Reef (REEF) is a Layer 1 Blockchain launched in 2019 by Denko Mancheski and built using Parity’s Substrate technology. Initially designed as a DeFi protocol, Reef performs transactions using the NPoS consensus mechanism. Users participate in on-chain governance using REEF coin. The network supports various use cases such as NFTs, DeFi, smart contract development, and GameFi, while offering liquidity bridges with Ethereum and BNB Chain. In this article, you can find answers to two frequently asked questions: What is Reef (REEF) and how to buy Reef (REEF) with TRY.
What is Reef (REEF)?
Reef is a Layer 1 Blockchain built using Parity’s Substrate technology and launched by Denko Mancheski in 2019. Initially designed as a Decentralized Finance (DeFi) protocol, Reef has since evolved into a fully functioning Blockchain. Reef uses the Nominated Proof of Stake (NPoS) consensus mechanism to perform transactions, where nominators stake REEF coins behind validators hoping to be selected for the active validator set. When a validator successfully processes a block, both validators and nominators share the rewards.
Founded by Denko Mancheski in 2019, Reef transitioned from Reef Finance to just Reef in November 2021 to reflect its evolution from a DeFi protocol to a full-fledged Blockchain. The network supports various use cases, including NFTs, DeFi, smart contract development, and GameFi. Additionally, it has liquidity bridges that facilitate the transfer of ERC-20 tokens between Reef and Ethereum and BEP-20 tokens between Reef and BNB Chain.
Developed with Parity’s Substrate software development kit, Reef is interoperable with Polkadot parachains and part of the broader Web3 network. It is Ethereum Virtual Machine (EVM) compatible, allowing easy porting of EVM decentralized applications (dApps) and making it accessible to developers familiar with Solidity, Ethereum’s primary coding language. The Blockchain uses an NPoS consensus mechanism for block production and a Proof of Commitment (PoC) to select Technical Council members. All network fees are burned, and validators are rewarded from a fixed pool, eliminating inefficient contracts that could clog the network.
Reef’s governance model differs from Bitcoin (BTC), which relies on Proof of Work (PoW) miners to approve upgrades. Reef uses a Technical Council and Validators to implement changes. The Technical Council, elected through PoC, oversees network updates and decisions related to technical parameters like block size and throughput. Validators, selected through NPoS, process transactions and run nodes. If a validator misbehaves, they face slashing, meaning they lose a portion of their stake.
Both validators and nominators must stake REEF coins to participate in the NPoS consensus mechanism. Nominators earn rewards by selecting competent validators. If a validator is successfully selected and processes blocks, the nominator shares the rewards, but if the validator acts maliciously, both the validator and the nominator can lose their stakes. Nominators can withdraw their stakes after a 28-day lock-up period following the removal of their validator nomination.
Reef’s ecosystem includes various tools and services that complement the Layer 1 network. Reef Web Wallet functions as a cryptocurrency wallet, Decentralized Exchange (DEX), and token creator, allowing users to swap, send, and pool tokens. ReefScan, a Blockchain explorer similar to Etherscan, allows users to browse transactions and interact with smart contracts. Another DEX, ReefSwap, offers token swap services based on the Uniswap V2 model and requires the Reef browser extension for access.
REEF coin is the main network asset of the Reef Blockchain and is used to pay transaction fees and participate in on-chain governance through NPoS and PoC consensus mechanisms. Initially minted as ERC-20 tokens on Ethereum and BEP-20 tokens on BNB Smart Chain, REEF can now be converted at a 1:1 ratio on the Reef network. The coin plays a crucial role in the network’s functionality and governance.
How to Buy Reef (REEF) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Reef (REEF). Over 100 cryptocurrencies, including REEF, can be bought and sold on Binance TR, where accounts can be created quickly. Follow these steps to buy Reef (REEF) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. You need to go to the trbinance.com address and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can complete the verification process from your phone or through the official Binance TR website. Note that you will also need your phone for identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” In the next step, scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click the “Copy URL” option to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. First, tap the “Identity” option to continue.
Then a screen like the one below will appear. To continue with the verification process, first select the document type that suits you.
After selecting the document type, tap the “Upload Front” option to continue. After taking a photo of the front of the document according to the document type you selected, tap the “Upload Back” option and take a photo of the back of the document and upload it. When taking photos of the front and back of your ID card or driver’s license, make sure the images are clear and the information in the photos is easily readable.
Then tap the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL to your Binance TR account from all banks. You can deposit TL 24/7 and transact seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits over 50,000 TL from other banks are processed within EFT hours, while deposits up to 50,000 TL can be made 24/7 via FAST. To deposit money into your Binance TR account, first go to the “Wallet” option at the top left of the main page on trbinance.com and click the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click the Vakıfbank option, you will see an account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. Now, all you need to do is transfer the amount you want to deposit into your Binance TR account using the information displayed on the bank’s page.
Once your bank completes the transfer, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy REEF Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to REEF coin purchase step by clicking the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking this option, the page below will open. In the search box on the right side of this page, type “REEF” and click the REEF/TRY option from the results to go to the TL to REEF purchase page.
Now the REEF buying and selling page below will open. In this page, in the area marked with a red box, you need to enter the price at which you want to buy REEF in the first box and the number of REEF you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy REEF” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer trading services from fiat to crypto and crypto to crypto. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users are supported by Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
