Reef is a blockchain built using the substrate framework and is exclusively designed for making Defi applications easy to build. Reef stands for Reliable Extensible Efficient Fast is a layer 1 chain built to make dApp migration from the Ethereum blockchain easy without the need to make any change to the codebase. Reef blockchain is EVM compatible making it the perfect platform for Defi and blockchain gaming builders to create cutting-edge solutions with Ethereum’s infrastructure.
Reef blockchain was founded by Denko Mancheski. His core intent to build Reef (REEF) was to make a platform that is comprehensible for retail investors in DeFi, Gaming and NFTs. Denko has past experience in the fintech industry and has scaled a few platforms before founding Reef. Andrei C is the blockchain architect at Reef.
The team of Reef consists of 35 employees including consultants. Reef platforms is backed by investment firms including NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block and Woodstock Fund
Reef blockchain works on a substrate framework. The platform allows developers to create DeFi, gaming and NFT projects with the available developer resources. The blockchain works on a Nomination Proof of Stake consensus mechanism which allows participants to choose and nominate validators through an electoral process after every block epoch.
Reef blockchain offers a liquidity bridge that connects Reef to Ethereum blockchain to transfer ERC-20 tokens without any hassle.
Reef Governance and Tokenomics
Reef has a well-designed governance model for Reef token holders. The token holders can stake REEF to earn rewards. Reef also has its token burn model to keep the supply of the chain’s native token deflationary.
Nominated Proof of Stake
The validators of Reef are chosen via nomination at every block production epoch. In the NPOS system, Phragmén Validator elections are held to choose validators. These validators check and verify transactions on the Reef blockchain.
Transactions made on Reef can be tracked on Reef Scan.
Reef as a blockchain solution offers more than what meets the eye. Built on a popular framework Substrate, the protocol and infrastructure is not only easy to implement but also offer interoperability with Ethereum as it is EVM compatible. In addition to offering top-notch builder resources, it also has its own consensus model ‘Nominated Proof of Stake’. The validators on Reef are first nominated by nominators and are later chosen through an election process.
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