereum networks. With minimal modifications, developers can deploy their existing Solidity smart contracts and DApp frontends to Moonriver.
How does Moonriver (MOVR) Work?
Moonriver offers advanced compatibility with Ethereum by mirroring its Web3 RPC, accounts, keys, subscriptions, logs, and more. This enables existing Solidity smart contracts to run seamlessly on the network, with minimal changes required. Moonriver also supports the use of existing Ethereum-like accounts and ECDSA signatures, making it easy to interact with the network using popular tools like MetaMask, Hardhat, Waffle, Remix, and Truffle. Additionally, developers can write smart contracts in Solidity or any language that compiles to Solidity bytecode, ensuring a familiar programming experience. With Moonriver, deploying existing contracts is a breeze - there's no need to rewrite or reconfigure anything.
What makes Moonriver (MOVR) Unique?
One of the great features of Moonbeam is its compatibility with Ethereum. This means that you can use the Ethereum API and Substrate API to interact with Moonbeam. Even though Moonbeam is built on Substrate, it uses Ethereum-style accounts and keys, making it easy to interact with Moonbeam using Ethereum-compatible wallets like MetaMask and Ledger. Users can also develop on Moonbeam using Ethereum libraries and development environments.
What is the MOVR Token?
When working with Moonriver, it's important to understand the role of MOVR. This utility token is integral to the platform's design and cannot be removed without sacrificing essential functionality. MOVR is used to support gas metering for smart contract execution, incentivize collators, power decentralized node infrastructure, facilitate on-chain governance mechanisms, and pay for network transaction fees.
Conclusion
Moonriver is a promising cryptocurrency that enables developers to build and integrate their DApps seamlessly. Its compatibility with the Ethereum Virtual Machine and connection to the Kusama network underline its potential for growth and innovation. With MOVR, its native currency, Moonriver creates an incentivizing ecosystem that empowers users in the governance of the platform. As the crypto industry evolves, Moonriver is definitely a project worth keeping an eye on.
MOVR supply and tokenomics
Token utility
Moonriver (MOVR) is the utility token of the Moonriver Network, Moonbeam’s Kusama deployment that serves as a “CanaryNet” to the Moonbeam Network. As such, the token utility behaviors on Moonriver mirror that of Moonbeam. 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.
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What is the development prospect and future value of MOVR?
The market value of MOVR currently stands at $121.11M, and its market ranking is #403. The value of MOVR is not widely recognized by the market. When the bull market comes, the market value of MOVR may have great growth potential.
As a new type of currency with innovative technology and unique use cases, MOVR has broad market potential and significant room for development. The distinctiveness and appeal of MOVR may attract the interest of specific groups, thereby driving up its market value.