What is Reef?

Reef (REEF) is a Layer-1 blockchain designed for DeFi, NFT, and gaming applications. It is built using the Substrate Framework, which allows for scalability and almost instant low-cost transactions. Reef supports Solidity and EVM, enabling developers to migrate their DApps from Ethereum without altering the codebase. The Reef Chain is an EVM-compatible blockchain that is self-upgradable and features on-chain governance. Its infrastructure supports EVM extensions, enabling features like native token bridge, scheduled calls, and smart contract in-place code upgrades. The network operates on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which seeks to provide scalability and low fees. The native token, REEF, is used for processing transactions, storing data, running validator nodes, and nominating validator nodes.

How does Reef work?

Reef operates on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which seeks to provide scalability and low transaction fees. The native token, REEF, is used for various functions within the network, including processing transactions, storing data, running validator nodes, and nominating validator nodes. Reef's infrastructure supports EVM extensions, which enable features like a native token bridge, scheduled calls, and smart contract in-place code upgrades. Developers can migrate their DApps from Ethereum to Reef without any changes in the codebase, thanks to its support for Solidity and EVM.

What are the potential use cases for Reef?

Reef seeks to simplify the complexities associated with interacting with a blockchain and understanding new concepts such as DeFi and NFTs. It also aims to provide bridges to other blockchains, allowing funds and liquidity to be easily ported to the Reef Chain. This feature seeks to provide retail investors with high scalability and low fees. Reef's infrastructure also allows for EVM extensions, which can enable features like native token bridge, scheduled calls, and smart contract in-place code upgrades. These features can be beneficial for developers looking to migrate their DApps from Ethereum to Reef.

What is the history of Reef?

Reef was founded by Denko Mancheski, who was motivated to create a blockchain for retail investors interested in DeFi, NFTs, and gaming. Mancheski sought to simplify the complexities of interacting with a blockchain and understanding new concepts such as DeFi and NFTs. He also aimed to provide many bridges to other blockchains, allowing funds and liquidity to be easily ported to the Reef Chain. Mancheski's passion for FinTech led him to blockchain technology, and he has described forming a competent team as a challenge in bringing Reef to life. Reef is backed by multiple funds and venture capitalists, including NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund, and others.