Reef (REEF) is a layer 1 blockchain specializing in DeFi, NFTs, and gaming. It uses a Nominated Proof of Stake (NPoS) consensus mechanism and is built using Parity’s Substrate technology. The blockchain supports smart contract development, liquidity bridges, and staking, with its native cryptocurrency, REEF, used for governance, transaction fees, and rewards.
The REEF token is the native cryptocurrency of the REEF-chain and serves several purposes within the ecosystem. Here are the primary ways it is used:
Liquidity Exchange: REEF is used for liquidity transfers between different blockchains, facilitating the movement of assets between Ethereum and BNB Chain via ERC-20 and BEP-20 tokens, respectively.
Transaction Fees: REEF is used to pay transaction fees on the network, utilizing its gas system.
Governance: Holders of REEF can participate in the governance structure of the network, voting on issues such as features and partnerships. This includes staking REEF to become validators and participating in the Technical Council, which proposes and reviews network updates.
Staking and Validation: REEF is used for staking, where nominators stake REEF behind validators to be selected into the active validator set. Validators process blocks of transactions and share rewards with nominators.
Lending and Borrowing: REEF can be used as collateral for loans, allowing users to access funds without selling their assets. This provides benefits such as profit from volatility, making large purchases while holding assets, tax optimization, and risk management.
Utility Token: REEF is a utility token, enabling users to deploy it for various activities like transactions and data storage.
Overall, the REEF token plays a central role in maintaining the REEF-chain, facilitating transactions, governance, and validation processes within the ecosystem.
To store Reef (REEF) tokens securely, you have several options:
Ledger Device: A Ledger device is considered one of the most secure ways to store digital assets. You can use the Reef app on your Ledger device to manage your REEF tokens. This involves installing the Reef app, connecting and unlocking your Ledger device, and then using the Reef console to send, receive, and stake your tokens.
MetaMask Wallet: You can also store REEF tokens in a MetaMask wallet. To do this, you need to create a custom token by copying the contract address from Etherscan and pasting it into the custom token field in MetaMask. This will allow you to view and manage your REEF tokens within the wallet.
Trust Wallet: Another option is to use a Trust Wallet on your mobile device. This provides a convenient and secure way to store your REEF tokens.
Binance: If you prioritize ease of liquidity, you can keep your REEF tokens on Binance, but this option provides the least security compared to the other options.
BYDFi Wallet: The BYDFi wallet is also a secure option for storing REEF tokens, offering an all-in-one solution for managing your digital assets.
Each of these options provides a different level of security and convenience, so you can choose the one that best fits your needs.
To buy Reef (REEF) tokens, you can follow these steps:
Create an Account:
- KuCoin: Sign up with your email address, mobile phone number, and country of residence. Ensure a strong password and set up Google 2FA, anti-phishing code, and a trading password. Verify your identity by uploading a valid Photo ID.
- Pionex: Register a Pionex account on their website or download the app. Pass the KYC verification and choose your preferred method to buy REEF.
Deposit Funds:
- KuCoin: Deposit funds using a credit/debit card, bank transfer, or by transferring existing cryptocurrencies from another wallet or trading platform. Ensure the correct blockchain network to avoid asset loss.
- Pionex: Deposit funds using credit/debit cards, bank wire, or ACH transfer. For US citizens, ACH transfer is available without transaction fees.
Buy REEF:
- KuCoin: Transfer your deposited funds to a KuCoin Trading Account. Find the REEF trading pair in the spot market and place an order to exchange your existing crypto for REEF.
- Pionex: Use your deposited funds to buy REEF instantly. You can choose from various payment methods, including credit cards, debit cards, bank wire, and ACH transfer.
- Manage Your REEF:
- KuCoin: You can sell REEF on the KuCoin Spot Market using market orders or limit orders.
- Pionex: Sell REEF to other coins or to US dollars on Pionex, which offers up to 500 different trading pairs.
Additionally, you can also buy REEF on other exchanges like Binance and WazirX, which offer similar processes.
