CAPITALB AMA Recapitulation - Reef Chain
Reef is an EVM-first blockchain powered by Parity Substrate, powering fast and affordable DeFi, gaming and NFT transactions
Questions From Host!
Q1) What is Reef Can you Explain in More Details?
Of course! Reef is a layer 1, Ethereum VM-first blockchain. It runs on Parity Substrate, it is fully EVM compatible, and is designed to accelerate the most expensive transactions like DeFi, gaming, and NFT-related transactions. It shouldn’t cost you $25 or $50 USD to mint an NFT or deposit tokens into a liquidity pool. Reef helps solve that, with a biiiiiig focus on the user experience. 🙂
Our design team takes user experience very, very seriously. This is something that starts from the top, with CEO and Founder Denko Mancheski. His approach is that decentralized apps need to be easy to use. The team is constantly iterating to make sure the core dApps are easy to use, and also released a dApp UI Kit so that other designers can follow our lead.
Q2) What are the competitive advantages of Reef compared to its competitors?
1. Parity Substrate allows Reef to make those expensive transactions much less expensive. For example, there are artists minting NFT collections for less than $1 in REEF right now. Affordability is key to reaching 1 billion blockchain users over the coming years.
2. Reef accomplishes this, and good TPS rates around the 500 mark, with some very simple block time, compute time, and block size that can be modified if needed. It’s a 10 second block time, 2 second compute time, with 4MB blocks. We’re confident it can be even faster, but Reef’s core team is not the type of team to promote theoretical maximum throughput. Real numbers only!
3. We really want to see our ecosystem integrators be successful. That means sometimes helping founders recruit developers, helping them raise funds, giving them a grant to help pay for development time, or putting them in touch with tier 1 centralized exchanges. We take their success seriously and will do what it takes to make sure great ideas are successful.
Otherwise, our focus on great UX and UI definitely sets us apart. I’ve used every major blockchain in existence, and this is something some of them don’t prioritize, to their detriment. Even some of the mobile wallet apps are really confusing, and that holds us all back.
Q3) Can you share some of Reef key milestones in development?
1. May 2021, mainnet went live! 🙂 That was a big day for us. We also took a step back from our marketing at that time because we knew we had a lot more tooling and development to finish so that developers could easily deploy on Reef.
2. June 2021 we announced the Reef Developer Grant Fund, making $20 million available for great projects we’d like to see deploy on Reef.
We also made a Community Staking Bond available around that time, making it incredibly easy for people to participate in Nominated Proof of Stake without having to think about which Validator to choose to Nominate. The APY on that is between 20 and 30%.
4. Earlier this year we launched Reef Card, in partnership with Baanx, making it really easy for people to spend crypto at point of sale. One major benefit Reef Card has over some other cards is that you don’t need to convert crypto to fiat before going to the store. You can top it up with BTC, ETH, REEF (duh! LOL), USDC, or other tokens and go straight to the store. The crypto is converted automatically when you purchase something, and you can even pick which coin to use first. It’s currently available in the UK and European Economic Area. https://reefcard.com
5. The first NFT marketplace, Sqwid, went live a couple of months ago! https://sqwid.app
6. And we’ve been able to get some major exchanges to integrate Reef chain including Bitget, Binance, Gate.io, and others.
Q4) Can you share with us your domestic and global expansion plans?
In brief we have the following happening:
- Grants getting issued to amazing projects in different verticals. For example, we just inked an agreement for Isekaiverse to deploy on Reef, which is very exciting.
- Continue to work with CEXs to get chain integration, especially more American CEXs. Very few people in North America are aware of Reef, so there’s a big untapped user base there.
- Work with Baanx to expand Reef Card to new geographies, both in virtual and physical formats.
- And, of course, work with more wallet makers to get Reef chain integrated natively.
Questions From Twitter!
Q1) I see that Reef has launched its own ReefCard. Can you share what ReefCard has? What is the process of securing a crypto-linked ReefCard? What are the qualifications for owning the card? Will a user have to go through some kind of verification process before getting the card? @fathimaiii
I explained Reef Card a bit earlier. Basically it allows you to spend crypto at point of sale, without having to convert the crypto manually to fiat currencies.
It costs €10 to obtain a card, but that also means we’re not asking people to stake $500 or $30K worth of crypto to access special benefits. It’s your money, do with it what you want. 🙂 It’s a Reef-branded MasterCard that works anywhere MasterCard is accepted.
Baanx handles all the backend administration for us, and that does include some very simple/basic KYC. Once you’ve completed that, they will manufacture and send you the card. And you also get a virtual version to use with Google Pay or Apple Pay!
