Reef (REEF) is a Layer 1 Blockchain that was launched in 2019 by Denko Mancheski using Parity’s Substrate technology. Originally created as a DeFi protocol, Reef now operates using the NPoS consensus mechanism and allows users to engage in on-chain governance through the use of REEF coin. The platform supports a wide range of applications including NFTs, DeFi, smart contract development, and GameFi. It also offers liquidity bridges with Ethereum and BNB Chain. In this article, we will explore what Reef (REEF) is and how to purchase Reef (REEF) using TRY.
Contents
What is Reef (REEF)?
How to Purchase Reef (REEF) with TRY?
How to Create an Account on Binance TR?
How to Verify Your Account on Binance TR?
How to Deposit Turkish Lira (TL) on Binance TR?
How to Buy REEF Coin with TL on Binance TR?
What is Binance TR?
What is Reef (REEF)?
Reef is a Layer 1 Blockchain developed by Denko Mancheski in 2019 using Parity’s Substrate technology. Originally designed as a Decentralized Finance (DeFi) protocol, Reef has since transformed into a fully functional Blockchain. Reef utilizes the Nominated Proof of Stake (NPoS) consensus mechanism for transaction processing. This mechanism involves nominators staking REEF coins behind validators in the hopes of being selected for the active validator set. When a validator successfully processes a block, both the validators and nominators share the rewards.
Founded by Denko Mancheski in 2019, Reef changed its name from Reef Finance to Reef in November 2021 to reflect its evolution from a DeFi protocol to a complete Blockchain. The network supports various use cases, including NFTs, DeFi, smart contract development, and GameFi. It also enables liquidity bridges that facilitate the transfer of ERC-20 tokens between Reef and Ethereum, as well as BEP-20 tokens between Reef and BNB Chain.
Reef is built using Parity’s Substrate software development kit, making it interoperable with Polkadot parachains and part of the broader Web3 network. It is compatible with the Ethereum Virtual Machine (EVM), allowing for easy porting of EVM decentralized applications (dApps) and making it accessible to developers familiar with Solidity, Ethereum’s primary coding language. The Blockchain employs an NPoS consensus mechanism for block production and a Proof of Commitment (PoC) for selecting Technical Council members. All network fees are burned, and validators are rewarded from a fixed pool, eliminating inefficient contracts that could congest the network.
Reef’s governance model differs from Bitcoin’s (BTC) reliance on Proof of Work (PoW) miners to approve upgrades. Reef utilizes a Technical Council and Validators to implement changes. The Technical Council, elected through PoC, is responsible for overseeing network updates and decisions related to technical parameters such as block size and throughput. Validators, selected through NPoS, process transactions and run nodes. If a validator behaves maliciously, they face slashing, which means 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. However, if the validator acts maliciously, both the validator and the nominator can lose their stakes. Nominators have the option to 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 serves 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, enables users to browse transactions and interact with smart contracts. ReefSwap, another DEX, offers token swap services based on the Uniswap V2 model and requires the Reef browser extension for access.
REEF coin is the primary network asset of the Reef Blockchain and is used for paying transaction fees and participating in on-chain governance through the 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 functionality and governance of the network.
How to Purchase Reef (REEF) with TRY?
For investors in Turkey looking to buy Reef (REEF), Binance TR is the most suitable cryptocurrency exchange. Binance TR offers over 100 cryptocurrencies, including REEF, that can be bought and sold. It is quick and easy to create an account on Binance TR. Follow the steps below to purchase Reef (REEF) with TRY on Binance TR.
How to Create an Account on Binance TR?
Creating an account on Binance TR is a simple process. Visit the trbinance.com website and click on the “Create Account” option. In the first step, you will need to provide basic information such as your email address, phone number, name, date of birth, nationality, and T.C. identity number.
After entering all the requested information accurately, the next step involves email/SMS verification to confirm your details. Once this process is complete, you can proceed to the second step, which is identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification is a security measure that must be completed before engaging in cryptocurrency trading and during the account creation process on Binance TR. This verification is crucial for protecting both the user and the cryptocurrency exchange. You can complete the verification process either through your phone or on the official Binance TR website. Note that you will need your phone for identity verification on the website.
To verify your identity on the Binance TR website, hover over the “Profile” option at the top right corner, click on “Identity Verification and Limits” from the drop-down menu, and then select “Verify.” In the next step, use your phone’s camera to scan the QR code that appears, or click on the “Copy URL” option to receive the identity verification address via SMS.
Once you open the address on your phone or scan the QR code, a screen will appear prompting you to tap on the “Identity” option to continue. You will then be asked to select the appropriate document type. After selecting the document type, tap on “Upload Front” to proceed. Take a clear photo of the front of your document according to the selected document type, and then tap on “Upload Back” to take a photo of the back of the document and upload it. Make sure the images are clear and the information is easily readable.
Next, tap on the “Selfie” option. Your phone’s front camera will open, and you will need to scan your face. Ensure that your face fills the camera area as much as possible.
Once you have completed all these steps accurately, your identity verification process will be completed shortly.
How to Deposit Turkish Lira (TL) on Binance TR?
You can easily deposit Turkish Lira (TL) into your Binance TR account from any bank. Deposits can be made 24/7 from 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 TL into your Binance TR account, go to the “Wallet” option on the top left of the main page on trbinance.com and click on “Deposit” from the drop-down menu.
On the deposit page, you can select your preferred bank and continue the deposit process. If your bank is not integrated with Binance TR, you can choose the “Other Banks” option.
In this example, we will use Vakıfbank, but the process is the same for all other banks. After selecting Vakıfbank, you will see the account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. Simply transfer the desired amount to your Binance TR account using the provided information.
Once your bank completes the transfer, the funds will automatically appear in your Binance TR account wallet.
How to Buy REEF Coin with TL on Binance TR?
After completing the deposit process, you can proceed to purchase REEF coin with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
On the buy-sell page, use the search box on the right side to type “REEF” and select the REEF/TRY option from the results. This will take you to the TL to REEF purchase page.
On the REEF buying and selling page, enter the desired price at which you want to buy REEF in the first box, and the number of REEF coins you wish to purchase in the second box. After entering the amount, click the “Buy REEF” button to complete your purchase.
What is Binance TR?
Binance TR is the official cryptocurrency exchange platform of Binance, the world’s largest cryptocurrency exchange by trading volume. It was launched in 2020 specifically for cryptocurrency investors in Turkey. 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 easily deposit and withdraw Turkish lira (TRY) directly through their bank channels and trade various cryptocurrencies with TRY trading pairs on Binance TR.
Users of Binance TR have access to Binance’s core functionalities, including market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls.
You can stay updated with the latest news from Binance TR on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and they should conduct their own research.
