Reef

Reef is a developer of an EVM-compatible blockchain developed to be self-upgradable and with on-chain governance. The infrastructure of Reef's blockchain allows for extensions for native token bridges, scheduled calls, and smart contract in-place code upgrades. In this way, the blockchain is developed for DeFi, NFT, and gaming applications. Reef has committed to supporting additional VMs to allow developers to write code in multiple programming languages. The network runs on a nominated proof-of-stake (NPoS) consensus mechanism, developed to offer scalability and low fees.

Reef's Reef Chain is a blockchain made to be EVM-compatible for various applications, including DeFi, NFT, and gaming. The chain is built to be fast, scalable, and with low transaction fees. In the ecosystem, Reef offers Reef App, a wallet and token creator that works with the Reef Extension, a Chrome and Firefox browser extension allowing users to interact with the Reef Chain. The Reef extension enables users to manage accounts, sign transactions, and swap across pools and exchange tokens.

The ecosystem includes Reefscan, the main block explorer for Reef that allows users to interact with the smart contracts deployed on the Reef chain. And Reefswap, a Uniswap v2-based decentralized exchange for Reef chain tokens.

The Reef chain is built to be upgradable and to offer users long-term sustainable governance. The governance responsibility is split between two groups. The first group is the Technical Council, which is responsible for reviewing and approving blockchain updates. Members of the Technical Council are elected through proof of commitment, a delegated proof-of-stake method that features an extremely long un-bonding period to ensure the nominators are incentivized toward electing competent technical council members with sustainable growth in mind.

The second group is the validators, responsible for reliable block production. Validators are elected through a nominated proof-of-stake system, which holds elections at the end of every block production era. Validators and nominators are paid out from yearly inflation. Nominators receive part of the revenue share of those validators they vote for, but both validators and nominators are slashed when validators misbehave. The nominators are those who stake on the Reef chain, offering those staked on the chain the above privileges.

Reef says anyone can become a nominator by first staking Reef tokens based on the number of tokens staked on the basis for the nominators voting weight.