REI Network (formerly GXChain) is an open source blockchain platform that provides a secure distributed database and functionality for use in decentralized finance, gaming and NFT projects.
Lightweight structure, Ethereum Virtual Machine (EVM) compatibility and high performance are the hallmarks of REI Network.
REI Network has a native REI token that is responsible for the security of the network. This token can be used for a variety of purposes, including the payment of gas fees for transactions on the network and as a tool for managing REI DAOs.
REI can also serve as a collateral token for validators, be used for node selection voting, and as a means of staking for free gas. REI holders can also stake their tokens to receive Crude, which can be used as an alternative to gas.
REI is actively expanding its presence in the cryptocurrency market and is already listed on several major exchanges such as Binance.
Table of contents
- REI Network history and evolution.
- Technological basis of REI Network.
- Crypto wallets for REI Network (REI) coins.
- Characteristics of REI Network (REI).
- Technological features and innovations.
- Can I mine REI Network?
- Details of REI Network’s economic model, including coin quantity and distribution.
- Main ways to use the REI Network.
- REI Network (REI) forecasts and prospects.
- Where to buy REI Network (REI) or exchange it for other cryptocurrencies?
- Comparison of REI Network (REI) with other coins.
- Regulation and legislation.
- REI Network development plans and upcoming updates.
- Final analysis of the uniqueness and prospects of the REI Network (REI) cryptocurrency.
How REI Network came to exist and evolve
GXChain platform creator is Chinese company Hangzhou Credit Data Technology Co. The financing of the project and the direct development of the project are carried out by the GXChain Foundation, which was established in Singapore in 2017.
The GXChain network was launched in 2017. In 2020, work began on significant upgrades for use in DeFi, NFT and GameFi, with the deployment of the GXChain 2.0 test network in August of that year.
By the end of 2021, the network was ready to migrate to the new version. As such, a vote was held on December 5, 2021 to provisionally approve the rebranding. As part of the rebranding process, the network changed its name from GXChain to REI Network on December 30, 2021. The new name REI Network reflects key characteristics such as Rapid, Economical, Innovative.
The technological basis of REI Network
REI Network REI cryptocurrency uses a unique consensus algorithm that provides high-speed transaction execution and protection against tampering. REI Network implements a hybrid consensus algorithm of Delegated Proof-of-Stake (DPoS) and Practical Byzantine Fault Tolerance (PBFT). This ensures reliable network performance and fraud protection.
REI Network (REI) Coins Crypto Wallet
What is the REI Network (REI) crypto wallet?
REI Network (REI) crypto wallet is a digital wallet that allows you to store, send and receive REI Network (REI) coins. It is a secure and convenient tool to manage your cryptocurrency assets.
There are different types of crypto wallets for REI Network (REI) coins that offer different functionalities:
- Desktop Wallets: These are programs that you need to install on your computer. They usually offer more features and security, but require additional steps to install and update. An example of such a wallet is Atomic Wallet (it also has a mobile version).
- Mobile Wallets: Mobile applications that allow you to manage your coins on the go. They usually offer a user-friendly interface and quick access to your assets.
- Online Wallets: These wallets are accessible through a web browser and usually offer an easy and fast way to manage your coins. Just make sure the service is secure and reliable. One of the trusted REI wallets is: https://reiwallet.co. This is a non-custodial wallet that interacts directly with the REI Network blockchain. That is, the private keys are stored only on the users’ end. Even if the service is hacked, the attacker cannot obtain wallet credentials. Another advantage is that the owner’s access to the wallet does not depend on the will of a third party – it cannot be blocked, as is the case with exchange and other wallets that are tied to the user’s account.
- Hardware wallets: These are physical devices used to store your coins offline, such as Ledger and Trezor. They provide maximum security because your private keys are stored offline. Without physical access to the device, it is basically impossible to hack such a wallet.
Choosing a REI Network (REI) crypto wallet
When choosing a crypto wallet for REI Network (REI) coins, it is important to consider the following factors:
- Security: Pay attention to the security measures offered by the wallet. The wallet must be able to store private information and perform transactions in a secure environment.
- Usability: Choose a wallet with a user-friendly interface that suits your needs and experience.
- Functionality: Find out what features the wallet offers. Some wallets may offer additional features such as integration with other services and support for third-party tokens.
