Wigwam is the best Moonriver blockchain crypto wallet

Moonriver blockchain review

Moonriver is a developer-oriented parachain blockchain platform on Kusama. It is a sister chain to Moonbeam, providing an open, permissionless infrastructure for developers to build, test, and verify their new Web3-based applications.

Moonriver gives a full Ethereum-like environment and allows compatibility between Kusama/Polkadot and the existing Ethereum developer toolchain.

Origins & Vision

Moonriver Network is the brainchild of Moonbeam, launched on 26 August 2021. Moonbeam created Moonriver as a sister network, with the vision of a scalable and interoperable network for dApps on the Kusama network. 

Key Milestones

1. Moonriver Network produced its first block in June 2021 and was launched on 26 August 2021. The Seascape became the first project to deploy on Moonriver.
2. Moonriver launched its decentralized blockchain explorer, Moonscan in 2021 replacing its previous Blockscout blockchain explorer.
3. Moonriver launched the first HRMP channel to allow XCM communications between chains and introduced the xcKSM (interoperable token) with the XC-20 standard in January 2022.
4. The Moonbeam Foundation secured a self-funded slot for Moonriver as its Kusama lease was expiring in 2022. Later, the chain maintained its uninterrupted block production as it seamlessly switched to the new parachain slot.
5. Moonriver had a runtime upgrade in April 2022, that allowed it to mint and burn its native XC-20s assets.

What Consensus Algorithm Does Moonriver Blockchain Use

Moonriver is a parachain and it utilizes a hybrid consensus mechanism, a Delegate Proof-of-Stake (DPoS) for collecting transactions and producing state transition proofs, and a GRANDPA protocol for reaching finality on its relay chain (Polkadot and Kusama). 

Moonriver ecosystem utilizes DPoS, in which token holders delegate to choose which collator candidate to support and to what degree. Collators maintain the Moonriver by collecting transactions and producing state transition proofs for the relay chain validators.

How Moonriver Technically Solved Problems with Scalability, Decentralization, Speed

Moonriver addresses the issues of scalability and speed by utilizing the hybrid consensus mechanism based on a Delegated Proof-of-Stake (DPoS) and GRANDPA, in which collators collect the transactions and produce state transition proofs for the relay chain validators. Making it faster for validators to verify and finalize a block.

To solve the issue of decentralization, Moonriver, and Moonbeam are built with Substrate Connect which allows the running of a network light client in the browser without needing the centralized RPC services such as Infura. Substrate is also compatible with WASM. 

Who are the Main Players in the Moonriver Blockchain 

Moonriver utilizes a mix of DPoS and GRANDPA consensus in which validators, delegators, and collators play important roles.

Validators: They receive the collected transactions and state transition proofs from Collators and validate them on the relay chain. Validators stake their tokens as collateral in the relay chain and this collateral protects the network from any malicious behavior.  

Delegators: The Moonriver allows token holders to participate in the consensus mechanism by delegating their votes and making the network more decentralized. A delegator can vote to any collator of their choice for collecting transactions and state transition proofs and share the rewards with them. 

Collators: In the Moonriver network, token holders stake tokens as collateral preventing dishonest behavior, allowing them to create the state transition proofs and earn a reward in return. 

DeFi Ecosystem on Moonriver

Moonriver is a sister network to Moonbeam, and the Moonriver crypto ecosystem claims to be the biggest decentralized finance (DeFi) in the Kusama parachain. This ecosystem provides a canary network for many upcoming Polkadot and Moonbeam projects. 

Its smart contract platform offers complete Ethereum compatibility , making it easier for users to build or redeploy Solidity projects in the Substrate environment, facilitating seamless interoperability with existing DeFi dApps on the Kusama parachain, and capturing the users on Kusama and other parachains without any major changes in it. To participate in the Moonriver DeFi you may use the Wigwam DeFi crypto wallet.

Moonriver’s DeFi ecosystem has decentralized exchanges like “Mobula”, “Clipper”, and “Pipper Finance”. 

NFTs Marketplaces on Moonriver

Moonriver offers a diverse ecosystem of NFTs that attracts many artists and collectors to its network. “Teasureland”, “MoonBeans” and “tofuNFT” are some of the well-known NFT Marketplaces on the Moonriver blockchain. You may use the Wigwam NFT wallet to participate in Moonriver activities.

Tokenomics and Gas Usage on Moonriver

The native token of the Moonriver network is MOVR, which is a multi-utility token in its ecosystem. The MOVR token holds four essential roles to ensure the operations of the network and these key responsibilities are, staking to promote honest participation in its node network, acting as a governance token for on-chain voting, gas fees for processing transactions, and gas metering for the execution of smart contracts. 

Conclusion

Moonriver, a community-driven Ethereum compatible parachain, is leading the charge towards the multichain future with its 13 cross-chain channels and over a dozen Substrate-based tokens that are deposited in its XC-20s. Moonriver is defining the way users and developers interact with dApps.