Article Summary, Automatically Generated By AI
Here is the summary in HTML format:
About Reef
Key Points
- Reef is a Layer-1 blockchain for DeFi, NFT, and Gaming, built on Substrate Framework.
- It provides high scalability, low-cost transactions, and supports Solidity and EVM.
- REEF is the native token used for fees, staking, and nominating validators.
- Reef Chain has a circulating supply of 14,807,552,172 tokens, with 38.2% staked.
- Current inflation rate is 8.3%.
- Reef was founded by Denko Mancheski to make DeFi, NFT, and Gaming accessible to retail
About Reef Finance: Empowering DeFi Innovation
Introducing Reef (REEF): A Comprehensive Overview
Reef is a cutting-edge, Reliable, Extensible, Efficient, and Fast Layer-1 Blockchain, meticulously designed to empower DeFi, NFT, and Gaming ecosystems. Leveraging the Substrate Framework, it delivers exceptional scalability, facilitating near-instant, low-cost transactions, while seamlessly supporting Solidity and EVM, thereby enabling developers to effortlessly migrate their DApps from Ethereum without modifying their codebase.
Reef Chain represents the pinnacle of EVM-compatible blockchain technology, boasting self-upgradability and on-chain governance capabilities. Its infrastructure is designed to accommodate EVM extensions, thereby facilitating seamless native token bridging, scheduled calls (including recurring payments), and in-place code upgrades for smart contracts. Looking ahead, the network is poised to support additional Virtual Machines (VMs), empowering developers to craft code in a diverse range of programming languages. The Reef Chain network operates on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which ensures a scalable and low-fee environment.
REEF is the native cryptocurrency that serves as the lifeblood of the ecosystem, facilitating a multitude of functions, including:
- Transaction processing and data storage fees.
- Operating validator nodes through the staking of REEF tokens.
- Selecting preferred validator nodes to participate in the network.
Reef boasts a prestigious roster of backers, comprising esteemed funds and venture capitalists such as NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund, and several others.
Reef Chain’s comprehensive suite of development tools encompasses:
- Sophisticated Remix and EVM integrated development environments for seamless smart contract uploading and deployment.
- Reefscan, a comprehensive blockchain explorer, facilitating the deployment of validators, bonding and nominating validators, debugging contracts, and gaining insights into network performance.
- Reef’s command line tools, enabling developers to effortlessly deploy applications from local environments.
- A user-friendly Reef wallet, providing convenient access and interaction with the blockchain.
The Circulating Supply of REEF Coins: A Closer Look
Reef Chain is a cutting-edge smart contract blockchain, boasting seamless backwards compatibility with EVM and Solidity, thereby democratizing access to DeFi, NFT, and Gaming for the masses. Currently, REEF boasts a circulating supply of 14,807,552,172 tokens, with a substantial 38.2% of the Reef Chain supply being staked. Notably, Reef Chain is supported by a robust network of over 23 validators. Furthermore, the current supply inflation rate stands at 8.3%.
The Visionaries Behind Reef: Meet the Founders
Reef was founded by visionary Denko Mancheski, driven by a passion to create the most sophisticated blockchain ecosystem, catering specifically to retail investors seeking to tap into the vast potential of DeFi, NFTs, and Gaming.
Mancheski sought to empower newcomers to the cryptocurrency space by simplifying the intricacies of blockchain interaction and demystifying novel concepts such as DeFi and NFTs. Furthermore, he envisioned facilitating seamless access to multiple bridges connecting Reef Chain to other blockchains, thereby enabling retail investors to harness the benefits of high scalability and low fees.
Born in Macedonia, Mancheski’s fascination with FinTech ultimately led him to the realm of blockchain technology. According to him, the most significant hurdle in bringing Reef to fruition was assembling a proficient team.
When queried about the personal attributes that will facilitate his success as an entrepreneur, he elaborated: “I possess a remarkably driven personality — I simply cannot desist from pursuing a goal until I attain the objective I set for myself.”
