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Reef

Reef

Reliable, Extensible, Efficient and Fast blockchain for DeFI, NFTs and gaming.

Reef Chain is the EVM-compatible blockchain. It's self-upgradable and has on-chain governance. Its infrastructure also allows for EVM extensions which allows for native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades. In the near future, it will support additional VMs which will allow developers to write code in multiple programming languages. The network runs on a Nominated Proof-of-Stake (NPoS) consensus mechanism.

Reef is backed by multiple leading funds and venture capitalists including NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund and others.

What Is Reef (REEF)?

Reef is a Reliable Extensible Efficient Fast Layer-1 Blockchain for DeFi, NFT & Gaming. Built using Substrate Framework, it provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase.

Reef Chain is the most advanced EVM-compatible blockchain. It's self-upgradable and has on-chain governance. Its infrastructure also allows for EVM extensions which allows for native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades. In the near future, it will support additional VMs which will allow developers to write code in multiple programming languages. The network runs on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which offers scalability and low fees.

REEF is the native token that is used for:

  • Fees for processing transactions and storing data.
  • Running validator nodes by staking REEF tokens.
  • Nominating which validator nodes should be part of the network.
  • Reef is backed by multiple leading funds and venture capitalists including NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund and others.

Reef Chain development tools include:

  • Remix and EVM integrated development environments for uploading and deploying smart contracts.
  • Reefscan blockchain explorer to assist with deploying validators, bonding and nominating validators, debugging contracts, and understanding network performance.
  • Reef command line tools that allow developers deploy applications from local environments.
  • Reef wallet for accessing and interacting with the blockchain
  • How Many REEF Coins Are There in Circulation?
  • Reef Chain is a smart contract blockchain, backwards compatible with EVM and Solidity, designed to make DeFi, NFT and Gaming easy for everyone. At present, REEF has a circulating supply of 14,807,552,172 tokens while 38.2% of the Reef Chain supply is staked. Reef Chain today has over 23 validators. The current inflation of the supply is 8.3%

Who Are the Founders of Reef?

Reef was founded by Denko Mancheski. His motivation was to build the most advanced blockchain for retail investors who want to get involved with DeFi, NFTs and Gaming.

Mancheski wanted to help cryptocurrency newcomers overcome the complexities associated with interacting with a blockchain and understanding new concepts such as DeFi and NFTs. Additionally, the ability to give access many bridges to other blockchains so that funds and liquidity can easily be ported to Reef Chain, allowing retail investors to take advantage of high scalability and low fees.

Born in Macedonia, Mancheski said that his passion for FinTech led to him being introduced to blockchain technology. He has described forming a competent team as the biggest challenge associated with bringing Reef to life.

When asked about the personal attributes that will help him become a successful entrepreneur, he added: “I have a very addictive personality — I just can’t stop doing something until I get to the goal that I set for myself.”

Where Can I Buy Reef (REEF)?

Binance offers the largest number of pairs as of September 2020 offering trading against USDT, BTC, and BUSD, while Huobi Global also offers Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) options.

It has also been listed on Gate.io and Bitfinex. Bitfinex also supports Reef Chain.

REEF can also be acquired through decentralized exchanges such as 1inch and Uniswap.

Reef is geared towards cryptocurrency newcomers, alongside existing DeFi users who find it difficult to keep up with maintaining funds and wallets across multiple blockchains. The team has tackled the high gas fees seen on the Ethereum blockchain by building on Substrate, which enable almost instant transactions and low costs, where some claim Ethereum’s fees renders DeFi protocols “unusable.”

What makes the Reef chain unique is that any DeFi protocol that has already deployed on Ethereum or an EVM-compatible network can run on Reef with just a few changes to the code. Since Reef Chain straddles this intersection between Ethereum and Polkadot, along with bridges to other blockchains, the Reef ecosystem can be accessed by anyone with a Web3 wallet that is interested in accessing dApps on Reef.

