This week has been a real rollercoaster for many in the market. With what was expected to be a grandiose endeavor for Bitcoin with El Salvador announcements. Unfortunately, just turned into just another FUDfest of media outlets chomping at the bit as Bitcoin fell to almost $40k on some exchanges. But, in the normal fashion of Bitcoin, this created an opportune buying time for anyone with a few chips set aside for the dip. Many projects did have a great week prior the Tuesday’s advancements and some even held strong through it all. With Fantom pulling a 100% return for holders, Quant and Solana maintained above 50% this week and held out fairly strong against the flash correction. After discussing some of the top Parachain Auction winners last week. This week we’ll be diving deeper into winner Moonriver and its role in the upcoming Polkadot ecosystem.
Introduction
Moonriver is a companion network to Moonbeam and provides a permanently incentivized canary network. All new code ships to Moonriver first, where it can be tested and verified under real economic conditions. Once proven, the same code ships to Moonbeam on Polkadot. So with that, we’ll be discussing Moonbeam a bit throughout as they’re essentially one and the same. Moonbeam is a developer-oriented blockchain that strives to provide compatibility with the existing Ethereum developer toolchain and network. It does this by providing a full EVM implementation, a Web3-compatible API, and bridges that connect Moonbeam to existing Ethereum networks. This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. Moonriver is the bridge that provides developers with the ability to test and change any necessary code before its full release on Moonbeam. But, while Moonbeam code launches to Moonriver first, the network will continue to live on as a Parachain on Kusama, with its own projects and specialized use cases. So while any code that will be launched on Moonbeam must be processed through Moonriver. Not all Moonriver projects will want to be moved into Moonbeam. In completing the final phase of the launch process in August 2021, balance transfers and EVM functionality have been enabled and the network is now fully functional. The Moonriver Network is intended to serve as a permanently incentivized canary network. At first, this means the code on Moonriver and Moonbeam will be the same. Over time, the Moonriver network is expected to evolve to serve specific use cases, like how Kusama has developed specialties that are not the same as the Polkadot network.
Since Parachains are independent blockchains that are able to connect to Kusama. They exist as ‘shards’ and communicate with the Kusama Relay Chain for certain shared benefits like security and interoperability. By being part of a single system, Parachains are also able to securely communicate and interoperate with each other. Due to their parallel nature, each Parachain is able to process transactions simultaneously and pass the transactions to the Relay Chain for finalization. This architecture makes Kusama significantly more scalable than other single chain approaches. Because Parachains are independent and heterogenous (able to be different from each other), each Parachain can be customized for particular use cases. In the case of Moonriver, the…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