Don’t forget that choosing a crypto wallet is an important step that can affect the security and convenience of your REI Network (REI) coins. Try to read user reviews and do your own research before making a final decision.
Features of REI Network (REI)
Below you will find the main characteristics of the REI Network cryptocurrency.
| Name | REI Network (REI) |
| Ticker | REI |
| Type | Utility токен |
| Market Cap | $56,644,727 |
| Price | $0.05976 (as of the end of September 2024) |
| Circulating supply | 950,000,000 REI |
| Maximum supply | 1,000,000,000 REI |
| Consensus Algorithm | Proof of Stake (PoS) |
| Mining Algorithm | No mining |
| Website | https://rei.network/ |
| Release year | 2021 |
Technological features and innovations
One of the features of the REI Network REI cryptocurrency is its ability to execute transactions instantly. Through the use of a consensus algorithm, the transaction confirmation time is reduced to a few seconds. This allows users to quickly make payments and participate in various transactions.
Another innovation of the REI Network REI cryptocurrency is its ability to provide unique features within the blockchain system. The possibilities of integration with smart contracts, the development of dApps and the creation of own ecosystems are a clear demonstration of the advantages of this platform.
Can I mine the REI network?
No, REI cryptocurrency does not support mining because it does not use Proof of Work (PoW) based consensus algorithms, which require mining blocks using computing power. Instead, REI Network runs on the Delegated Proof of Stake (DPoS) consensus algorithm.
The operation of the network is ensured by trusted nodes (TrustNodes). The requirements for opening such a node are quite strict. It is necessary to purchase about $20 thousand worth of coins, and in addition, to have the status of a legal entity with its own website or page in a social network.
For this, the owner of the node will receive remuneration from the funds allocated by the GXChain Foundation to pay for the work of nodes.
REI Network’s economic model details, including coin count and distribution
Total number of tokens
Initially, 1 billion REI tokens were issued. These tokens were created at the time of the brand change from GXChain to REI Network.
Token distribution:
- 60% of the tokens (600 million) were distributed to GXChain users via the airdrop mechanism, where GXC token holders received an equivalent number of REI tokens.
- 20% (200 million) was reserved for the community, partner initiatives, and ecosystem incentives.
- 10% (100 million) is earmarked for the team and developers.
- 10% (100 million) is earmarked for future network development, such as marketing and infrastructure support.
Halving
The REI Network does not have a halving mechanism, which is typical of blockchains such as Bitcoin. This means that rewards for network participants, such as validators or stakers, do not decrease over time on a regular basis.
Rewards and staking
Instead of halving, REI Network uses an incentive mechanism through token staking. REI owners can block their tokens to receive rewards for keeping the network running and secure.
Thus, REI Network’s economic model aims at stable ecosystem development and incentivizing participants without the changes associated with decreasing issuance through halving.
The main ways to use REI Network
Development of decentralized applications (dApps)
REI Network supports the creation and launch of dApps, which opens up a wide range of opportunities for developers in areas ranging from financial services to social networking and gaming.
Developers can use the network to build applications with low transaction costs, making it attractive for scalable solutions.
Asset Tokenization and NFT
REI Network makes it easy to tokenize a variety of assets, including digital and physical assets. This includes both simple tokenization of cryptocurrencies and the creation of non-fungible tokens (NFTs) that can represent unique digital assets such as artwork, collectibles, gaming objects and more.
Staking
REI token holders can participate in staking by blockchaining their tokens for rewards. This process keeps the network secure and decentralized while giving users the opportunity to earn additional tokens.
Voting and Governance
REI Network allows token holders to participate in the governance of the network through a decentralized voting system. REI owners can vote for network updates, proposals for ecosystem changes, or other important issues, allowing them to influence the future development of the project.
Low fee micropayments and transactions
Due to its high performance and low fees, REI Network is suitable for micropayments. This opens up new opportunities for applying blockchain to everyday transactions and the digital economy, including subscriptions, content payments and other forms of digital payments.
DeFi (Decentralized Finance)
REI Network supports DeFi applications, including decentralized exchanges (DEX), lending and borrowing platforms, stablecoins and other financial products. This allows users to manage their assets without intermediaries, increasing the security and transparency of transactions.
Cross-chain interoperability (Cross-chain)
REI Network is working on integrating with other blockchains through cross-chain interoperability mechanisms. This means that tokens and applications can move freely between different blockchains such as Ethereum, Polkadot and others, increasing the flexibility of using the network.