Because of how it has been built on Substrate, Reef is extensible and can have support for multiple VMs (Virtual Machines) as well as extension for existing popular VMs such as EVM (Ethereum Virtual Machine). It has on-chain upgrades functionality so any new features are easily pushed through the networking layer, but also on-chain governance.

How Is the Reef Chain Network Secured?

Reef uses a Nominated Proof of Stake system to bond to potential validators, nominate potential validators, and to secure the Reef network. This allows for low cost, almost instant transactions with finality achieved in 10 seconds on average.

For those without the technical skills to run a Validator node, they can be a Nominator. Nominators secure the Reef Relay Chain by selecting good validators and staking REEF.

Being a Validator requires technical expertise, staking REEF, and running a node 24 hours a day, 7 days a week, 365 days a year with high availability. Validators that cannot maintain performance or up time have their stakes slashed, as do their Nominators.

While REEF are staked by nominating a Validator, they are ‘locked’ (bonded). Nominators can receive new REEF in their wallet, but cannot stake as a Validator or transfer REEF away from their wallet. Nominators can un-nominate at any time to stop staking their funds, which becomes effective in the next era. Un-nominating does not automatically unbond funds. There is an unbonding period of 28 days on Reef before bonded funds can be transferred after issuing an unbond transaction.

Reef Chain is, at its core, a unique blockchain. It is fully compatible with EVM. It is self-updating and yet fully chain-managed. Its structure doesn't just run on the EVM. It makes it possible to fully use this extension in the form of its infrastructure. Allows you to connect, schedule calls (i.e. recurring payments) and update the smart contract code with your own token. It will support additional virtual machines in the near future, allowing developers to code in multiple programming languages. The network operates on the basis of a token-free (NPoS) consensus mechanism. In turn, Reef has support from various leading funds, as well as venture capitalists. This includes a huge list, here is a small part of these sponsors. NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund and others.

Reef at its core is a blockchain that can expand, work very efficiently, quickly. This blockchain belongs to the 1st level blockchain. It is intended for DeFi, NFT, as well as for games. Built using the Substrate platform, it is highly scalable, enables near-instantaneous low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without making any changes to the codebase. Reef Chain is the most advanced EVM compatible blockchain. It is self-renewing and has chain control. Its framework also allows you to use EVM extensions that allow you to connect, schedule calls (i.e. recurring payments), and update the smart contract code in place with your own token. It will support additional virtual machines in the near future, allowing developers to code in multiple programming languages. The network is based on a Proof-of-Stake (NPoS) consensus mechanism without tokens, which provides scalability and low fees.

REEF, in turn, is a native token. It is used for various purposes. It can be used to receive a commission for processing transfers. And also for data storage. Run a validator node by staking a REEF token. Designate the verification nodes that should be part of the network. Reef is backed by several leading funds and venture capitalists, including NGC, QCP, Bitcoin.com, Kennethic Capital, LD Capital, TRG Capital, Crypto Group, Genesis Block, Wood Equity Fund and more.

It is also worth noting that Reef Chain includes a huge number of tools. These tools include, for example, Remix and EVM integrated development environments. They are used to download or deploy smart contracts. At the same time, the Reefscan blockchain explorer is used specifically to help deploy validators. It also connects and assigns a validator, debugging contracts, and analyzing network performance. Reef command line tool that allows developers to deploy applications from a local environment. The reference wallet for accessing and interacting with the blockchain. How many REEF coins are in circulation? Reef Chain is an EVM and Solid backward compatible smart contract blockchain designed to make DeFi, NFT and gaming easier for everyone. REEF currently has a volume of 14,807,552,172 tokens, with 38.2% of Reef Chain's supply reserved. Today, Reef Chain has over 23 validators. Current supply inflation rate is 8.3%

Denko Mancheschi can rightfully be considered the founder of Reef. He dreamed of creating a blockchain that would take the title of the very first blockchain for retail investors. The main thing is that they have a desire to participate in DeFi or NFT or games. Mancheski wants to help newcomers to cryptocurrencies overcome the complexities of interacting with blockchains and understand new concepts such as DeFi and NFT. In addition, the ability to access many locations on other blockchains so that funds and liquidity can be easily transferred to the reef chain allows retail investors to take advantage of high scalability and low fees. Mancheski from Macedonia, said. His passion for FinTech led him to discover and study blockchains. His biggest challenge was building a professional Reef team. Asked about the personal qualities that helped him become a successful entrepreneur, he added: “I have a very interesting person - I just can’t stop doing something until I achieve my goals.

