Reef Finance Summary Recap with Shin Chan Community
We held a live AMA with Denko Mancheski , CEO of Denko Mancheski on 17th May 05:30 PM (UTC+8). Here’s the recap for those who missed it.
Ivan| Shin Chan: Before AMA start, can you introduce yourself and the team background?
Denko Mancheski : My name is Denko, I am the CEO of Reef Finance. I have a tech background myself. Started programming in early high school with C++ and did algorithmic competitions for a few years. Then I decided to start building commercial software and I joined an ERP provider where I built modules which are still used to this day (warehousing, accounting, etc.). After that I joined into one of the biggest healthcare platform providers in Europe (200m+ valuation now). Worked there for over 2.5 years and I led a team where we worked on a complex modeling tool for healthcare data.
Around 6.5 years ago I got into crypto and started blockchain development myself. My first experience was with the NXT blockchain which turned into Ardor. Of course, I did a lot of solidity throughout this time. I also did some Bitshares, Steem as well as EOS. Regarding our team, the development team is based in Slovenia while the rest of the team is in US, Europe and India. Our dev team consists of both machine learning and blockchain developers who have experience building the core layers of different blockchains over the years. We are finalizing our subpages soon so one will be able to see the full team there.
Reef is getting into a new phase with Reef Chain — a new ecosystem which is built to power DeFi applications of the future. Reef Chain has EVM support but its substantially different from all the other EVM-powered chains. Its build with Substrate and its extendible beyond imagination — we are starting initially with EVM support because we value the time and effort the biggest blockchain development community has put over the last 5 years. We want to be backwards compatible which helps a lot with rapid growth of the ecosystem.
From on-chain identity and debit card binding to support for multiple VMs (such as running Ink smart contracts) as well as native bridges to all the other ecosystems, we aim to capture a big marketshare and become the main DeFi infrastructure — we are already discussing with over 20 tier 1 projects which will be building/deploying on Reef Chain.
Ivan| Shin Chan: Do you have any news and latest information about Reef Finance would like to share with our community before we start our Twitter Section?
Denko Mancheski : Our latest news can be found on our announcement channel: https://t.me/reefannouncements
The latest most exciting things are the new projects we have onboarded, ReefStarter and mainnet 🔥
AMA Twitter Section Begin:
Q1 : It seems that interoperability between ecosystems is the most effective technology to maximize a project, Reef hosts up to 5 powerful ecosystems, how do you achieve effective work between the different platforms and what is the performance and scenarios that $Reef will play?
Denko Mancheski : Interoperability has been an important point lately — I have been talking about interop before this word became thrown around loosely — interop has been a big issue in the healthcare industry as well. The biggest issues currently is the evergrowing number of ecosystems and fragmentation of liquidity. Reef Chain is positioned in a way where it will have its own superfast smart contract execution infrastructure as well as native bridges — this allows developers to not have to worry anymore about the different ecosystems but focus on what matters — discovering product-market-fit with their ideas. Reef together with the rest of the substrate community has been working on different aspects of the interop layer and we are happy to announce that reef will be utilziing existing as well as our own unique bridge — the value-add is huge flexibility for developers — they will be able to choose between multiple briding mechanisms based on their needs.
Oh, and we even have cross-VM interop — this means you can have 3 different addresses derived with different cryptography libraries but the core layer will be able to seamlessly sync the balances between them. Multiple VMs = developers can choose between different programming languages.
Q2 : Reef Finance wants to launch their own chain called “Reef Chain”, could you share more information about it? What will the advantages of this chain be? What will Reef Chain offer to users that others chains aren’t capable of right now?
Denko Mancheski : There are a few important aspects — first and foremost it has EVM support (Solidity) but its definitely not limited to just that — we are working on adding support for more VMs. Besides this, here are the most important aspects:
- On-chain governance — The slow innovation of Bitcoin and Ethereum is due to this issue. Reef’s #1 goal is achieving decentralization (we actually mean it, not just saying this word randomly). We aim to onboard many validators and achieve minority voting power for the Reef Team
- Upgradability — Reef chain is self-upgradable by default. New features, security updates and performance optimizations can be installed with fork-less scheduled updates.
- EVM extensions Reef chain extends EVM with native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades.
- Reef Staking — Participate in Reef chain validation, upgrades and governance and earn rewards on your staked Reef tokens.
- Liquidity Bridges — already talked about these in the above question.
