CurrencyPriceREEF

Reef is a layer 1 blockchain built using Parity’s Substrate technology. Originally launched in 2019, it's undergone a significant transformation from a DeFi platform to a fully-functioning, Ethereum VM-compatible blockchain. The network uses Nominated Proof of Stake (NPoS) to process valid blocks of transactions. Nominators stake REEF behind Validators with hopes of being selected into the Active Validator set. When a Validator successfully processes a block, a reward is shared between them and 64 nominators. For network upgrades, a Technical Council nominated via a Proof of Commitment (PoC) consensus mechanism proposes changes. On-chain upgrades are done in-place and do not require hard forks, maintaining network uptime and eliminating concerns over consensus splits. The blockchain's native cryptocurrency, REEF, is used to take part in governance, secure and operate the blockchain, and pay network transaction fees.