What is Reef (REEF)? How to buy REEF Crypto in India?

What is Reef blockchain?

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.  

Who are the founders of Reef (REEF)?

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

How does Reef work?

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. 

Key Attributes of Reef (REEF)

Liquidity Bridge 

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. 

Reef Scan   

Transactions made on Reef can be tracked on Reef Scan. 

Developer Resources   

Reef ecosystem offers a range of resources for blockchain developers. Javascript SDK open source codebase and documentation is available on the official website. The Js SDK can be checked here. Developers can also access an open-source UI kit and datasets offered by the platform. 

What sets Reef apart? 

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. 

How to buy Reef (REEF) in India 

Use this three-step process to buy your first REEF using the CoinDCX crypto investment app

• Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
• Verify the account: You need to complete your KYC, to buy REEF  on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
• Buy REEF: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!