When we deployed the Canary version of Reef chain’s mainnet, we set our sights at providing developers with a high performance blockchain network customized for DeFi, NFT and gaming applications, which would help them realize the full potential of their dApps.
Today, Reef chain is much more than that. Today, we’re developing an entire decentralized ecosystem around Reef chain.
But before going into the details, let’s brush up on the basics.
What is Reef Chain?
Reef chain is a “Reliable, Extensible, Efficient, & Fast” Layer-1 Blockchain that has been designed to power Next-Gen DeFi, NFT & Gaming dApps.
Reef chain has been developed using Parity’s Substrate, the state-of-the-art framework for blockchain innovation. We have combined the best features from the most commonly used blockchains along with the latest advances in cryptography to offer a world class user experience through Reef chain.
NPoS Consensus for High Scalability
Reef chain provides high scalability, enabling almost instant transactions at extremely low transaction costs, regardless of the amount of traffic. Gas fees will not burn a hole in your pocket, no matter how congested the Reef chain network gets.
This is enabled through the Nominated Proof of Stake (NPoS) consensus algorithm which doesn’t involve any wasteful mining, but supports much higher scalability compared to Bitcoin and Ethereum’s Proof of Work. NPoS involves 2 different actors:
EVM Compatibility
Reef chain is EVM compatible and supports Solidity. DApp developers can seamlessly migrate their existing dApps from Ethereum to Reef chain without any change in the base code, allowing them to enjoy the higher transaction throughput and blockchain storage efficiency that Reef chain provides over legacy Ethereum.
You can easily deploy wrapped versions of established ERC-20 tokens on Reef, and transfer liquidity between Ethereum and Reef chain through liquidity bridges. You can also create your own NFTs and other tokens on Reef chain.
Community Governance
Reef chain has been designed with an eye on periodic upgradability and long-term sustainable governance. The responsibility associated with network governance has been split into two groups:
- Technical Council, which responsible for reviewing and approving blockchain updates, and is elected via Proof of Commitment (PoC)
- Validators, who are responsible for network maintenance and security, and are elected via NPoS
Reef chain is self-upgradable. New features, security updates and performance optimizations, on being approved by the Technical Council, are applied through scheduled updates. Hard forks are not required, unlike some other popular blockchain networks.
You can stake your $REEF tokens to participate in Reef chain validation and governance, and earn rewards on your staked tokens.
Don’t forget to follow REEF on the following channels: