Reef (REEF) is a Layer 1 Blockchain introduced by Denko Mancheski in 2019, constructed utilizing Parity’s Substrate technology. Initially conceived as a Decentralized Finance (DeFi) protocol, Reef has since expanded into a fully operational blockchain network. Employing the Nominated Proof of Stake (NPoS) consensus mechanism, users can engage in on-chain governance via the REEF coin. The network facilitates a range of functionalities, including NFTs, DeFi, smart contracts, and GameFi, and offers liquidity bridges with Ethereum and BNB Chain.
What is Reef (REEF)?
Reef, founded by Denko Mancheski in 2019, has transitioned from a DeFi protocol to an all-encompassing blockchain. Utilizing Parity’s Substrate, Reef is interoperable with Polkadot parachains and is part of the Web3 ecosystem. It supports Ethereum Virtual Machine (EVM) compatibility, enabling easy porting of EVM decentralized applications (dApps). The NPoS consensus mechanism is used for block production, while the Proof of Commitment (PoC) is applied for selecting Technical Council members. All network fees are burned, and validators receive rewards from a fixed pool to ensure efficiency.
Reef’s governance is overseen by a Technical Council and validators, unlike Bitcoin’s (BTC) Proof of Work (PoW) system. The Technical Council, elected via PoC, manages network updates and technical parameters such as block size. Validators, elected through NPoS, process transactions and operate nodes, facing penalties for any misconduct. Both validators and nominators must stake REEF coins to participate, sharing rewards or losses based on validators’ performance.
How to Buy Reef (REEF) with TRY?
For investors in Turkey looking to purchase Reef (REEF), Binance TR is the most suitable cryptocurrency exchange. It supports over 100 cryptocurrencies and allows users to quickly create accounts. Follow these steps to buy Reef (REEF) with Turkish Lira (TRY) on Binance TR.
Steps to Open an Account on Binance TR
Creating an account on Binance TR is straightforward. Visit the trbinance.com website and follow the “Create Account” instructions. You’ll need to provide basic information such as your email, phone number, name, date of birth, nationality, and Turkish Identification Number. Complete the email/SMS verification step to confirm your details, and then proceed to identity verification (KYC).
Account Verification Process
Identity verification on Binance TR is crucial for security and must be completed to start trading. You can verify your identity via the Binance TR website or through your phone. Navigate to the “Profile” option, select “Identity Verification and Limits,” and click “Verify.” Follow the instructions to scan a QR code with your phone or use a URL for identity verification.
Steps for Buying REEF Coin
After depositing funds into your Binance TR account, proceed to the “Buy-Sell” section on the website. Search for “REEF” and select the REEF/TRY trading pair. Enter the desired purchase price and quantity of REEF coins, then confirm your transaction by clicking “Buy REEF.”
User-Usable Inferences
Here are actionable takeaways:
- Reef offers interoperability with Polkadot and compatibility with Ethereum dApps.
- Reef’s governance through Technical Council and Validators provides stability and flexibility.
- Staking REEF coins is essential for participating in on-chain governance and earning rewards.
- REEF coin serves both as a governance tool and a transaction fee medium within the network.
Conclusion
Reef (REEF) has grown from a DeFi protocol to a versatile Layer 1 Blockchain, offering various use cases and interoperability within the blockchain ecosystem. With features like EVM compatibility and a robust governance model, Reef positions itself as a competitive player in the blockchain landscape.