The Moonriver network that has Moonriver tokenas its native token is concerned with providing enhanced smart contract capabilities that are similar to the Ethereum blockchain on the Kusama network.
What is the Moonriver Token?
The Moonriver token ($MOVR) is the native token of the Moonriver network.
Holders can perform various operations on the Moonriver platform such as smart contract execution, making transactions, incentivizing nodes, and promoting governance using the MOVR token.
The Moonbeam team designed Moonriver to be similar to the Ethereum blockchain on the Kusama network (KSM)– which allows users to operate with restrictions as they experiment with the latest technology.
Moonriver will serve as a parachain on Kusuma that will help cryptocurrency projects extend across new users and developers by way of multichain.
How does Moonriver Work?
Moonbeam designed Moonriver to be a platform that will deploy smart contracts and Decentralized applications (Dapps) that can work on the Ethereum and Kusama blockchain simultaneously.
The developers aim to overlook the problems of the Ethereum blockchain and provide a new execution space on the Kusama Parachains.
The Dapps offer a reduced commission on projects, improves scalability, and provides a quick and safe transaction for users.
In addition to this, developers do not need to write the smart contracts of their Dapps again as Moonriver reduced changes that are needed to work on an already existing smart contract. This will enhance the use and deployment of the platform.
Features of Moonriver
Moonriver has unique features that make it outstanding and they include:
The Moonriver network allows the staking of at least five MOVR tokens. The reward occurs in two different rounds with each round having a total of 300 blocks and taking about an hour to complete.
The rewards are shared among the collators and Nominators. The collators are responsible for creating blocks and collecting transactions from users to give rise to proofs for the validation process.
The Nominators on the other hand are the holders of the MOVR token that will stake their tokens.
The owners of the MOVR token are responsible for governing the Moonriver network.
Holders can organize and select the time for a public referendum, submit proposals, facilitate voting periods, and also give their voting privileges to another account.
There is a community set up to enhance the proposals that the governing body has approved and it is sponsored by a portion of the transaction fees of the network.
Steps to Take to Buy the Moonriver (MOVR) Token
To purchase a MOVR token you just need to follow the easy steps we have outlined below:
Select a Crypto Exchange Platform: To buy a MOVR token, you will have to choose an exchange platform such as Crypto.com or OKX that supports the token.
Before you select a platform ensure you consider factors such as low transaction fees, security and the availability of two-step verification, and a friendly user interface.
Create an Account With the Platform: This step may require some Know Your Customer (KYC) procedures consistent with the rules of the Security and Exchange Commission (SEC).
It requires you to give personal details such as your name, phone number, email address, home address e.t.c.
Get a Crypto Wallet: After creating an account with the platform, you will need a wallet to hold your MOVR token. A wallet is also a safety gadget that will help you store your crypto assets to prevent external attacks.
Make Your Purchase: After you get your crypto wallet, you will have to fund it and then you can go ahead to buy your MOVR token.
Ensure that you check the market price of the MOVR token then determine how many assets you will like to buy.
The Moonriver project is geared towards making dapps developers enhance their networks while enjoying low transaction fees and better scaleability without having to make constant changes on their Dapps every time.
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