On June 21, 2022, Reef was invited to the Binance Türkiye AMA, where our CEO & Founder, Denko Mancheski, shared deeper insights into various aspects of the Reef ecosystem, including Reef Chain, roadmap, plans, token supply, and more.
In case you missed joining this session, use this AMA Recap to get all the updates from the session.
Host: What are your top priorities for the Reef Chain? What does the roadmap look like?
Denko: Our top priorities include working on adding multiple virtual machines and introducing ZK roll-ups. Besides that, we are actively working on simplifying the developer’s process to migrate from Ethereum or any other EVM-compatible chains by just replacing their MetaMask with the Reef extension. The team is working intensively on Reef Mobile App and Debit card integration with excellent UI/UX. Some users have already received their Reef debit cards, and we are working with MasterCard to expedite deploying more cards. The upgraded web wallet will also support the Reef Card.
Apart from that, we’re constantly improving and enriching the features and UX of Reef’s block explorer and its backend. Our plan is to get WASM contracts by the end of this year.
The first two quarters of 2022 introduced many updates, and as we’re about to enter Q3 2022, we have a lot lined up for both our user and developer communities. Some things include the Reef DApp store to help teams with user acquisition. We are introducing a detailed Reef Design System that includes a detailed UI kit to help developers build top-notch UX. The UI is open source, and with a few commands, anyone can deploy the component browser tool.
We will be launching a Developer support program next quarter to help talented teams keep their focus on the building by providing support as monthly funding. This will be our focus for the next few quarters to help more developers adopt Reef Chain. We are already supporting a few teams that are building on Reef like Sqwid, Nerf, Hydrastarter, ReefSwap, and more. We anticipate there will be huge demand to build on Reef as we will be consistently working towards supporting builders and the community throughout the bear market.
Host: How does it place Reef in the market with the existing Layer-1 blockchains?
Denko: Let’s talk about the market’s no.1 layer one blockchain, Ethereum. The process of deploying smart contracts on Ethereum is fragmented and complicated. Reef’s modular blockchain works to simplify these complexities, and one can quickly deploy a fully verified smart contract directly from the source code. For deployment, one can use the extension which supports Ledger, so that the deployed smart contract is deployed by an address stored on a hardware wallet.
Write the codebase, compile, deploy and get automated verification from a single place. All the info is immediately indexed in the block explorer. The smart contract gets a green checkmark on Reefscan and is ready to go.
We’re also working on integrating Reef Chain with third-party auditing companies. Then the audit badges will also be visible on the block explorer so one can see how many and which companies audited the smart contract. This suite is something that no other blockchain offers; the idea is to simplify everything and lower the barrier of entry to dApp development.
Host: In such market conditions, many projects are failing to survive. What are your biggest challenges, and how do you plan to sustain in this market?
Denko: Reef Chain is equipped to survive the bear market, it doesn’t matter how long, and we’re prepared for the worst.
Reef Chain is an Infrastructure project built with advanced technologies, and it will always have something to offer irrespective of the market conditions. Tech infra projects have stood through thick and thin, and Reef is not only equipped to sustain through the bear market but also thrive.
As we see it, in times like this, more talent is becoming available in the market, and we are constantly working on onboarding the best builders in the world onto the Reef Chain. Efforts such as developer programs, meetups, hackathons, and tutorials help builders learn how to use Reef’s tech and why it is the best in class blockchain technology. We recently announced a $200,000 funding for Terra projects to offer community and development support.
We’re onboarding more developer evangelists and attending events like Web3 Meetup 2022, Capital 2022, etc.
We’re onboarding more projects every month, more partnerships, collaborations, etc. Please read our most recent medium releases to learn more about them.
Host: Why should developers choose Reef Chain to build over other chains? What should be their motivation to build applications on Reef?
Denko: As mentioned in the previous answer, Reef Chain is positioned as the most advanced modular blockchain infrastructure but also offers the best support for projects that are very new and consist of a small team to an already established project in another ecosystem. From developers’ programs, rewards, and incentives to onboarding developer evangelists, Reef has a lot to offer to the Developers’ community.
We’ve stood tall through compromising times in the market, and we’re confident to strive through the bear market even if it stretches over a few years.
The Mobile app is in progress, and we will start accepting closed beta alpha testing through test light in a few weeks. We’re working on launching a bounty program for users to share feedback on UI/UX or anything they think can be modified, and they’ll be rewarded generously.
Host: How valuable is the community to you? Any program or initiative on the Reef Chain for the community or plans to incentivize the dev communities?
Denko: We organize and attend meetups and workshops to connect more with the community and grow our network. We introduce programs that help our community incentivize.
The most exciting and recent program is the extended $REEF Binance Staking Program. Apart from that, the gleam community Giveaway, Coinbase Custody Support, and Learn and Earn program, which the community might enjoy.
New project onboarding and partnerships for the community to look forward to. Then our exciting products like the Reef Card and launching programs such as early adopters for Reef Card waitlisters.
The community can also attend AMAs that host Reef Chain and follow our social channels to learn more about our community programs.
Host: Many people have been asking about token supply; could you please tell us how Reef’s tokenomics works? Is it a fixed supply, or how does it work exactly?
Denko: Reef Chain is a PoS chain. The consensus algorithm that Reef uses is nPoS, i.e., Nominated Proof of Stake. All the PoS chains are inflationary, for example, AVAX, SOL, ETH 2, and others. Inflation in PoS chains is needed because that’s how the miners/validators earn revenue. The current inflation rate in REEF is around ~5% a year, considering only 11B Tokens are on the Reef chain. In any PoS chain, there’s no max supply; you can try reading more about PoS, so you’ll understand how inflation works. You can also check the supply on reefscan.com. No more extra tokens are added to the supply besides inflation. To understand more, do watch this video by Binance Learn & Earn: https://youtu.be/Us0bfBiS_OQ. Similar to other ecosystems, the parties that are running the network are incentivized to help and grow the network, so such reward is under no circumstance negative nor affects the future of the project anyhow.
Host: That’s all the time we have for today. Thank you so much everyone for coming. Hope to see you again real soon!
Don’t forget to follow REEF on the following channels:
🌎 Website: https://reef.io
🐦 Twitter: https://twitter.com/Reef_Chain
🗣 Discord: https://discord.gg/reefchain
💬 Telegram: https://t.me/reefchain
📚 Medium: https://medium.com/reef-finance
📸 Instagram: https://www.instagram.com/reef.io
🤖 Reddit: https://www.reddit.com/r/ReefDeFi/