What is Reef?
The Reef coin, or REEF, is a utility token native to the Reef Network. The latter is an EVM-compatible Layer 1 blockchain built on Substrate.
REEF is based on an ERC-20 token standard.
It has several use cases. Firstly, the Reef coin plays an important role in securing the Reef Network, as it’s paid out as an incentive to validators, and, in turn, nominators (You can read more about validators and nominators below). Secondly, it can be used to pay transaction fees on the Reef Network.
There is no max cap of REEF coins. They are distributed as follows:
- 22% - Ecosystem Bootstrap Reserves;
- 20% - Community Reserve Fund;
- 16% - Team;
- 12.5% - Reef Foundation;
- 9% - Strategic Sale Investors;
- 8% - Seed Round Investors;
- 6% - Private Sale Investors;
- 3.5% - Core Nominators;
- 3% Developer Pool and Faucet.
For more information on the REEF price history, or the current Reef price, check out the graph above.
What are the Main Features of Reef?
Reef is a Layer 1 blockchain that enables the creation of DeFi, GameFi, and NFT-based projects. Its core benefits are high scalability, EVM and Solidity compatibility, near-instantaneous transactions, and incredibly low transaction fees.
There is a wide range of developer tools available to build projects in the Reef ecosystem including Reef Apps, Reef Browser Extension, Block Explorer, Remix IDE, EVM Playground, and Developer Console.
As discussed in the What is Reef section, the Reef Network is EVM-compatible. This means that decentralized applications built on the Ethereum blockchain can be easily transferred to the Reef Network, whereas DeFi protocols only need a few minor adjustments before being able to run on the Reef Network.
The Reef ecosystem hosts a variety of applications including:
- Reef App - a platform where users can create their own tokens, wallets, and even decentralized exchanges (DEXs);
- Reefscan - the Reef Network block explorer;
- Reefswap - a decentralized exchange based on Uniswap v2;
- Reef Extension - a browser extension that protects private keys when using the Reef ecosystem. It supports all of the applications listed above.
The target audience of the Reef crypto project is newbies and people who find blockchain to be too confusing. The founder of Reef Network aims to build an accessible blockchain-based platform that assists new players in overcoming the first hurdles when it comes to blockchain technologies.
The Reef Network is secured via a Nominated-Proof-of-Stake (NPoS) consensus mechanism. This produces 2 roles within the network:
- Validators are responsible for running a node, maintaining its availability, and producing blocks. In order to become a validator, users must hold a specific amount of REEF tokens for staking. They are rewarded with REEF tokens;
- Nominators are responsible for selecting validators by voting. Network participants can become nominators by staking their REEF tokens. This process is also known as bonding. Once the tokens are bonded, nominators can use them to vote on validators. They are rewarded with a share of REEF tokens earned by their selected validators.
NPoS consensus mechanism brings 2 core benefits - low fees and high scalability.
Besides being EVM-compatible, Reef supports multiple Virtual Machines (VMs). This is possible because the Reef Network was built using Substrate.
The Reef crypto project is open-source. This means that the codebase is publicly available for anyone to review.
Who Developed Reef?
The Reef crypto project was launched in early 2022 by entrepreneur Denko Mancheski. Prior to the inception of Reef, Mancheski worked in the IT industry. He entered the crypto sector when he started working as a CTO at Adelphoi.io - a blockchain-based incubator. Mancheski is currently serving as the CEO of Reef.
Denko Mancheski aims to build a type of blockchain network that’s accessible to anyone who wants to get to know the world of crypto and enter DeFi, GameFi, and NFT sectors.
Reef has received backing from major venture capital firms such as Bitcoin.com, Genesis Block, LD Capital, Krypital Group, NGC, Kinetic Capital, TRG Capital, and Woodstock Fund, among many others.
Don't forget to drop by the graph above for more detailed information about the Reef price.
