"Reef Finance AMA Recap" When: 23rd September 2021, 19 UTC Where: Telegram.

Reef Finance - Unofficial Local Community for Turkey (@Reef_Turkey)
Participants: Lodos (@LodosCrypto), group admin, and Denko Mancheski (@denkomanceski), Reef Finance CEO.

Question 1:

Do you have a protection program related to your investors in case of a hacking attack on your Defi system?

Answer 1:

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.

Question 2:

When is our own network being revised?

Answer 2:

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.

Question 3:

How will NFT Basket contribute to the project? Can you explain this a little more?

Answer 3:

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.

Question 4:

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?

Answer 4:

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.

Question 5:

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?

Answer 5:

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.

Hello mate. I have to say, Reef desparately needs a good English proofreader. The spelling and grammar mistakes across Reef products is consistent and really should not be there at this point. I say this having just gone over the (admittedly 'work in progress') Steam website. These are spelling and grammar mistakes that an elementary-level English student would not make. No hate. Still have a lot of Reef. I just want all spelling and grammar mistakes to be a thing of the past. Cheers.

Hey Mate. We note your feedback & will definitely rectify. Thank you.

That would be a very good thing. It's also a worry that these spelling and grammar mistakes could be littered throughout Reef code. It's just a very bad look all round. Appreciate the rectification. Gotta nip this in the bud.

Absolutely,👍🙌

Whats the link for the claim portal pls?