Moonriver today secured a parachain slot on Kusama thanks to a successful campaign led by Moonbeam Foundation and is now connected to the network as a parachain. This is only the third-ever parachain slot on Kusama.
Thanks to the efforts of the Moonbeam Foundation, the crowdloan campaign received over 205,935 KSM ($45,000,000) from a total of 5977 donors. Moonriver has now started producing blocks on the Kusama Network, rolling out its Ethereum-compatible smart contract platform.
Providing A Seamless Environment
On Kusama, the Moonriver parachain will provide a seamless environment for those familiar with the Ethereum technology stack. Like Moonbeam, Moonriver’s capabilities feature unparalleled Ethereum compatibility, going much beyond EVM support. This helps in simplifying building an application in Kusama.
Projects on Moonriver can use the same smart contract language, developer tools, Ethereum accounts, and base-level integrations that they already use and rely on. They are also able to interact with Kusama and other parachains that are connected to the network.
Founder of Moonbeam, Derek Yoo, commented on the developments saying,
“The Moonriver launch is the result of a huge amount of effort from a large number of contributors, extending far beyond the PureStake development team. We are grateful to our technology and ecosystem partners who helped make this happen, including Parity, Web3 Foundation, our collator community, our ambassadors, and all of the contributors to the Moonriver crowdloan. As Moonriver completes its launch sequence and enables full functionality in the coming weeks, we look forward to supporting all of our ecosystem partners who plan to deploy to the network.”
A four-Phase Launch Project
After securing the slot on Kasuma, Moonriver has already started producing blocks. However, this is only the first phase of its launch. Moonriver will follow a four-phase launch process that will add new features and functionality while also ensuring the security and stability of the network during launch.
Currently, Moonriver is only in Phase 0 of launch, with four more phases to go. Each phase will take around 2 weeks to complete. Let us look at the structure Moonriver will be following during the launch.
Phase 0 – Phase 0 involves the launch of the Genesis block and the centralization of the network. The governance and infrastructure will be under the control of the Moonbeam team for the duration of the phase.
Phase 1 – After achieving network stability, the Moonbeam team will begin adding third-party collators and begin decentralization. Moonriver will be the first network to feature a decentralized collator and custom parachain staking pallet.
Phase 2 – Moonbeam will enable governance by issuing a run-time upgrade. This will be done only after the stability of the network is established.
Phase 3 – The Moonbeam team will remove the Sudo key and transfer the network’s control to token holders.
Phase 4 – The last step of the launch will see the enabling of balance transfers and the EVM. Developers and end-users will be able to access the full functionality of Moonriver and will be able to transfer funds, deploy smart contracts, claim crowdloan rewards, among other things.
A Community-Led Network
The Moonriver network is a community-led network, and the community will get a majority of the tokens. The crowdloan was the first initiative in this direction and will see participants receive MOVR network tokens, representing 30% of the genesis network tokens.
Early backers or founding members did not receive an allocation, which means that the Moonriver community will have significant control once the network launches. The network will serve as an incentivized canary network, which means that initially, Moonriver and Moonbeam’s code will be the same, Moonriver will evolve to serve specific use cases in the future.
The parachain lease period will last for 48 weeks, after which the KSM that was used to pay for the initial lease will be returned to the contributors, with the Moonbeam Foundation securing more KSM necessary to renew the slot.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.