Polkadot ecosystem, the Ethereum’s Contender - Crypto Academy / S4W7 - Homework Post for @allbert
This week must be a wonderful, because @allbert is the teacher, I love when teaches because I understand more.I really understood
I will be taking on a particular wonderful project called the Reef Project that is in the Polkadot Ecosystem
1-Explain in your own words why you chose it and why do you think it is relevant to the world?
DIfferent blockchain has its chain, the like ethereum which its different network, AVAC also has its network, Solona also has its network and so many others. Because of their different blockchain, they all operated separately, nothing brings them together, because you cannot do ethereum and Solana can not do the same transaction . you can not send ethereum to solona blockchain, it is impossible and this factor limited the use of cryptocurrency and it made it very difficult especially for new users, because you will have to swap before you can convert before you can do transactions from one blockchain to another, and doing swapping cost funds because you are charged.
Reef is a Defi Platform built on Polkadot that aims to deliver cross chain trading, that means you can change, transfer your fund from reef to any other cryptocurrency which is accepted by reef. For example avalanche, cosmos, etherum, binance, polkadot. the reef is founded by Denko Mancheski who lives in UAE. The reef is a project that came out second half last year being 2020. it is a new project in the crypto space. The Reef is known for its Artificial intelligence and it connects the above-listed network.
The Reef is built Polkadot helps to transfer liquidity and token between different blockchains, including centralized exchanges (CEXs) and Decentralized exchanges(DEXs). The Reef ecosystem uses the Reef token as its token
The reef project provides ease for its users by the way of collecting all transactions such as trading, stalking, and lending on the same platform
Both the Decentralized and the centralized are now safe to use. Because the reef platform has come to decrease all the security issues associated with them.
2- Description of the project and its platform. (Screenshots needed)
Going to Reef official website, the first three pages you will see are these below
From the home page, we can see the promotion of Reef blockchain. Reef blockchain reduces wasteful mining of the token and this keep the token’s inflation under watch. With Reef blockchain, the users can earn rewards simply by verifying transactions on the network, this happens due to the staking feature. Transfer of assets is done easily in this platform due to the help of the eThereum bridge without even switching between chains.
We should know that the reef finance is provided for those people who are not tech savvy by providing a less intimidating option for them, this means the mass adoption of cryptocurrency and decentralized finance would now be possible if reef finance makes it big in the future. Reef finance is getting it done by allowing users to access all the major decentralized finance protocols from one single easy-to-use app.
Reef finance also provides a multi-chain on the ramp for protocol and liquidity aggregation yield optimization and proprietary analytics. Reef finance was established in 2019 and the entire system has been powered by polkadots from September 2020, and reef is aggregating liquidity from both decentralized exchanges and alsocentralized exchanges with the sole purpose of providing reliable liquidity.
3- Functionalities and real-life applications. (Screenshots needed)
I connected my Reef to my Metamask wallet, I did that by simply clicking the legacy App button on the Reef Homepage.
My wallet is currently empty, but let continue exploring
In this part of the page, which is where the reef is purchased. Using the EThereum and USDT, we can buy Reef from the first dialogue box above. While the second dialogue box shows the current price chart of reef.
The section is used to provide liquidity, such liquidity includes Ethereum/reef and USDT/reef.
The section is for the NFT basket . Currently, my NFT basket is empty, because there is no investments. There is still an option for anyone to create an NFT basket.
This section contains information regarding the Reef Visa card. You can check it for yourself.
4- Future development and associated projects. (Screenshots needed)
We know that the reef is only one year now, with this it is too early to know if the project will be wonderful in the long run. The success in the future will largely be dependent on the developer's future, developers should choose to build on the Reef-20 chain, if they want to grow.
People have grossly argued against Reef’s chain of choice and this has caused the need to go cross-chain. For example, ERC-20 is widely loved by ethereum users and they hardly switch to either BSC or Solana. Knowing the fact that Reef is still very tender, it will need a very larger scale adoption before the reef will be used generally.
The reef projects are also gearing towards the creation of NFT baskets and a mobile app, which will be launched in 2021. In the last quarter of 2021, reef had plans to open a Reef farm and will also increase its security network.
Some projects associated with reef finance can be seen below.
Harmony
Kylin
Stars
Litentry
Halborn
Kinetic
5-Make a technical analysis of the token of the selected platform, then through your validated exchange account purchase the token (15 USD as a minimum). Screenshots and an explanation of the procedure are required.
The Reef coin is ranked 146th in the rankings of coin and its price is $0.03094 And reef have a very liquidity compared to some other coins, with it total supply of 15,934,019,762. I bought for $15
Using the moving average to determin the direction of the trend, which was uptrend, that affected the decision to buy and my stoploss and take profit were all determined by a major support and resistance.the chart can be seen below.
Reef finance being a project in a polkadots innovation has come to stay, it has introduecd new features to the DeFi world and also introduced the cross chain aspects between cryptos. The crypto market will determine how the future of Reef will be, by its response to the project. If more user invest in the Reef projects, then it can stand the test of time.
Cc: @allbert
Do not use the #club5050 tag unless you have made power-ups in the last 7 days that are equal or greater than any amount you have cashed out.