Moonbeam announced that its community-led sister network Moonriver on Kusama completed the first phase of a five-step deployment process.
Moonriver has officially entered the second phase of deployment, opening up the governance function on the network chain. When the network is stable enough, on-chain governance will become the main source of decision-making for Moonbeam's future upgrades. Moonriver is a community-led blockchain, and governance updates will allow participants to have full governance autonomy.
In the second phase, the team will make several technology-related updates. Moonriver has now enabled staking, and the Moonbeam team has maintained compatibility with the latest version of the Kusama relay chain. The launch of Moonriver is inseparable from the support of community crowd lending activities. Previously, crowd lending activities were led by the Moonbeam Foundation. About 6,000 users around the world contributed more than 200,000 KSM to support crowd lending.
Moonriver is the only parachain on Kusama that has an open-source and permission-free collator. Up to now, 32 community collectors have announced to join Moonriver, equally distribute the responsibilities of producing blocks, and assist Moonriver in running blocks. In the second phase, Moonriver will enable on-chain governance for accounts with balances, and support the Moonriver community in proposing code changes in a democratized way. In this way, the community has the right to vote in a decentralized governance manner, and Moonriver can be upgraded quickly. In addition, the built-in update function on Kusama can help Moonriver improve upgrade efficiency, optimize governance speed, and allow the network to adapt to changing market demands at any time. When the balance transfer function of the fourth phase is launched, crowd lending contributors can participate in the referendum and give more governance roles to Moonriver.
Moonriver has a step-by-step start-up process, which is similar to the launch process of Kusama and Polkadot, which can ensure the stability of the network. The step-by-step start-up is also the main reason why Moonriver's overall on-chain governance system will go online as scheduled. The deployment of the second phase is expected to take two weeks, after which Moonriver will enter the third phase, at which time the sudo keys will be removed and control of the network will be transferred to the hands of token holders.
Token holders will participate in governance in the near future, making the vision of DeFi equality a reality, that is, users participate in important decisions of Moonriver through voting. Most recently, Moonbeam announced integration with Substrate-based blockchain explorer and forum Polkassembly. The integration will provide Moonbeam users with a user-friendly browser interface for viewing and tracking ongoing on-chain governance proposals. Through on-chain governance, every MOVR holder can participate in the future development direction of Moonriver. However, most of Moonriver's features are still in the deployment stage, and end users are still limited to some features. When the fourth phase is completed, the transfer function will be enabled and all on-chain functions will be open to users.
The deployment of each stage is expected to take 1-2 weeks, and the balance transfer will take 3-4 weeks to realize. In the final phase, the network will be fully operational, decentralized and simultaneously enabled for transfers.
If you want to know about the steps to launch Moonriver in the future, please read the article:
About Moonbeam
About Moonbeam
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For more information, please visit:
https://moonbeam.network/
About PureStake
Moonriver is Moonbeam's peer network designed to provide a permanent testing environment for incentivized experiments. The code of the newly launched project will be deployed to Moonriver first, and undergo a series of tests and experimental verifications in its real economic environment. After the verification is completed and passed the test, the project code can be officially deployed to Moonbeam on Polkadot.
For more information, please visit:
https://moonbeam.network/networks/moonriver/
About PureStake
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For more information, please visit:
https://www.purestake.com/
