What is REI Network?
REI Network is a public blockchain framework. The name comes from what the project hopes to provide users with: a Rapid, Economical, And Innovative blockchain framework solution. The network supports the building of various types of decentralized applications (dApps). REI is the native token of the platform. Information about the REI price is available on the chart above.
The project’s initial framework, GXChain 1.0, was launched back in 2016. This first version was costly with low efficiency. REI Network (GXChain 2.0) is an upgraded version of GXChain. The new version aims to better adapt to the blockchain’s development trend. It brings a new consensus, tokenomics, governance, and a new ecosystem overall.
First, the REI Network is compatible with EVM and its ecological structure. DeFi developers can migrate their applications directly to REI Network. Therefore, they can maintain the same experience as the one on the Ethereum blockchain.
The REI Network rebuilds a new blockchain architecture from the ground up. It does not use an open-source blockchain development framework. Instead, it is rebuilt with a more standardized and lightweight idea through node.js, which can meet the demand for quick cross-platform installation and usage.
Besides, REI Network improves consensus efficiency and reduces the cost of use. The protocol has an average block time of three seconds and more than 3000 TPS.
Additionally, the protocol achieves a low-cost fee model, thus, platform users can perform on-chain transactions at nearly no cost.
Lastly, as mentioned before, the platform also supports a variety of dApps and allows the building of various DeFi products, stablecoins, and even exchanges.
Use Cases of REI Tokens
REI is a multi-utility token that powers the REI Network. The token can be used to pay gas fees for processing and verifying transactions. REI Network crypto asset holders can also stake their digital assets to become validators. Network validators earn rewards for securing the network. Additionally, REI is a governance token. The token holders can vote and participate in the governance of REI DAO.
Make sure to research the REI price before trading or buying the asset. The live chart above provides information about the main REI Network price trends.
Who Founded REI Network?
REI Network (previously GXChain) was founded by Mcqueen Huang. Huang is a serial entrepreneur who has been in the crypto world since 2012. In the past, he was also the CTO at Insigma Internet and then at Hakim Information Technology. Besides, he is the founding member of Mint Ventures.
Tokenomics of REI
The upgrade of GXChain 1.0 to REI Network included splitting of the core asset GXC at a ratio of 1:10. The split led to a total supply of 1 billion REI coins. However, the total value of the token remains unchanged. The token distribution is as follows:
- Tokens in circulation – 75%
- Tokens for Ecosystem – 15%
- Tokens for Node/Staking Reward – 5%
- Marketing – 5%
The token economy is designed to enable the platform’s sustainability and maintain the stability of the REI price.