It’s not available everywhere yet, but it is available to all UK and EEA residents, with more jurisdictions coming soon. 🙂
Q2) A partnership is essential for adoption, so can you tell us if you have any partners now and in the future? Ambassadors play an important role in every project- do you have an ambassador program? If yes, how can I be one? @RajanTc
Yes, many partners! We work very closely with the exchanges I mentioned above, forming bonds so that we can introduce great projects with good tokenomics to them for future exchange listings.
We have an ecosystem map that is being updated soon, but you can find the most recent version at https://medium.com/reef-finance/the-reef-chain-is-expanding-rapidly-reef-ecosystem-map-august-2021-updates-c4da07e187f7.
We recently announced that we’re working with organizations like StackOS/DeCloud Protocol, Isekaiverse, Pax.World, Cronos World, Spheron, EPNS (now called Push Protocol) and many others to deploy their products (and tokens where applicable) to Reef.
We do have an Ambassador Program called Reef Divers. We’re in the process of finishing a major revamp and the structure to make it a stronger program for all involved, and are always on the lookout for strong ambassadors.
Q3) What is your main focus right now, are you focused on the community or market/Exchange or the products? @Laura_11p
All three, because different teams focus on different areas. 😜
We have a community team focused on the community - getting their feedback, answering questions, promoting Reef’s announcements, running events, etc.
We have a business development team focused on bringing more projects, and exchanges, to Reef’s ecosystem.
We have a core development team building the browser extension, mobile app, Reef dApp, and so on.
We can do all these things at once with good people in place who know what they’re doing. It doesn’t have to be one or the other. 😁
Q4) One of the main problems with smart contracts today is that there is a very high risk of bugs that allow hackers to steal the funds and incur significant losses for the project and its users. Can you tell us about the solutions that Reef offers to prevent this? @Jaison_Bi0..
Reef doesn’t have anything special to offer here’s that built-in to the protocol. We do, however, have a “Security Matters” culture, and therefore encourage all projects deploying on Reef to seek at least one audit before deploying on mainnet. We have relationships with auditing firms like Quantstamp, Halborn, and others and are happy to make introductions. We can also hold back and grant funds until an audit is completed. Different team members also have experience with guarded launches, and so we would recommend doing something like that where appropriate as well.
We also have a relationship with HAPI, which is a security minded project, so we’d put them in touch with HAPI as well.
Q5) How can I buy this $REEF? Is it available on any exchange? @Rozamn819.
It’s available on many exchanges, both CEX and DEX. Binance, Bitget, DigiFinex, Bitvavo, Gate.io, WhiteBIT, Coinstore, Hotbit, Huobi, KuCoin, PancakeSwap, Uniswap, etc.
Questions From Community!
Q1) What is your top 3 things for priorities in 2022? Could you share some plans for the upcoming year?
Thanks for the question! The priorities for this year were getting some key pillars in place like major centralized exchange integrations ✅, a major stablecoin 🔜, and an NFT marketplace on-chain ✅. We also wanted to get the mobile app live, and I’m told that’s almost complete. 😁
For 2023 we will be focused on getting Reef Card into more people’s hands, promoting the heck out of the Reef mobile app, and looking at innovative ways to bring more developers to Reef.
Q2) Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project??
Yes, absolutely! This is primarily something the Reef Divers do for us. We have ambassadors that speak French, Italian, Bahasa Indonesian, Turkish, Russian, and other languages. They help us tremendously by translating content into their native language, and promoting Reef in non-English speaking communities.
Q3) I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, does you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
Yes, we will be sponsoring hackathons throughout 2023 and also hosting our own! Subscribe to the email newsletter or follow us on your favourite social network to see when that happens. 🙂
Q4) Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
Yes, the core blockchain went through an extensive audit performed by Halborn. Hacken has also reviewed Reef chain and did not find any major issues. We benefit from a strong base in Substrate, used by Polkadot as well, so we’re confident that Reef’s core system is secure.
Q5) Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
We’re relatively happy with how far we’ve come. We’ve definitely hit some setbacks, some self-inflicted and others not, but this recent market slowdown has made it easier for Reef. We have plenty of money in the bank to continue building for years to come, so while the industry moves quickly, we’re also not in a rush. Not rushing means we can think things through, and make the right decisions for Reef’s success.
Reef Chain ( Socials )
Telegram - https://t.me/reefchain
Discord - https://discord.gg/reefchain
Twitter - https://twitter.com/reef_chain
Instagram - https://www.instagram.com/reef.io/
YouTube - https://www.youtube.com/channel/UCh__HlRRmLA8GhF6EuBIz5g
Reddit - https://www.reddit.com/r/ReefDeFi/
CapitalblockChain ( Socials )
- Telegram Group: https://t.me/CapitalBlockChainX
- Telegram Channel: https://t.me/CapitalBlockChain_News
- Twitter : https://twitter.com/CapitalBlockCin
- Website: CapitalBlockChain.org
AMA RECAP BY CAPITALB TEAM