What Is Reef (REEF)?

0
75

Reef stands for reliable, extensible, efficient, and fast.

What Is Reef (REEF)?

Reef is the most advanced EVM blockchain built for DeFi, gaming & NFTs. It was created using the Substrate Framework which enables developers to build Ethereum-based decentralized applications (DApps) while providing high scalability and instant low-cost transactions.

The Reef Chain includes the most effective features of modern blockchains, without compromising on smart contract compatibility. According to the whitepaper, Reef aims to make DeFi easy and accessible to more people.

The Reef ecosystem consists of the following:

  • Reefscan which allows the interaction with Smart Contracts deployed within the Reef bloc kchain.
  • Reef app that is a wallet, DEX, token creator.
  • Reef extension which allows users to safely with the ecosystem without the worry of losing your private keys.
  • Subscan that offers comprehensive NPoS staking statistics and charts.

How Does Reef Work?

The Reef blockchain uses a Nominated Proof of Stake (NPoS) that connects and nominates potential validators, allowing it to secure the network.

Becoming a Validator requires certain technical skills which are essential, plus running a node is something non-stop (365 days a year, all day) and failure to do so impacts your staking gains. However, if becoming a Validator sounds complicated, the other route is becoming a Nominator. Nominators are responsible for securing the Reef Relay Chain by choosing great validators.

The REEF is staked by nominating a Validator, which Nominators later receive in new REEF to their wallets. However, they can’t stake or transfer from their wallet as a Validator unless the Nominator un-nominates at any time to stop staking their funds, which becomes available in the next era. There is an unbonding period of 28 days on Reef before bonded funds can be transferred after issuing an un-bond transaction.

Here are the Reef’s fees compared to Ethereum:

Reef Fees Comparison

The History Of Reef

Reef launched in May 2021 by Denko Mancheski. Mancheski has a great understanding of the cryptocurrency realm. He was born in Macedonia and was also a Chief Technology Officer at Adel.

Is Reef (REEF) A Good Investment?

Reef’s unique selling point is the self-upgradability, on-chain governance, low fees, scalability and EVM extensions that bridge native tokens. This will attract more investors to the network, and provide Reef with the foundation required to grow into a top-notch DeFi platform.

As you can see on the graph below, the highest that REEF has ever reached is $0.05 back in May 2021, and then a few months later it dropped and is now sitting below $0.01, which makes you wonder if REEF will see another all time high in the future.

Is Reef A Good Investment

To stay up to date with the current REEF price data, click here.

Should You Buy Reef (REEF)?

If you have done research on the team, vision, whitepaper and you are satisfied with what Reef has accomplished so far, then potentially it could be a great investment for the long term. Perhaps invest small, and wait for market direction before buying more.

Cryptocurrencies can be risky, so invest wisely and be careful with your hard earned money. As a rule of thumb, never invest money you can’t afford to lose.

How Many Reef (REEF) Coins Are There in Circulation?

Reef has a total supply of 20.4 billion REEF coins.

Where Can You Buy Reef (REEF) Coins?

If you would like to purchase some REEF coins, below are a handful of cryptocurrency exchanges which list them.

  • Binance
  • MEXC
  • BingX
  • Bybit
  • Bitrue
Disclaimer: All images, branding and wording is copyright of Reef. All content on this page is used for informational purposes only. CoinCitrus has no affiliation or relationship with the coins, projects or people mentioned on this page.