REI Network (REI) Forecasts and Prospects
REI Network (REI) cryptocurrency has significant potential for development and growth in the future.
Specialists note the opportunities of REI Network (REI) in real estate, entrepreneurship and investment. This cryptocurrency can become a tool for exchanging digital assets, reducing costs and simplifying processes.
Forecasts regarding the price of REI Network REI indicate its potential for growth. With the increasing use of the cryptocurrency and growing demand for it, the price of REI Network REI could increase significantly.
It should be noted that forecasts and expectations for REI Network (REI) currency can change depending on a variety of factors, including regulatory actions and worldwide economic conditions. It is important to conduct your own research and consult with professionals before making decisions to invest or participate in REI-related projects.
Where to buy or exchange REI Network (REI)?
At the moment, REI Network (REI) cryptocurrency can be purchased or exchanged for other cryptocurrencies on the following popular exchanges: Binance, OKEx, KuCoin.
Before buying or exchanging REI Network (REI) cryptocurrency, it is recommended to do your own research and familiarize yourself with the terms of use of each exchange.
Comparison of REI Network (REI) with other coins
Compared to other cryptocurrencies, REI Network has a number of advantages:
Fast transactions
REI Network is based on a platform with low fees and fast transaction speeds. The average transaction processing speed is a few seconds, making REI Network one of the fastest cryptocurrencies.
Decentralization
REI Network operates on the principle of decentralization, which means there is no central governing body. This makes the REI Network independent and resistant to outside interference.
Security
REI Network utilizes advanced cryptographic methods to ensure the security of transactions and user accounts. This is especially important in the cryptocurrency industry where security is a priority.
Environmentally friendly
REI Network uses algorithms that consume less energy compared to other cryptocurrencies. This makes it a greener and more energy efficient option.
REI Network (REI) offers unique features and advantages compared to other cryptocurrencies. Fast transactions, decentralization, security and eco-friendliness make REI Network an attractive option for investors and users.
Regulation and legislation
Many countries are gradually developing and implementing specific legislation to regulate cryptocurrency assets and ICOs. Some countries have adopted stricter measures and introduced bans on the use and exchange of cryptocurrencies, while others have developed more loyal and flexible rules for their use.
It is worth noting that REI Network (REI) cryptocurrency can be categorized differently in different countries. It can be considered a digital asset, electronic money, financial instrument or any other legal definition.
In most countries where REI Network (REI) cryptocurrency is a legal medium of exchange, general Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations and requirements apply to all financial institutions and services.
Before using REI Network (REI) cryptocurrency and participating in an ICO, it is recommended that you familiarize yourself with the laws and regulations applicable in your country. To ensure your safety and protect your interests, be sure to comply with legal requirements and follow the recommendations of government authorities and regulators.
REI Network’s development plans and upcoming updates
REI Network continues to strengthen its position as a high performance, low transaction cost blockchain network. Key areas of development include performance improvements and ecosystem expansion.
Key elements of the development roadmap:
Scaling and improving performance: Work is underway to improve the network by introducing advanced technologies such as rollups and sharding, which will increase transaction processing speed and improve network decentralization.
Expanding the ecosystem: Throughout 2024, the REI Network ecosystem will be expanded with new projects such as StarProtocol and Upton Finance, providing users with opportunities to steak and increase returns through integration with the NerveNetwork.
FreeStake and the Free Economic Model: This economic model continues to provide users with free transactions when steaking, making the network more accessible and profitable to use.
Support for GameFi and NFT: REI is actively developing the integration of DeFi, GameFi and NFT in an effort to bring these areas into its ecosystem, increasing diversity and appeal to developers and users.
Final analysis of REI Network (REI) cryptocurrency uniqueness and prospects
REI Network (REI) is a cryptocurrency with unique characteristics and development prospects. Its decentralization and innovative features attract users and potential investors.
Moreover, REI Network (REI) has significant growth potential. With the growing interest in cryptocurrencies and their increasing popularity, REI may become an attractive investment asset. Furthermore, an ICO is planned, which may attract new investors and increase token value.
Article and permission to publish here provided by Jamie Martinez. Originally written for Supply Chain Game Changer and published on October 7, 2024.
All images provided by Jamie Martinez.