What is $REEF ❓
Reef is a layer 1 blockchain built using Parity’s Substrate technology. Launched in 2019 by Denko Mancheski, it's undergone a significant transformation from a DeFi platform to a fully-functioning 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.
The blockchain's native cryptocurrency, REEF, is used to take part in governance and pay network transaction fees.