Moonriver, the latest addition to the Moonbeam network, is a blockchain network that is set to revolutionize the decentralized world as we know it. In this article, we’ll take a look at its core features: how does it work and what are its advantages over other cryptos? Also, we’ll provide a guide what to do with it and how to acquire it. So, without further ado, let’s get going!
What is Moonriver
Outstanding benefits of this crypto coin
Built on the Substrate framework, Moonriver is a fork of the Ethereum network that is fully compatible with the Ethereum Virtual Machine (EVM). This means developers can easily port their existing Ethereum-based apps to the Moonriver network, and take advantage of its many benefits.
Moonriver boasts lightning-fast transaction times and dirt-cheap fees, thanks to its efficient consensus algorithm that reduces the computational power required to validate transactions. This not only makes the network faster and cheaper to use, but it also makes it more decentralized, as it allows more nodes to participate in the network.
Moonriver also has a secret weapon that will blow your mind: Digital Identity! Imagine having a virtual passport that allows you to access various online services and applications securely and privately. This feature is particularly useful for applications that involve personal data, such as healthcare and finance. And the best part? You don’t have to worry about losing it or having it stolen, it’s all on the blockchain!
Regardless, it’s always a good idea to conduct plenty of research when dealing with cryptos. While Moonriver is currently an outstanding coin, the crypto market is highly volatile and unpredictable. What applies today, may no longer be the case tomorrow.
Therefore, be sure to follow the latest news closely. Reliable websites such as tradecrypto.com are an invaluable source of info for any crypto trader and research is an essential aspect of investing in cryptocurrency, so be sure to do your due diligence – your wallet will thank you later on.
The Aura consensus mechanism
Moonriver utilizes a consensus algorithm. It is created to be more efficient than the one used by Ethereum. The consensus algorithm used in Moonriver is called “Aura” and it is a variant of the “Proof of Stake” (PoS) algorithm. In PoS, instead of using computational power (Proof of Work), validators get picked according to the number of tokens they hold and are willing to “stake” as collateral.
In Aura, validators are chosen based on their reputation, taking into account the number of tokens they hold, the amount of time they’ve been staked, and the total stake in the network. This approach aims to increase security and decentralization by making it harder for a small group of validators to take over the network. This makes Moonriver much more resistant to centralization, which is, needless to say, great for any crypto. In addition, it provides a more secure and stable network, eliminating much of the difficulties otherwise encountered.
In addition, the Aura consensus algorithm is designed to be more energy-efficient than PoW, which helps to reduce the environmental impact of the network.
What to do with Moonriver crypto
Once you have Moonriver in your possession, there are quite a few potentially lucrative things you can do with it:
- Hold as an investment: You can hold on to Moonriver as an investment and sell it at a higher price in the future. This is known as “HODLing” (in other words, hold on for dear life), a term used in the crypto community to describe holding onto an asset for a long-term.
- Trade on a cryptocurrency exchange: You can trade Moonriver on a cryptocurrency exchange that supports trading of Moonriver. You can buy and sell Moonriver for other cryptocurrencies or fiat currencies. Trading crypto can be quite profitable, but you must be sure to conduct plenty of research priorhand.
- Participate in staking: Some blockchain networks like Moonriver, require users to “stake” their assets in order to participate in the validation of transactions and earn rewards. This is called staking, and by doing so, you can earn a passive income in the form of rewards.
- Use it to access decentralized applications: Some decentralized applications (dapps) built on the Moonriver network may require the use of Moonriver to access them or to perform certain actions within them.
- Use it for Decentralized finance (DeFi): Moonriver can be used as collateral to borrow other assets, or to earn interest on it through a DeFi platform, or as a means of payment in decentralized exchanges and platforms that accept it.
How to purchase Moonriver?
- Buy on a cryptocurrency exchange: Moonriver can be bought on a cryptocurrency exchange that supports the trading of Moonriver. Some examples of exchanges that list Moonriver are Binance, Huobi, and OKEx. In order to buy Moonriver on an exchange, you will first need to create an account and verify your identity. Then link a payment method such as a bank account or credit card.
- Buy from a peer-to-peer marketplace: Moonriver can also be bought from a peer-to-peer marketplace, such as LocalBitcoin or Paxful. These platforms allow you to buy Moonriver directly from other users, so it’s quite convenient.
- Buy from an OTC (over-the-counter) desk: Some OTC desks allow users to buy larger amounts of Moonriver directly from the seller. This is quite useful when making bulk purchases, being the quickest solution in such cases.
- Once you’ve bought Moonriver, you’ll need to transfer it to your crypto wallet: MetaMask is the ideal solution in this case, and TradeCrypto has an excellent guide on how to add Moonriver to MetaMask. Follow the steps closely, and we’re sure the transfer will go without a hitch.
In a nutshell, Moonriver is the future of decentralized technology and it’s about to take the world by storm. With its lightning-fast transaction times, dirt-cheap fees, increased security, and privacy, coupled with its support for digital identity, Moonriver is the perfect choice for applications that involve personal data. So, don’t be left behind, as you can easily join the Moonriver bandwagon and experience the cutting-edge of decentralized technology.
I Jere Firestone was one of the first investors in Bitcoin. I got into it when it was just starting to take off. I am 37 years old now, and I am still very much involved in the cryptocurrency world. I am always looking for new opportunities to invest in, and I believe that blockchain technology is going to change the world.