Polkadot ecosystem, the Ethereum’s Contender – Crypto Academy / S4W7 – Homework post for @albert.

in hive-108451 •  3 years ago 

I went through the lecture with interest and I must say I enjoyed every bit of it, deciding to attempt the task was another adventure on it own which was worth the while. Thanks for the amazing lecture prof @allbert. Here is my entry below.

Choose a project , platform or service belonging to the polkadot Ecosystem ( Polkadot not permitted) and make a detailed post which must comply with the following aspects:

Polkadot is a very interesting ecosystem that has proven itself to be very viable and up to task. It is also referred to as the Ethereum contender, am not too surprise though because the founder himself use to be one the pioneer developer of the the Ethereum network. The polkadot blockhain network have been able to build a lot of project. For the sake of this task, I will love to use just one which is “REEF” to carry out my homework task.

Explain in your own word why you chose it and why you think it is relevant to the world.

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Reef is a very interesting project built on the polkadot blockchain and like many other viable project,and from my little research about this project I found out that it has a drive and a purpose which aims to bridge certain gaps in the blockchain and Defi world.

Why it is Relevant to the world

Project Reef is relevant to the world in because it is created to bridge the gap that exist among all blockchain network services available around the world such that they are all brought together and united in one single interface (dApp) in other to allow for smooth and swift and seemless. i.e with the Reef DApp one can buy or sell crypto, carry out trades, farm, take loan and even manage their portfolio.

Description of the project and it platform (screenshot needed)

REEF Finance.


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Reef is a decentralized blockchain based platform notable for facilitating Defi service and product built on polkadot network. It was created by Denco Mancheski who is also the CEO. It is also know as the first cross-chain trading platform ,multi chain smart yield engine and also functions as a liquidity aggregator that integrates into it system both the centralized and the decentralized exchange. Reef also provide services such as smart lending, staking, mining and lots more through it Reef yield engine powered by an artificial intelligence. You can call it a one stop shop for all defi related platform where you get everything in just a single interface without having to switch from one platform to the other to get a particular service. In summary,what Reef aims to do is to offer investors with the best opportunity with relation to defi so that traders and investors can get the best

Reef Token.

It is important to mention at this point that reef finance have their own token called “Reef” as seen in this sreenshot below from coinmarketcap with the following detail valid as at the time of attempting this homework


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####Why it is build on polkadot.

According to my little research, the reason why Reef had to use the polkadot network was because of the possibility of enjoying the polkadot parachain communication and bridging mechanism,running solidity code such as moonbean and plasm, using of Ethereum native address, cross-chain mechanism and massive ecosystem support. Another major reason for using the polkadot platform is the low fee charged for transacting which is relatively cheap compared to that of Ethereum which is on the high sid because of the obvious traffic on the network.

Reef Interface


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Exchanges where reef is traded


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Functionalities and real life application

Reef functions in divers way which are beneficial to traders or investor. Few of the functionalities includes

Liquidity services.

Reef offers liquidity services to investors or trader through the DEX and CEX platform they have integrated into their system. one of the benefit of this service they offer is that they protect users form market manipulation and front-running attack. And I believe this has made tradin on reef quite easy, convienient and seemless

Smart Yield Farming

Reef offers staking services which allows investors to stake in multiple asset basket which is automated via the help of an AI which users can always configure to suit their financial needs. This AI helps to manage their asset, make trading and staking easy and seemless.

Smart asset management

Reef also helps investors or trader with asset management where where users can easily rebalance their allocation between their basket using a UI accessible from mobile or computers.

Future development and associated projects (screenshot needed)

As at the time of this assignment, Reef's next phase project was not clearly spelt out as they’ve covered their major project in their road map however in the course of my research I saw that one of their a major move is to integrating project “Next earth” in the Reef Chain.

What is Next Earth?


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Next earth is a digital NFT based land purchasing platform that operate without a middle man. You can initiate buying and selling of land directly from your wallet. This is a platform with environmental charity, metaverse, DAO, Economic building, with community appreciation. It offers virtual land ownership which enables you to own a project from inception. Now the integration of Next earth will open the platform to the advantages of Reef EVM compatible blockchain

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

Reef has been doing fine based on what the projects stands for and how the price has been growing steadily. Below it that chart from coinmarkecap and the other from my verified binance account.

The chart according to coinmarket cap.

As at the time I attempted purchasing the token,it was already on the high side,towards the oversold region so I had to wait for it to fall to buy low and profit from holding it. And that is seen below.

Purchase process.
I purchased reef on my verified binance account. With my available Usdt.

Conclusion

Polkadot is indeed a very good project and has proven to be so. No wonder it is called the Ethereum contender,I believe with time it will make much sense than it is already because of the advantages it has over many of the blockchain we have.

Thanks so much for your time.

Cc: @allbert

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