What is Moonriver (MOVR)?
Moonriver is Moonbeam’s canary network. It was launched on Kusama to provide users with an Ethereum compatible smart contract platform.
MOVR is the utility token of the decentralized smart contract platform Moonriver Network. MOVR is used to service the Moonriver platform and plays a key role in promoting nodes, facilitating governance, processing transactions, and other important functions.
How does Moonriver (MOVR) work?
MOVR Network acts as an intelligent contract platform that provides users with a single point of contact to deploy Ethereum DApps without configuring them on the Karura network. Deployment completes with minimal friction in the substrate environment provided by Moonriver Network.
Moonriver Network offers an EVM (Ethereum Virtual Machine) implementation as it enables smart contracts on Ethereum to migrate to the Kusama network. Bridges are also created within the network to indicate status, transfer tokens and facilitate communication between different chains. The Moonriver platform also enables many other integrations through Web3-compatible API functionality, a popular example is the Metamask wallet and other Ethereum-based tools that users can use with Moonriver.
Moonriver Vision (MOVR)
Moonriver Vision (MOVR) is the same as Moonbeam. Moonbeam aims to provide a platform that supports multiple chains to accommodate a large number of users and assets. To achieve this goal, Moonbeam has built a smart contract platform that is compatible with EVM and supports the development of decentralized applications (dApps).
Unique features of Moonriver (MOVR)
At least 5 MOVR tokens can be staked in the network. The payout time is divided into 2 rounds, each round has a total of 300 blocks and takes about 1 hour.
Rewards will be given to the Colator and the Nominator. The employee generates blocks and collects transactions from users to generate evidence that is passed on to the validation process. The nominees are MOVR holders – those who use their tokens in the Moonriver network.
The reward is awarded to the employee with an annual inflation rate of 20%. In the meantime, the nominee will be offered different rewards proportional to the number of tokens used in the nominee’s reward pool.
Owner MOVR has the right to manage Moonriver Network. They can submit their proposals, organize referendums, set start times for public referendums, accelerate voting phases, set blocking and end times and delegate their voting rights to another account.
The network sets up a community fund to support board-approved proposals and receives grants from a percentage of the network’s transaction fees. What is unique about this feature is that each network on Moonbeam has a personalized till that makes it easier to manage and allocate funds for board-approved proposals.
Use cases of the MOVR .token
MOVR is a utility token in the Moonriver network. It can be used to perform many different functions such as:
– Provide a collation incentive and facilitate the process of building the decentralized node infrastructure of Moonriver Network.
– Payment of transaction fees and other activities on the Moonriver Network.
– Providing an on-chain governance mechanism that enables users to participate in governance activities such as B. Voting for board members and suggesting network upgrades.
– Facilitation of the gas measurement function of the intelligent contract execution.
MOVR’s token economy
MOVR has a total supply of 10 million tokens, which will be distributed as follows:
– 40% for community initiatives (e.g. liquidity incentives, strategic program rewards, …) and parachain slot reserve to secure future parachain slot leases on Kusama.
– 30% for crowd loan parachain (loan from the community).
– 24.5% for long-term network administration & application. These tokens, controlled by the Moonbeam Foundation, are used to fund network launches, programs, ecosystem development, and other network requirements.
– 4.5% for the developer adoption program, which is used in the short term for project and platform adoption as well as for actual needs.
– 0.5% to the state treasury.
– 0.5% for parachain link reserve.
According to Coinmarketcap