The Reef network is a top-tier layer-1 blockchain network to serve the NFT, Defi, and Gaming ecosystems in a reliable and extensible manner. The network was developed through a substrate Framework which in turn allows it to provide high scalability, while also enabling next to instant transactions at incredibly low costs. The platform also includes the support of EVM and Solidity which allow developers to migrate their decentralized apps seamlessly from the Ethereum network without any major changes being imposed on their codebase.
The Reef network essentially offers its participants with the progressive EVM-compatible system, a feat it was able to attain because of upgradability and use of an on-chain governance system. The infrastructure of the Reef network also makes room for extensions on the EVM, allowing for native token bridge, smart contract in-place code updates, and scheduled cells within the network. In the future, the system plans to include a series of additional features that will allow developers to write their codes in different programming languages.
Who are the Founders of Reef (REEF)?
The Reef network was established by Denko Mancheski. According to him, the motivation behind his development of the platform was to create the most advanced blockchain to suit retail investors who are looking to get into the Defi space, Gaming, or the world of NFTs.
Mancheski had the goal of helping newbies in the crypto world to beat the complexities involved in the interaction with blockchain and the process of understanding new concepts within the space such as NFTs and Defi systems. Additionally, the platform also serves as a bridge to other blockchain platforms to allow the parting of liquidity and funds easily on the Reef Chain, allowing investors in the retail space to take advantage of the low fees and high scalability offered by the network.
Mancheski was born in Macedonia and stated that his passion for FinTech led to him becoming well acquainted with the extensive applications of blockchain technology. According to his description, putting together a competent team of professionals has been his biggest problem in bringing his creation to life.
What is Reef (REEF) used for?
Generally, the Defi sector has been rapidly improving over the years with new projects coming to life in the market. As such, this has proven that more people are getting actively involved in democratic and independent models of financial management systems for their finances, an advantage offered by several of the Defi projects and blockchain networks such as Reef.
The token serves the purpose of facilitating transactions and rewarding participants. The token also has exchange power and can be swapped with other cryptocurrencies
What Is the Unique Point of Reef (REEF)?
The Reef network was aimed at making the transition into the crypto world for newcomers easier, while also making things easier for existing users of the Defi space who have found it hard to keep up with fund and wallet maintenance across several blockchains. The team behind the platform has claimed that they have brought about a solution to the problem of high gas fees on the Ethereum network through the development of the platform on Substrate, a platform that allows for almost instantaneous transactions at menial costs.
One of the many qualities that make the Reef network a unique platform is that any Defi system that has been previously deployed on the Ethereum blockchain or an EVM-compatible network can be run on the Reef ecosystem with only meager modifications to its code. Because the Reef platform straddles this intersection between Polkadot and Ethereum, while also stringing new bridges with other blockchain networks, the Reef ecosystem also provides access to anyone interested so long as they hold a Web3 wallet.
How many Reef (REEF) coins are in circulation?
The Reef finance network is a smart contract platform that is compatible with solidity and EVM, created to make NFT, Gaming, and Defi easy for the general public. Presently, the Reef blockchain has a circulating supply of 14,807,552,172 tokens while a total of 38.2% of the total token supply has been staked. The Reef chain currently has over 23 validators. The platform also has its inflation supply at 8.3%.
Is the Reef (REEF) Network secured?
The Reef network makes use of a dedicated proof of stake system which is bonded to nominal and potential validators and also secures the network. This also allows for close to instantaneous transaction as well as low cost, and also has finality of an average of 10 seconds.
For participants who do not possess the technical skills required to run validator nodes are allowed to become Nominators. These Nominators are also responsible for securing the Reef chain as they select the validators for the platform and the staking protocols.
To become a validator, participants are required to have technical expertise, as well as stakes in the network, and must also be available to run nodes 24 hours a day, all year round. Validators who are unable to meet this requirement have their stakes slashed and so do Nominators.
How do I buy Reef (REEF)?
The Reef network was created to meet most of the shortcomings in the Defi space that prevent newcomers from gaining major experience. This also provides its users with modes of earning extra income. Overall, this has made the platform more mainstream and has attracted several other users to its network. Now, it is listed on multiple exchanges and can be easily purchased by the following steps.
- Interested users will have to create an account with the crypto trading platform.
- Next, they will need to transfer an exact amount of fiat money to the crypto account.
- Then, wait till the transaction has been approved, they can now buy their REEF tokens.
Which Cryptocurrency Wallet Supports Reef (REEF)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Reef (REEF). Because of its vast use case has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Reef wallet because offers a simple and interactive interface making it easy for people to navigate its system.