$REEF is a layer 1 blockchain built using Parity’s Substrate technology. Launched in 2019 by Denko Mancheski, it has undergone a major transformation from a DeFi platform to a fully functional blockchain.

The network uses Nominated Proof-of-Stake (NPoS) to process valid blocks of transactions. Nominators stake REEF behind validators in the hope of being selected into the active set of validators. When a validator successfully processes a block, the reward is shared between them and the 64 nominators.

REEF, the blockchain’s native cryptocurrency, is used to participate in governance and pay network transaction fees.