The young Moonriver cryptocurrency network is based on Kusama’s parachains technology. It started operating in mid-2021, making it one of the youngest decentralized systems. MOVR tokens are used in this network. Their total number is limited to 10 million. The network has an annual inflation rate of 5%. As in the Ethereum network, the parameter gas is used to account for the computing power of the decentralized network. Moonriver network has compatibility with Ethereum Virtual Machine (EVM). At the same time, transaction security is provided by Relay Chain, which is the basis of Kusama network. This combination of two powerful cryptocurrency technologies gives a powerful and unexpected quality. In addition, Moonriver has the ability to integrate with cryptocurrency projects such as TheGraph and Chainlink. Thus Moonriver combines the best qualities of several cryptocurrency projects.
MOVR coins can be stored in the popular MetaMask cryptocurrency wallet. To do this, simply specify the Moonriver network parameters in the MetaMask wallet settings. Third-party wallets such as MathWallet, Ledger and Trezor are also used to store MOVR.
Some other wallets for Ethereum also have support for MOVR. In fact, a unique feature of the Moonriver network is that it is sufficient to have a valid Ethereum wallet number to get a valid Moonriver wallet number.
So-called collators are responsible for confirming transactions in the Moonriver network. A variation of the Proof of Stake (PoS) algorithm is used, called Delegated Proof of Stake (DpoS). In practice, this means that a regular user can temporarily entrust his MOVR coins to one of the collators and receive a proportional share of the collator’s income. Passive income from staking is not the only opportunity that the Moonriver network provides. GameFi and NFT projects, as well as DAO, are actively developing in this network.
The Moonriver network supports blockchain smart contracts that form the basis for a variety of DeFi and web 3 applications that use the same Solidity programming language as the Ethereum ecosystem. Thus, DeFi and web 3 applications previously written for the Ethereum network can be transformed into dApps working in the Kusama network with minimal effort. There is also a powerful API with a big set of commands. Updates to this network happen smoothly, without forks. The Moonriver community collectively decides which updates are worth implementing.
A great way to get MOVR tokens is to use the EvoDeFi blockchain bridge service. You can also use EvoDeFi to exchange MOVR tokens for any other coins and tokens that this bridge supports. Just try it and see how easy, convenient and inexpensive it is to exchange cryptocurrencies.