TL:DR
Reef is a Reliable Extensible Efficient Fast Layer-1 Blockchain for DeFi, NFT & Gaming. The blockchain uses a Nominated secure Proof of Stake (PoS) protocol, which increases security and improves the network performance, enabling almost instant low-cost transactions with high scalability. Strongly inspired by other public permissionless blockchain networks.
The Nominated Proof of Stake(PoS) protocol is a process that allows blocks to be validated. Nominators stake REEF in hopes of being selected as a validator. If selected to process a block, the nominator is rewarded.
The REEF network is built to be fully decentralized and permissionless. In order to protect the ecosystem, REEF tokens can be staked to the network. Just as miners are rewarded for securing the Bitcoin Blockchain, so are validators rewarded for running validator nodes and being selected to process a block.
Introduction
Reef is a Substrate-based, layer 1 blockchain designed and developed to enable instant, near costless payments of any value between any parties on a decentralized network. Low fees and fast confirmation times are tailored for Reef's Decentralized Finance (DeFi) ecosystem.
Like many of the other blockchains, REEF allows use cases for NFTs, GameFi, smart contract development, and dApps. It also provides solutions such as liquidity bridges that help move ERC-20 tokens between Reef and Ethereum, as well as BEP-20 tokens from Reef and Binance Smart Chain.
What Is Reef Blockchain?
Reef is an EVM-compatible blockchain that allows anyone to write smart contracts and execute them directly on the chain. 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. This blockchain runs on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which offers scalability and low fees.
How Does Reef Governance Work?
Reef leverages a Proof of Stake (PoS) consensus model instead of Proof of Work (PoW), eliminating the need for mining hardware. The Reef blockchain is built with self-improving properties, which secures and updates itself every time a block is added. By putting this into action, Reef can implement new features, ensure system correctness in all cases, prevent stagnation, and even assist other blockchains in the implementation of these properties.
Further, it's unlike Bitcoin or Ethereum which rely on their miners to decide which changes to accept, REEF uses a different structure mainly two components; Technical Council and Validators.
Technical Council
The Technical Council is the ones who decide on block size, block time, and throughput, among other technical parameters. They approve and review network updates. To make a change on any of these parameters the Technical Council must vote on this and a majority must approve it.
In order to become a Technical Council, they must be elected through a PoC consensus mechanism. Through this mechanism, they vote on the Technical Council. Another thing to note is that the PoC consensus mechanism incorporates a bonding period of at least a year.
Validators
Validators play a crucial role in REEF’s ecosystem. As a validator, they process transactions and run a node. One thing to note about the blockchain is those transaction fees are burned. Therefore, the validators get rewarded with a yearly inflation pool set at 8%.
Reef’s Proof of Stake and Staking
Validators and Nominators in the REEF network must stake REEF. Running a Validator requires both technical expertise and dedication. Not only do Validators have to stake REEF, but they also need to run a node 24 hours a day, 7 days a week, 365 days a year with high availability. Validators that fail to maintain the performance or uptime are penalized with slashed staked REEF based on the severity of the fault. As well as this, the Nominators also lose on rewards for nominating bad performing Validators.
Nominators lock their staked REEF until Nominators decide to remove their Validator nominations. From there they wait a period of 24 hours before they get back their staked amount.
REEF's Ecosystem
The big question is, what does the REEF ecosystem consist of? REEF is much more than just a simple blockchain. Its ecosystem consists of many things including the following:
Reef Web Wallet
REEF wallet is an all in one wallet that enables the users to trade, send, and receive crypto. As a user you can access the decentralzed exchange, token creation, and and other defi projects.
ReefSwap
Users have access to ReefSwap, Reef’s decentralized exchange. In this marketplace, users can trade Reef tokens. Those familiar with uniswap, a premier Ethereum decentralized exchange, will notice similarities on ReefSwap. ReefSwap uses the familiar Uniswap V2 model. Users can access ReefSwap to swap Reef tokens.
ReefScan
ReefScan is a place where users can track transactions, walled IDs, smart contracts, and other on-chain information. It models after Etherscan, Eetherum’s own place were you can track transactions and different on-chain information.
Tokenomics
Reef is a blockchain designed for DeFi, NFT, and Gaming. Reef Chain is backwards compatible with EVM and Solidity. Currently, there are 14,807,552,172 REEF tokens in circulation, and 38.2% of the Reef Chain supply is staked. Reef Chain currently has 23 validators. It has an inflation rate of 8.3%.
How To Buy Reef
Reef is currently being in multiple exchanges. In this tutorial we will go over how to purchase Reef on Binance.
Create an account/Log in to account
If you haven’t done so already create a Binance account. The account will require to provide some form of ID, so make sure to keep a look out for that. If you already have an account log in.
Search for Reef
Once logged in you can go and select trade on the top menu. Then search for REEF in the search box. The coin should appear and it will direct to the market.
Select Amount
Sellect the amount of Reef you would like to purchase. Onec you do that click on buy. Congratulations, you just became a holder of Reef token.
Final Thoughts
Reef is still well known by many for its original DeFi business model. Despite this, Reef has made significant changes on its "DeFi" business model. Reef has undergone a great deal of change and The Blockchain's new developments are still very new, giving it lots of promise for smart contracts and dApps that could be developed on its network.
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