Polkadot ecosystem [Reef project], the Ethereum’s Contender - Crypto Academy / S4W7 - Homework Post for Prof. @allbert by @ladyofpolicy.

REEF PROJECT

INTRODUCTION

Greetings friends and lovers of cryptoacademy,it feels so good once more to partake in this week's lessons and also to answer the homework task. For the sake of this homework task,I will like to discuss the "REEF PROJECT" which is one of the important projects on the polkadot ecosystem. Thank you so much Prof. @allbert for such an amazing lectures this week,best regards sir.

QUESTION NO 1

Explain in your own words why you chose it and why do you think it is relevant to the world?

Like I earlier stated,for the sake of this homework,I will like to talk about the reef project but before that I will like to say little on the polkadot ecosystem.

In the world of cryptocurrency,each coin or token works on its own blockchain that is to say that Bitcoin works only on Bitcoin blockchain while steem works on steem blockchain,there is no connection between the different blockchain,this is a very tough one if I must say, hence the need for connection between the different blockchain brought about the polkadot ecosystem.

So the polkadot is a multi-chain platform which provides interconnectivity of different blockchains in it's ecosystem using it's chains and parachains. In the polkadot ecosystem, there are different projects built on it although they posses some similarities,which amongst them is the "REEF PROJECT" that I will like to talk about.

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Reef project is one of the projects on the polkadot ecosystem. It is a DEFi project built on polkadot -a web 3.0 multi-chain project with the purpose of supporting interoperability amongst different Blockchains. Reef finance offers different services like cross-chain trading, yield engine, smart liquidity aggregator and other financial services.

Like I said earlier that projects built on polkadot ecosystem shares similarities,there are some features that distinguishes Reef from other DeFi platforms and the most notable one is the fact that it is based on artificial intelligence and it collects many networks together like the Binance SmartChain, Polygon, Avalanche and Polkadot and these networks enables trading on many seemingly complex chains.

Reef DeFi platform also features smart liquidity and aggregator. Also it more convenient for users when compared to other related projects because it features all transactions like staking, trading and even lending all in the same platform.

In Reef platform, security is not really an issue because it is a decentralized platform. The mission/goal of Reef finance is to make trading and other transactions on the platform simple to users and at the same time diverse DeFi services making it more accessible.

The above stated reasons are why I choose Reef project and I also believe that it is very relevant to the world especially crypto lovers.

QUESTION NO 2

Description of the project and its platform. (Screenshots needed)

Reef mainpage

In order to discribe the REEF project and the platform,I had to explore the Reef finance website as the mainpage of Reef platform.

Reef Mainpage

Once I clicked on the website,the first page that opened was the homepage. A well designed logo reflecting like a short video made with purple and white as the main color with few other colors that are small to notice,the welcome background really looks amazing.

Also looking at the homepage as I keep scrolling down,I saw that currently REEF is now listed on Binance and Houbi.

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Also still scrolling down the page,I saw networks that supports Reef as shown in the screenshot above.

Reef Mainpage
Scrolling down the page,I saw some other features like Reef staking,solidity,community governed and the liquidity bridge.

Reef Blockchain is also doing their best to keep token inflation under control by not doing wasteful mining,the staking feature also allows us to earn rewards by verifying transaction on the network and with the Ethereum bridge, we can easily transfer assets without switching between chains.

It can also be seen that they have quite a number of investors which makes the Reef platform one of the best.

Still scrolling down,I visited their telegram page and just as seen in the screenshot above,there are total of 35,311 people on the page and as at the time of this assignment there are about 2987 people online.

All my research and screenshot was made with my phone through the website

QUESTION NO 3

Functionalities and real-life applications. (Screenshots needed)

Applying this on real life,I had to click on the legacy app in the upper right hand side of the Reef homepage and I connected it with my trust wallet. Let let me explore the platform.

This is my account dashboard indicating that my account has been connected.