Q3 : NFTs are really popular right now, and I saw that Reef made a few weeks ago a partnership with Aavegotchi and just a few days ago with DEIP. So, what plans does Reef have regarding NFTs now that you have this two partnerships? What’s coming now to Reef when we talk about NFTs?
Denko Mancheski : What we have seen with NFTs so far has been literally 1% of what can be achieved. We are focused on onboarding as well as incubating NFT projects which are tied to values in markets which are already established — this position will show the real potential of NFTs and we want to be the leading infrastructure to host this kind of projects. From real estate fractional ownership to Steam ecosystem (http://steamcommunity.com/) we are putting a lot of resources in making sure we capture the biggest markets out there.
Most likely, one of the first IDO projects will be tied to NFT-izing steam gaming items — this market is worth many millions and has insane liquidity.
Q4 : They recently created ReefStarter an IDO Platform on Reef Chain. My question is, will ReefStarter support cross-chain token pools and auctions for other Substrate projects, including the entire Polkadot ecosystem? Will you work with other Substrate blockchains in the future?
Denko Mancheski : Yes — Reef Chain will plug into the Polkadot network the moment XCMP becomes viable — we believe in the Polkadot ecosystem but we also want to move fast — hence why we chose to be a standalone substrate chain initially. Regarding our IDO platform, the initial participation will be on Reef Chain — users will be able to swap their ETH/BSC tokens for Reef Chain tokens and participate.
Q5 : I have read that in your Medium article, you will also work with Polkalokr to add value to the projects participating in your platform. Could you tell us about the importance and benefits of Polkalokr for Reef?
Denko Mancheski : Remember when I talked about composability? Thats exactly what we are doing with ReefStarter — we are extending the core IDO features by integrating solutions such as Polkalokr’s. This will render our IDO platform more transparent and more reliable. Basically the IDO platform comes with distribution and locking mechanisms as well as swapping protocols (for both vested as well as unlocked tokens).
Telegram Live AMA Begin:
Q6 : What is Reef Finance? Could you please explain, and what are the functions of Reef Finance for daily life?
Denko Mancheski : The end-goal — you use Reef platform to become your own bank — you decide how active you want to be! From debit card to passive income generation you are covered
Q7 : I have seen watched the q1 reef summary video and was wondering if it’s been announced which gaming NFT project is going to be utilising reef chain? denko mentioned they are doing NFT mirroring with steam?
Denko Mancheski : Not yet — we will be announcing this within 2 weeks after mainnet launches. Thats correct — NFT mirroring with steam is the concept.
Q8 : What are your major goals to achieve in the next 3–4 years? Where can we Reef Finance ecosystem in this period? What are your plans to expand and gain more adoption?
Denko Mancheski : Become the blockchain for DeFi. We are working on incentive models for both users as well as projects and liquidity providers. Also planning to announce a big Reef ecosystem fund for supporting new projects as well as expanding into other ecosystems.
Q9 : Do you plan for BSC or Your project in future? Do have plans to add your project in various blockchians in the future?
Denko Mancheski : We are finalizing BSC support for our basket engine. Reef is all about interop between different ecosystems — hence why our token exists already on ETH and BSC (soon on Reef Chain)
Q10 : To me as a beginner in the world of cryptocurrencies, could you easily explain how it works and how to become a Reef Chain Validator?
Denko Mancheski : Reef Validator slots are initially planned for projects which will contribute the most and have traction on Reef Chain. After multiple projects get elected as validators, Reef team will not own the majority of the voting power. A Reef Chain user should aim to be active nominator.
Q11 : I understand that soon they will have a “Liquidity Bridge” available, where they can transfer the liquidity of the inherited Ethereum to the Reef chain, but this bridge will only function as a bridge between ETH and REEF chain? Or will it also be available for other chains?
Denko Mancheski : The bridge will initially be for Ethereum and BSC since those are the chains on which Reef token currently exists.
Q12 : I could read that Reef has its own blockchain “Reef Chain” which is based on Ethereum EVM, but could you really tell us more about the characteristics of your chain? will it be much faster and with less gas cost?
Denko Mancheski : Correct. Way more scalable + gas fees are burned — completely different incentive mechanisms than any other chain our there. You should also check the first question above where I listed all the important attributes.
Q13 : I saw something interesting on your roudmap. What do you mean by “Fiat Gateways Integration”? does Reef integrate traditional finance on your platform?
Denko Mancheski : Debit card and FIAT gateways are still on for this quarter — there are few things such as compliance which are non-development roadblocks but we are pretty much done on this front and ready to continue with finalizing the infrastructure. FIAT on/offramp is super important for adoption.
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