The main intention of Coin Guides is to bring awareness among people who are new to cryptocurrency and blockchain economy. With so many projects keep releasing day to day it’s you that have to research on what to invest and what not to. We are not financial advisers, we just provide cryptocurrency guides and all opinions on a coin are based on our own analysis; so always do your own research. The reason we are stating this at the beginning of this guide is to ensure that users shouldn’t go by our views. Please note that coin guides is only to educate the community and we are not here to shill any projects. Alright! Here in this article we are going to see about ReefCoin – A new crypto currency that is going to save the coral reefs and marine life’s.
This is a complete beginners guide on ReefCoin wallet setup and Reef Coin mining. But before we see how to mine we’ll discuss what’s ReefCoin, why all the fuss among miners and what’s so special about this cryptocurrency.
Cryptocurrencies in general:
Cryptocurrencies are digital assets. They are decentralized in nature which works without any central authority. They protect your privacy, gives freedom of transaction, easy to use, fast, durable, portable and highly secure. The basic idea behind cryptocurrency is to give true financial power to the people. With such a wonderful technology have you ever wondered why Cryptocurrencies can’t go mainstream. It’s because of Exit scams, dead coins, tokens, ICOs and tons of lame projects that’s been revolving around cryptosphere.
Since most of the crypto projects are open source you can easily fork any coin and release your own. You can slightly modify the code then and there and release a unique project by stating that this is the first ever coin to introduce this. Then it’s all about marketing strategy and how you build up hype for the project. There are many means and ideas for promotion. For example you can highlight the coin’s transaction speed, network security, rewards system, and other aspects that it can provide through blockchain. But recently some projects have ran out of idea and went to a whole new level.
Now crypto currencies can save insects, wildlife animals and basically they are in a mission to save the world and the universe.
Recently we came through this new coin called Reef Coin that is going to save marine life and coral reefs. Let’s see how it’s going to save!
Reef Coin (REEF) – Saving coral reefs one block at a time
ReefCoin is a new decentralized cryptocurrency that aims to restore coral reefs around the world using blockchain technology. There is no ICO, no premine, no masternode presale and more importantly it’s a fair launch. It’s a crypto currency dedicated for marine restoration by revolutionizing the Billion Dollar industries that depend on coral reefs and marine life’s. Developers say that by combining technology and nature; this coin is going to shape the future of coral reefs. Wondering How?
Here is their promotional video:
Actually crypto currency or blockchain technology can’t save the world or coral reefs directly or physically. But then they can cause a slight impact by funding charities and partnering with animal rights organization. Developers say that Reef coin is going to save the coral reefs by partnering with conservation groups. Wait!? If there is no pre-mine and if it is a fair launch where does all the fund comes from? There is a 10% founders reward on each block which goes towards developing the project, exchange listing etc and part of it goes to Coral Reef charities “says the founder“.
Aside from all this; Reef Coin was announced on May 2018 and the Mainnet was launched just Yesterday. It is not listed on coin market cap and there is no exchanges yet. OK, let’s take a look at its features and specifications before getting into ReefCoin mining guide.
Reef Coin is a fork of Pigeoncoin which is a fork of Raven Coin. ReefCoin uses X16S mining algorithm, got 1 minute block times and has a block reward of 5000 REEF (Actually after 10% founders reward it is 4500 REEF / block). While it looks like a clone of Pigeoncoin it offers Masternodes which secures the network additionally and brings in some privacy features. Also they changed the block difficulty retarget algorithm to Dark Gravity Wave. It retargets every block instead of every 2016 blocks which is actually good when coins like Pigeoncoin is hugely getting affected because of this.
Coin Type: PoW, PoS, Masternode
Block Time: 1 Minute
Total Coin Supply: 25 Billion
Block Reward: 5000 REEF
Difficulty Retargeting: Every block using DGWv3
Masternode Collateral: 500,000 REEF
Founders Reward: 10% on each block reward
Whether you are looking to solo mine or pool mine you’ll need a wallet address first to receive coins. Currently ReefCoin offers QT wallet. It is available for Windows, Mac OS and Linux. You can download the wallet from GitHub Page. It is similar to Bitcoin core wallet. Just download the latest version, unzip it and complete the wallet setup. If the wallet is not connecting to the network or synchronizing then try adding nodes which should do the trick.
Since ReefCoin has masternodes the wallet has some added features like mixing and staking. Mixing feature is basically private send that increases transaction privacy and we’ve explained about it in GoByte wallet setup guide. Also with the aid of masternode this wallet offers features like Instant send, governance / voting system and budgeting / treasury system. Aside from this there is nothing interesting or important so let’s move on to ReefCoin mining.
How to Mine ReefCoin (REEF) – X16s (CPU / NVIDIA / AMD)
When a coin is announced on Bitcoin Talk there will usually be a hype created by the community. It may due to the technology that it offers or the way the promotion was done. But this Reef coin has created so much hype among the miners and guess what? Within few hours of its launch the network hashrate was around 100 GH/s. When it’s clear that there is no distinctive tech behind Reef Coin do you think the hype among miners is to save coral reefs at one block at a time? No, the reason for the hype is fair start and solo mining.