If you look at Binance statistics, you can see that it offers the most pairs as of September 2020. USD, BTC and BUSD trading is offered, while Huobi Global also offers Bitcoin (BTC), Ethereum (ETH) and Tate (USDT) options. He is also registered with Gate.io and Bitfinx. Bitfinex also supports reef chains. REEF can also be purchased through decentralized exchanges such as 1 Inch and Unified Exchange. Reef is aimed at crypto newbies as well as existing DeFi users who find it difficult to maintain funds and wallets across multiple blockchains. The team has responded to the high gas fees seen on the Ethereum blockchain with Substrate (which offers near instant transactions and low cost), which some say makes the DeFi protocol “unusable.”

At its core, Reef is very unique. What makes it unique is the fact that any DeFi protocol can run on Reef with just a few code changes. And it is also very important that it be created on Ethereum or an EVM-compatible network. Because Reef Chain sits at this crossroads between Ethereum and Polkadot, and is also a bridge to other blockchains, the Reef ecosystem is available to anyone interested in accessing a Web3 wallet for dApps on Reef.

Because it is built on sub-strategies, Reef is scalable and can support multiple VMs (virtual machines) as well as extensions to existing widely used VMs such as the EVM (Ethereum Virtual Machine) It has a chain Upgrade feature is free so any new feature can be easily implement both at the network layer and at the chain management layer.

Reef uses a special algorithm that is based on the Nominated Proof of Stake system. It is used to communicate with potential validators. The nomination of prospective validators is also considered, as well as the protection of the Reef network. This allows low-cost and near-instantaneous transactions that take an average of 10 seconds to complete. Nominees can be those who do not have the technical skills to run a validator node. Nominees provide a mitigation chain by selecting good validators and hosting REEFs. Becoming a validator requires technical knowledge, participation in REEF and node operation, 7 days a week, 365 days a year, high availability. Validators who cannot maintain performance or uptime will lower their rates, as will their candidates. At the same time, although REEF stakes are allocated by assigning validators, they are “locked in” (link). Nominees can withdraw funds from the new REF wallet, but cannot wager as a validator or transfer money from the wallet. Nominees can cancel their nominations at any time to stop issuing their funds, which will take effect in the next era. Cancellation of the allocation does not automatically release bond funds. On Reef, bonds have a 28-day redemption period, and funds for bonds can be transferred after they are issued in non-bond transactions.

Timeline

January 19, 2022
December 23, 2021
Reef and pax.world Announce Strategic Partnership - Reef - Medium
December 14, 2021
Reef.js Extension Now Available for Chrome - Reef - Medium
November 24, 2021
Reef.js Extension Now Available for Firefox - Reef - Medium
November 22, 2021
Gate.io Integrates Reef Chain - Reef - Medium
2018
Reef was founded by Denko Mancheski.

Products

Patents

Further Resources

Title
Author
Link
Type
Date

Entering a Multichain-World and the Birth of Web 3.0

Valeria Kholostenko

Web

December 4, 2021

Entrepreneur Middle East Publishes A Special Report Looking Into The Crypto Universe

Erika Masako Welch

Web

February 9, 2022

How to Transfer Reef from the Ethereum Chain to Reef Chain | Reef Tutorials

Web

September 8, 2021

Overview of the Reef Chain Console Application | Reef Tutorials

Web

September 14, 2021

Q3 2021 Fireside Chat with Reef Finance CEO Denko Mancheski

Web

October 10, 2021

References

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