This is a page indicating my asset but as you can see I don't have any Reef coin in my wallet currently so it's $0.

From my dashboard I saw the option for buy Reef and I clicked on it. From the above screenshot one can see that I can buy Reef using Ethereum and also at the time of this homework the price of Reef is 0.0298USD,once I fill up the quantity I need and click on the order buy the transaction will be set,also the chart above shows the current price.

It is also possible to provide liquidity in the system using the pair of ETH & REEF or USDT & REEF. This can be seen in the screenshot above.

The screenshot above shows the NFT basket. I just linked my wallet because of this homework which is why my balance is empty because I haven't made any investment yet. But if I click on start investing,I can create my NFT basket.

Still on my dashboard I saw this Reef visa card. This Visa card is very useful because with it you can access over 60 million merchants worldwide and purchase your crypto asset directly from them. This is a very interesting feature. Also with the card you can Spend your REEF earnings anytime, anywhere.

The "reef basket engine" which contains a mechanism called " reef intelligence engine and " Reef smart yield engine" and it is these mechanisms that the Reef finance creates connection with other DeFi platforms.

Reef intelligence engine is used for getting getting data from on-chain proxy thereby supplying all the necessary data like the prices, liquidity pools and live changes to the users.

Also,the "Reef smart yield engine" is used in creating digital asset for investors through the use of the artificial intelligence and the automation process.

Considering the screenshots above and the explanations that follows,you will clearly see that the real life application of Reef focuses mainly on the aspect of staking,yield farming, liquidity and other financial related services.

NOTE...All the screenshot I used in answering Question number 3 was taken with my phone from Reef finance website

QUESTION NO 4

Future development and associated projects. (Screenshots needed)

One of the projects of Reef finance is to venture into NFTs and this project is scheduled to kicked off towards the end of the year 2021.

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The other project of Reef finance is the steam ecosystem basket and this project is related to NFTs.

Another project of Reef is Reef finance app which you can see clearly and access from the website.

Alongside their projects,Reef have made partnership with different industries which some of them are indicated in the screenshot above.

The Reef Debit card is another project of Reef platform which should come out on or before 31st December 2021.

The above mentioned projects are the future developments and projects of the Reef finance.

NOTE...All the screenshot I used in answering Question number 3 was taken with my phone from Coinmarketcal.com

QUESTION NO 5

Make a technical analysis of the token of the selected platform, then through your validated exchange account make the purchase of the token (15 USD as a minimum). Screenshots and an explanation of the procedure are required.

According to CoinMarketCap
data,Reef Coin ranks #144 in the ranking.

At the time of writing this homework, the value of Reef Coin is $0.03048.

All the price statistics of Reef is shown in the screenshot above.

Note...All the screenshot I used in answering this question 5 above is gotten from coinmarketcap website and you can get more info from this site.

Now to purchase Reef coin from my verified Binance wallet, I have an asset in my Binance wallet so I used $18 worth of BTC to purchase Reef coin.

My verified Binance exchange

Asset in my Binance wallet

I clicked on trade from my BINANCE wallet and used the search button and searched for Reef and it appeared with it's available pairs so I selected REEF/BTC.

When the trade opened, I filled the requirement and according to the screenshot above you can see clearly that $18 worth of BTC will give me 615 REEF and I clicked on buy REEF and the order was placed.

The screenshot above shows the open order I've placed and once it's completed I will have my REEF coin in my wallet.

NOTE...All the screenshot used in carrying out the above transaction was taken with my phone from my verified Binance exchange wallet

CONCLUSION

It's really an amazing topic I must say.
Reef is a project built on polkadot ecosystem with the purpose of connecting Different blockchains together and every indications it is working with it's purpose.
Although Reef is a whole new platform but from all indications it has a promising future for users and investors. I must appreciate the effort of Prof @allbert for such an amazing topic,indeed I learnt a whole lot.

Thanks.
CC;
@allbert