The announcement was made public and everyone was given a fair chance to mine from genesis block. It is a nice idea that actually encourage miners and this is what lured more miners to this project in a short period of time. The idea was to give everyone a chance to solo mine either using CPU or GPU. To achieve this they had to block pool mining until block height 500 with a block reward of 0 per block. But then some pools found a workaround to enable GPU pool mining from the start. This resulted in huge spikes in network hashrate making impossible to solo mine those early blocks. We don’t know what’s up with the 0 block reward but still miners mined all those blocks without getting any incentives. Too much waste of energy there to be fair.
Another interesting thing is founders reward of 10% on each block. That’s the fund to create first Masternode so the pools can actually open up. But since pools have bypassed this already there is no point in that. Also instead of enforcing founders rewards into blockchain code they failed tremendously and coded this only on official pool. Now in official pool the block reward is 4500 REEF (500 goes to founders wallet) and on all other remaining pools its 5000 REEF. With such a misconception part of the community have lost interest in this coin already. Anyways, if you are looking to mine Reefcoin then follow the guide below.
Solo Mining ReefCoin
To solo mine using CPU (which is pointless and you won’t get anything out of it) open your wallet, navigate to the Debug Console and input the following command in console window:
setgenerate true -1
Note: -1 = 100% CPU usage. For less CPU usage replace -1 with the desired number of CPU cores.
GPU solo mine:
To solo mine using GPU (Due to high network hashrate solo mining is not recommended) open your wallet configuration and input the following.
rpcuser=reefcoin rpcpassword=x rpcallowip=127.0.0.1 rpcallowip=192.168.1.1 rpcallowip=192.168.1.2 rpcallowip=192.168.1.3 rpcallowip=192.168.1.4 rpcallowip=192.168.1.5 rpcport=9999 server=1 listen=1 daemon=1
Next download the latest version Nevermore miner for NVIDIA and Avermore miner for AMD. Note that Enemy Miner doesn’t have solo mining capabilities. Once you are ready with the miner, create a new batch file and input the following and save the file.
ccminer -a x16s -o http://127.0.0.1:9999 -u reefcoin -p x --coinbase-addr=RHCoxCWtqX1JwZ1nez6kF7ULP2RCdkF2JV -i 19 --no-longpoll pause
Make sure to replace your wallet address. Once done start the batch file and it will start mining. But as we said this is not recommended and due to high network hashrate we suggest you to pool mine ReefCoin. First let’s see the list of all mining pools available for Reef coin.
ReefCoin mining pools:
Note that the below list of mining pools are taken from official website and we’ve not verified them. Also due to horrible exploit in chain some popular pools have already disabled this coin so kindly research on this before you join a pool.
icemining.ca pickaxe.pro alttank.ca bsod.pw hash4.life angrypool.com fairmine.pro pool.coinharvest.io spool.cloud saltpool.net hive.gulfcoastmining.com protopool.net pool.reefcoin.io nlpool.nl
If you don’t know how to join the pool or configure the miner then make use of this ccminer guide.
Sample config: Nevermore
ccminer -a x16s -o stratum+tcp://eu1.arcpool.com:1730 -u RHCoxCWtqX1JwZ1nez6kF7ULP2RCdkF2JV -p c=REEF pause
@echo off :start z-enemy -a x16s -o stratum+tcp://pool.alttank.ca:4643 -u RHCoxCWtqX1JwZ1nez6kF7ULP2RCdkF2JV -p x -i 20 goto start
Cryptocurrency and blockchain technology is all Internet of things. Blockchain can change the world and change the way we interact with things but they are in no way connected to physical world. So not just ReefCoin, but remember that any cryptocurrency that says that it is going to save the nature or planet are just their way of promotion. They may seem transparent and trust worthy at the beginning but project like this doesn’t live up to its promises. Even with public voting system where people can decide on where charity funds should go; you don’t really know where those funds go in the end.
Its May 25th and official GDPR day which is all about data protection and user privacy. In addition to that it is equally important to protect yourself from fraudulent schemes and activities. We are not here to spread FUD on any coin, its fine if a coin fails but no users should be affected in any way which is what mostly happening in crypto space.
Final thoughts and opinion on ReefCoin:
Even though ReefCoin is a clone of Pigeoncoin they managed to add masternodes to their network and implemented DGW to adjust difficulty every block. Aside from this there is nothing new this coin offers except with a statement of saving Coral Reefs. In fact nobody actually cares about coral reefs or marine animals. They are all in a rush to accumulate masternode. We think this initial hype won’t last longer. But hey, after all its just our opinion and views. Whatever! In the end only projects that have a strong community support succeeds. Its people like you who actually give value to the project matters.