Acquiring Reef (REEF): A Comprehensive Guide to Purchasing Options
As of September 2020, Binance boasts the most extensive array of trading pairs, featuring options against USDT, BTC, and BUSD, while Huobi Global also provides trading alternatives denominated in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
In addition to its existing listings, it has also been successfully listed on prominent cryptocurrency exchanges Gate.io and Bitfinex, with the latter further extending its support to Reef Chain.
In addition to the aforementioned methods, REEF can also be obtained via decentralized exchanges, including 1inch and Uniswap.
New to the world of cryptocurrency? CoinMarketCap has got you covered with its comprehensive [easy guide](https://coinmarketcap.com/how-to-buy-bitcoin/) to navigating the process of acquiring Bitcoin or any other digital token.
You may also be intrigued by the following articles:
- Demystifying Crypto Debit Cards: A Comprehensive Overview
- Unraveling the Enigma of Web 3.0: The Future of the Internet
- Unlocking the Secrets of Yield Farming: A Lucrative Investment Strategy
- Deciphering Crypto Lending: A New Era of Financial Freedom
Unveiling the Unparalleled Attributes of Reef Chain
Reef is specifically designed to cater to cryptocurrency newcomers, as well as seasoned DeFi users who struggle to manage their funds and wallets across multiple blockchain networks. By building on Substrate, the team has successfully mitigated the issue of exorbitant gas fees inherent to the Ethereum blockchain, thereby facilitating near-instant transactions at a significantly lower cost. This innovation is particularly noteworthy, given that Ethereum’s hefty fees have led some to deem DeFi protocols “unusable.”
What sets the Reef chain apart is its unique ability to seamlessly integrate DeFi protocols that have already been deployed on Ethereum or EVM-compatible networks, requiring only minor code adjustments. As Reef Chain bridges the gap between Ethereum and Polkadot, while fostering connections to other blockchains, the Reef ecosystem is readily accessible to anyone possessing a Web3 wallet, eager to explore dApps on Reef.
Notably, Reef’s architecture, built upon Substrate, affords it exceptional extensibility, enabling seamless support for multiple Virtual Machines (VMs) and effortless integration with popular existing VMs, such as the Ethereum Virtual Machine (EVM). Furthermore, Reef boasts on-chain upgrade capabilities, allowing for the seamless implementation of new features through the network layer, as well as on-chain governance.
The Reef Chain Network’s Robust Security Mechanisms
Reef employs a Nominated Proof of Stake (NPoS) consensus mechanism, which facilitates the bonding of validators, nomination of potential validators, and ensures the security of the Reef network. This innovative approach enables low-cost, near-instant transactions, with finality achieved in a remarkably brief 10-second average timeframe.
For individuals lacking the technical expertise to operate a Validator node, an alternative exists: becoming a Nominator. By selecting trustworthy validators and staking REEF, Nominators play a vital role in securing the Reef Relay Chain.
To assume the role of a Validator, one must possess technical proficiency, stake REEF, and operate a node continuously, 24/7/365, with unwavering high availability. Failure to maintain performance or uptime will result in slashed stakes for both Validators and their Nominators.
When REEF tokens are staked by nominating a Validator, they become ‘locked’ (bonded) and are thereby restricted. Although nominators can receive new REEF tokens in their wallet, they are prohibited from staking as a Validator or transferring REEF tokens away from their wallet. Nominators retain the flexibility to un-nominate at any time, thereby ceasing to stake their funds, with the change taking effect in the next era. Notably, un-nominating does not automatically trigger the unbonding of funds. Instead, a 28-day unbonding period is imposed on Reef, during which bonded funds cannot be transferred, following the issuance of an unbond transaction.
Associated Resources:
Embark on a journey to demystify the world of cryptocurrency with Alexandria, CoinMarketCap’s comprehensive educational hub, where you’ll discover a wealth of information tailored to enlighten and empower.