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The Moonriver Crowdloan Raises Over 83,000 KSM in Under A Week 

The Moonriver Crowdloan Raises Over 83,000 KSM in Under A Week 

Achieving cross-chain interoperability is an essential aspect of blockchain's evolution. Tackling this concept is much easier said than done, although Moonbeam and Moonriver show it is possible. Speaking of which, Moonriver's parachain crowdloan is now underway. 

Achieving Cross-Chain interoperability

It is pertinent for blockchain developers to look beyond the ecosystem they are currently building on. While every individual chain has benefits and drawbacks, there is no reason to ignore alternative options on the table. Passionate coders want to see as many people use their projects as possible. One way to do that in the blockchain world is by exploring compatibility with other public infrastructure and growing a user base that way. 

Whereas there was no natural way to achieve blockchain interoperability a few years ago, things have certainly improved for the better. By default, public blockchains are unable to communicate with one another. However, it is possible to leverage the technology to create a bridge between existing ecosystems. For Moonbeam, the objective is to bring Ethereum developers over to Polkadot through full EVM compatibility and much more. It is a viable approach that creates many new opportunities for Solidity coders globally.

The main appeal of this approach is how developers need to make little or no code changes to be compatible with Moonbeam. In addition, as a project that will pursue a parachain slot on the Polkadot network, it will benefit from shared security and compatibility with all other blockchains under Polkadot's umbrella. Finally, opting for this approach will expose the project to more potential users, increasing its appeal and overall accessibility.

Moonriver Does The Same For Kusama

As the Moonbeam team acknowledges the potential for cross-chain compatibility through the Polkadot network, the Moonbeam Foundation wants to go one step further. Moonriver, a community-driven sister network to Moonbeam, provides a permanently incentivized canary network for new code. It operates similarly to Moonbeam but on the Kusama blockchain rather than the Polkadot network. Kusama uses nearly the same codebase as Polkadot and mainly serves as an experimental development environment. 

Moonriver will serve as a parachain for Kusama, although it will need community support to achieve that goal. Parachains are auctioned off to teams and projects with the most financial support. To generate that support. Moonriver organizes a crowdloan, through which the Moonbeam Foundation can distribute 3 million MOVR tokens as a reward to crowdloan contributors. The name crowdloan does not warrant an actual "loan" taking place. It is more of a metric to assess project support and paying for the parachain slot lease. Once that lease expires, all locked KSM tokens are returned to the user. So far, nearly 3.860 enthusiasts contributed close to 84 million KSM to make sure this project can achieve its parachain status. 

For developers who are serious about bringing their creations to Polkadot, exploring the Kusama ecosystem can prove worthwhile. As a sandbox environment for coders experimenting with new features - without requiring significant code changes - it will become possible to build far more complex products and services. As both Kusama and Polkadot share nearly the same code, Moonriver can help establish a more seamless developer flow, which will ultimately prove beneficial to users worldwide.

 

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.

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