Reef Turkey Unofficial AMA Recap
On 23 September 2021, Reef Finance CEO Denko Mancheski joined Reef Turkey, an unofficial local Telegram group, for an Ask Me Anything (AMA) session with Lodos, the group administrator! There were some amazing questions asked, and Denko gave us a deep dive on where Reef is now, and what’s coming next.
Lodos:
Do you have a protection program related to your investors in case of a hacking attack on your Defi system?
Denko:
I assume you are referring to the baskets with this question but I’ll answer for both the baskets as well as Reef Chain.
Regarding the baskets, so far we didnt have any issues except for a few small edge cases — for this, we have a pool of dedicated funds but we didn’t need to use it so far, meaning the baskets are safe but they are very costly so we are looking for a better alternative to get the users into DeFi, hence the reason why we started to build Reef Chain.
Regarding Reef Chain’s security, on the other hand, we recently finalized a fairly long audit process so the blockchain is very secure — the dApps preparing to be deployed on Reef Chain are also currently being audited.
Lodos:
When is our own network being revised?
Denko:
The network is almost ready to go — what we are currently focusing on is the main infrastructure layer, such as Remix, Hardhat, a custom Web3 provider and an improved block explorer. We are hoping to finish these things within the next 2 weeks. The next step is to deploy the most important smart contracts (such as Multisig), followed by a multi-asset bridge as well as a native stablecoin (hopefully, USDT). In parallel to this, we will be welcoming all the projects that we already announced to deploy their dApps by helping them with tech challenges as well as listing their product on our new “dapp-store”. We are also planning to have our own Reef extension instead of using polkadot.js — this would help us make the user experience even better.
Lodos:
How will NFT Basket contribute to the project? Can you explain this a little more?
Denko:
Regarding the NFT basket, there is a minimal change in the direction as we are now focused on onboarding projects which will deploy NFTs on Reef Chain so, instead of doing it in a way we planned before, we are now extending it further into an NFT browser built into our web/mobile app, which will allow users to buy different types of NFTs as well as qualify for certain free NFT drops. This achieves the same goal as before, but the difference is that those NFTs now exist on our own network instead of other networks — this allows us to have unique NFTs that can only be bought on Reef Chain.
Lodos:
As a gamer, I ask the question I am most curious about. About Steam. We know millions of people using Steam. What kind of integration with Steam (VALVE) is aimed?
Denko:
Yeah, I am super excited about the Steam integration. Since this is a project on its own and it’s quite a big vision, we decided to isolate it into a project on its own with its own dev/marketing team. The app and the smart contracts are in heavy development right now. I can share a very early website (it’s still very much work in progress) so one would be able to understand a bit more of what it is: https://nerfapp.webflow.io/
This will most likely be the first project on Reef Pad. I believe that this would take NFTs to a next level since I personally believe the current state of NFTs is far from the potential of this concept.
Lodos:
How will the working logic of Debit Card be, will we be able to use it for daily shopping? What will be the conditions to have a debit card?
Denko:
The Debit Card is, finally, almost ready. We finished the integration and we are waiting to get the first physical card in our hands to start testing it out. Yes, you will be able to use it for daily shopping and you won’t need to sell your crypto — you can load the card with multiple currencies and the moment you spend your crypto, it gets converted automatically.
We have a lot of plans around it — from cashback to getting NFTs as rewards when one spends with it, we want to gamify it as well as help the users achieve their savings target. There will be some conditions, but nothing too hard to fulfill. One is basic KYC through the provider — we are working on the other conditions, but we want to get the card to as many users as possible.
Lodos:
When will we be able to access the stake feature on the mobile App or on Binance?
Denko:
The staking on Binance is different than staking in the Reef Console / Reef App / Klever Wallet. We are working to bring a more user-friendly native staking on Reef Chain. In the meantime, we are also working with Binance on staking there directly but this might take some more time.
Lodos:
When will the mainnet be open for 3rd party users to see it?
Denko:
It’s already open — one can deploy smart contracts already through Remix (https://remix.reefscan.com/), link their Reef Chain address with an EVM one (https://evm.reefscan.com/), as well as explore the documentation (https://docs.reef.finance), the block explorer (https://reefscan.com) and the GitHub examples (https://github.com/reef-defi/ui-examples). The block explorer is getting a new design soon, but it’s also getting new features on a daily basis.
Lodos:
Can we have some information about the app release date?
Denko:
The iOS app is currently in private testing through testflight, while the Android app needs some more work to be done. We are pushing to release it as early as possible in Q4.
Lodos:
Everyone in the group is curious about the team. A question about it. Behind the curtain, how many people you have working? As we have predicted, are they experts on their respective fields?
Denko:
We have around 35 people in total, including the community managers, around 13 developers (7 are public on GitHub already), and ~12 marketing/business development/legal. We are constantly looking for new talents. The core blockchain developers are probably the best substrate developers out there.
After this, things were opened up to the rest of the Reef Turkey community to ask questions, and Denko took the time to answer five of them!
Community Question 1:
What kind of work do you have to announce the reef coin to more investors?
Denko:
We are constantly expanding our marketing division, and planning to restart the live streams as well as community campaigns as soon as possible. Our goal is to first finalize the most important part of the Reef Chain infrastructure, then create engaging activities on the network itself — this is by far the best approach to spread the word about Reef Chain.
Community Question 2:
When will the easy Reef staking feature be active on the local Reef Finance platform (web)?
Denko:
We are working on simpler staking mechanisms accessible to all users. The current mechanism is for more tech savvy users who are able to nominate certain validators.
Community Question 3:
when will we be able to see farm lp of exchanges like uniswap balancer cake … on local reef finance platform?
Denko:
We aim to launch that in Q4 2021.
Community Question 4:
When will reef baskets be opened on the local reef finance platform?
Denko:
A version on Ethereum is already available — the issue is the gas fees. We are working on a Reef Chain version, which will be released later this year.
Community Question 5:
A. At the beginning, which functions avaiable at Reef mobile app? Staking, wallet, farming, pool, nft? Any update for android and ios app?
B. Is there any news about binance; reef20 protocol support on binance and any plan for swap option token to coin on like these exchanges?
C. Which unique function will be key feature for newcomer investors on Reef Chain?
Denko:
A. Wallet, Staking, and ReefSwap. I posted an update earlier, check above in the chat.
B. It’s in progress.
C. Reef Chain will most likely be the most user-friendly DeFi-oriented blockchain. We are working on unifying the design as well as the user experience across all our products. We are focused on simplicity and accessibility — offer an “Apple-like” experience for DeFi applications. You can check http://reefswap.com, WIP too.
Thank you so much to Lodos for hosting, and for the Reef Turkey community for being so interested in Reef’s present and future. We look forward to providing more opportunities for the community to interact with the entire Reef team over the coming weeks and months.
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