Ocean Protocol is Now Deployed on Moonriver in the Polkadot Ecosystem

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

As part of Ocean’s multi-chain strategy, we have deployed Ocean’s technology to Moonriver.

Moonriver is the leading EVM-compatible chain in the Kusama / Polkadot ecosystem. This gives it excellent security and cross-chain interoperability that will continue to improve.

Moonriver is a parachain (sub-chain) that leverages Kusama relay chain (parent chain) security. It’s a sister to the upcoming Moonbeam chain, a parachain to Polkadot relay chain. Kusama targets rapid testing and long-tail applications, whereas Polkadot targets slower large-enterprise applications.

Moonriver went live on Aug 26, 2021. Its traction is already impressive: within three weeks, it hit 1 million transactions and 100K wallet addresses. A week and a half later, the transactions had doubled to 2 million. It has more than $200M staked in DeFi applications and another $270M bonded in collator staking, excellent for any network, let alone such a young one.

The Ocean core team and Moonriver / Moonbeam core team (PureStake) have been collaborating since January 2021. In April, the Ocean core team deployed Ocean backend components and Ocean Market frontend to Moonbase Alpha testnet, then shared that work in the Moonbeam #Illuminate21 community event. The teams worked closely to iron out small kinks. The Ocean deployment to Moonriver is the first major technology milestone in this collaboration, and as part of the broader Ocean — Polkadot ecosystem.

Ocean and Polkadot have grown up together. The creators of Ocean (and before that BigchainDB and ascribe) and creators of Kusama / Polkadot have been collaborating since 2014-era Ethereum days through the founding of Parity (née Ethcore) and Web3 Foundation, from security audits to go-to-market strategy, and always with an eye towards technology integration.

In 2017, Ocean founder Trent McConaghy presented “The Web3 Data Economy” vision at the inaugural Web3 Summit conference, hosted by Web3 Foundation [slides][video][blog post]. The Ocean Moonriver deployment makes this vision real in Web3 Foundation ecosystem.

Moonriver is fully Ethereum-compatible, which allows it to run Ethereum smart contracts and use Ethereum-style ERC20 tokens. It’s a Proof-of-Stake chain with a modern consensus algorithm built on Parity Substrate technology. This allows it to have low gas fees and low latency compared to Ethereum mainnet.

The first dataset published in Moonriver.

With Ocean deployed to Moonriver, this means:

• Users of Ocean Market can publish, swap, stake, and consume data assets in Moonriver.
• Data marketplace builders and other dApp developers can use Ocean libraries (ocean.js, ocean.py) and frontend components (market) with Moonriver.
• Token holders can move their OCEAN on Ethereum mainnet to OCEAN on Moonriver, and back using the AnySwap bridge.

Ocean components supported in Moonriver include: Ocean smart contracts, Ocean Market, Provider (for data services), Aquarius (metadata cache), and Ocean Subgraph (The Graph queries). For more details, visit our Supported Networks page.

Cross-chain Mental Model

 Ocean is now deployed to four production networks: Ethereum mainnet, Polygon (Matic), Binance Smart Chain (BSC), and (new) Moonriver.

An Ocean Market user can click on the network preference in the top right, and toggle which chains they would like to see the assets for. Moonriver is now in this list and selected by default for all new users.

Default selected networks now include Moonriver.

In each of these networks, tokens on the network have real value associated, so there need to be token bridges across networks. For Moonriver this is:

• OCEAN on Ethereum mainnet gets bridged across as OCEAN on Moonriver.
• ETH for gas fees on Ethereum mainnet corresponds to MOVR for gas fees on Moonriver.

MOVR is the native token on Moonriver used for gas fees.

For dApp developers, as with other networks, in ocean.js the Moonriver chainId is passed to the ConfigHelper to get all required endpoints for initializing Ocean, while in ocean.py the respective RPC URL needs to be set as the network config parameter.

Resources on Ocean * Moonriver

• Docs: Ocean-related tokens and services in Moonriver
• OCEAN contract in Moonriver blockchain explorer
• AnySwap bridge

“There is an increasing recognition that the web2 model is broken, with huge concentrations of data and power in the hands of a very small number of centralized entities. Ocean’s unique application of web3 technology to create open and decentralized data markets is leading the path forward on how to avoid these abuses. We are very happy to partner with Ocean to democratize access to data and help create a fairer and less manipulative online environment for everyone.”

–Derek Yoo, Moonbeam Founder.

“It’s a wonderful feeling to see something manifest that has been years in the making. This is one of those days. The PureStake team has been excellent collaborators to bring Ocean to Moonriver and the broader Kusama / Polkadot ecosystem.” 

–Trent McConaghy, Founder at Ocean Protocol

About Ocean Protocol

Ocean Protocol’s mission is to kickstart a Web3 Data Economy that reaches the world, giving power back to data owners and enabling people to capture value from data to better our world.

Visit oceanprotocol.com to find out more.

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