Reef (REEF)

Last Updated: 29/08/2022

What is Reef (REEF)?

Reliable, expandable, effective, and quick is what Reef stands for. Reef Chain is a blockchain for DeFi (Decentralised finance), NFTs (Non-fungible tokens), and gaming that is EVM-compatible. EVM (Ethereum Virtual Machine) software enables programmers to design decentralized applications (DApps) that run on the Ethereum blockchain. Reef does not engage in wasteful mining, is scalable and quick, and has low transaction costs.

The Substrate framework and on-chain governance are used in the construction of the platform. The Substrate framework enables programmers to rapidly and easily create blockchains that are future-proof and suited for any use case. Reef chain provides full smart contract compatibility while integrating the best features from the majority of widely used blockchains. The whitepaper states that Reef wants to increase DeFi's usability and accessibility.

The native token REEF is utilized for:

Fees for keeping data and handling transactions
Staking REEF tokens to operate validator nodes
Nominating which validator nodes should be part of the network

In order for the Reef ecosystem to function, validators and nominees are crucial. Users can become nominees if they are interested in Reef chain governance. Voting and choosing qualified validators is the nominators' main duty. To produce a block is the validator's primary duty. But the race to become a validator is a fierce one. Additionally, validators aim to offer more services to the neighborhood. The Reef chain has a number of characteristics, such as Solidity support, scalability, upgradeability, and fee burn. Users can transfer their current DeFi applications from Ethereum to Reef with the help of the Solidity support feature without changing the Solidity code. Reef is scalable because of its high transaction throughput and improved blockchain storage efficiency.

Team

Reef Finance was founded in 2019 by Denko Mancheski who has a strong background in crypto. Mancheski, born in Macedonia, was previously Chief Technology Officer at Adel, which is a global cryptocurrency incubator for blockchain innovation. The main goal of Reef is to simplify trading and avoid the complexities of order books.

Mancheski created the project with the idea of lowering the barrier for investing and enabling newcomers and inexperienced traders to invest in various cryptos with automated liquidity and yield rewards. Reef continues to develop and evolve while partnering and integrating with other prominent projects in the sector of DeFi.

Roadmap

Where to store Reef (REEF)

Reef ecosystem has it's own wallet/Dex/token creator that can be accessed via Reef App. It is great for accessing and interacting with the blockchain. It also serves as a bridge between Ledger hardware wallets and the Reef ecosystem.

Hardware wallet provider Ledger supports Reef (REEF) as a cryptoasset. This company is both high-quality and has been consistently providing some of the safest Cold Storage Wallets for years. For new and existing customers to cryptocurrency, Ledger offers a ledger Live interface to manage your assets which is incredibly easy to use. For more information on how to set up a Ledger Live wallet to receive your REEF (REEF), please see our Ledger wallet guide.

Reef (REEF) is also on the Ethereum network (ERC-20) so it can be stored using any ETH compatible wallet.

Trust wallet is a wallet that can hold a wide variety of cryptocurrencies such as Reef (REEF) making it highly desirable for users who wish to have a varied portfolio. A very trusted wallet in the crypto community.

Similarly, a user-friendly option to keep your $REEF tokens secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting your MetaMask wallet.

Where to Buy and Sell Reef (REEF)

You can Buy & Sell Reef (REEF) here at BC Bitcoin.

You can Buy Reef by heading over to the Buy Coins page of our website. Reef (REEF) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Reef (REEF) has never been easier, simply place your order and provide your wallet address. Once your payment arrives, REEF will be sent directly to your wallet.

If you choose to Sell Reef (REEF), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.

Reef (REEF) Resources

Website: https://reef.io/

Block Explorer (Mainnet): https://reefscan.com/

Block Explorer (ERC-20): https://etherscan.io/token/

Github: https://github.com/reef-defi

Twitter: https://twitter.com/Reef_Chain

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.