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:
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.
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.
The Reef Whitepaper
Reef released a whitepaper packed full of information which includes problems and solutions they are trying to solve, information surrounding the token they launched, the technical aspects behind the project, the project timeline they are working towards and formal introductions from the founders, employees and advisors.
If you want to read the Reef whitepaper click on the button below.
How Many Reef (REEF) Coins Are There in Circulation?
Reef has a total supply of 20.4 billion REEF coins.
How Can You Buy Reef (REEF) Coins?
It’s actually quite easy to buy REEF. All you need to do is follow these four basic steps:
- Create an account on a cryptocurrency exchange that lists REEF. Below we share some of these exchanges.
- Complete the identity verification process. Some exchanges require a scan of an identity document such as a passport or driver’s license.
- Transfer money from your bank account to the crypto exchange. The exchange may accept other payment methods, but bank account transfers typically have the lowest fees.
- Once the money is available in your account with the exchange, select the “buy” option to purchase REEF.
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.