Despite the huge size of the crypto market cap, Ethereum is still the clear leader dominating smart contract space. In terms of Total Value Locked (TVL), Ethereum still maintains about 60% of the smart contract market up to March 2022.
However, in the past 18 months, a large number of Ethereum competitors have been challenging its leading position.By adopting low-fees and faster transactions,as well as marketing campaigns to build up momentum and occupy a growing share of the market.
In the early 2021,non-Ethereum blockchains accounted for less than 3% of smart-contract TVL, but now the number has risen to more than 40%.
In 2021, the competition of "new public chains" has been a hot spot in crypto, and all the major public chains have experienced strong adoption and settled more transactions.REI Network is also one of the public chains that should not be overlooked.REI Network innovated a new mechanism--staking to get free on-chain resources.How does REI Network achieve high performance? And how does it complement the Ethereum public chain?
Bottlenecks of Ethereum,Chances of REI
Ethereum’s current bottlenecks are obvious,including network congestion,high gas fees，low scalability and other issues. And the smart contract market is growing faster,many new users are intimidated by higher transaction fees and lower speed of Ethereum at their first attempt.REI Network is just right to solve the current bottleneck of Ethereum,doing it faster and cheaper.
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REI Network adopts Proof of Stake which is an algorithm employed in Ethereum 2.0, validating proposed blocks through the election of trust nodes.In oder to keep the whole network running,REI Network Foundation give $REI as incentives to voters and nodes every year.The REI Network has also developed an innovative free model, which enables free on-chain resources and transactions by staking REI.To a certain degree, this mode reduces the threshold and cost for users to complete on-chain transactions.
REI Network is EVM-compatible
Ethereum and Ethereum Virtual Machine (EVMs) are too popular to completely outperform, thus many competitors are trying to increase EVM compatibility. REI Network has never declared to be an "Ethereum Killer", but has actively chosen to be compatible with EVM, taking advantage of the reputation of Ethereum and willing to be "the test field" of it.The REI Network blockchain can be used to run smart contracts and is also compatible with EVM, allowing Ethereum developers to easily bridge on-chain applications and making user operations simpler.
The Future of REI - DAO
REI Network also mentions the future goal:to be a DAO and hand over the community governance control.The DAO can decide the development direction of REI Network, such as node campaigns, ecological incentive distribution, GAS fees.The DAO will link the community and contribute to the development of the whole public chain in the meantime.
The Catalyst - GameFi
According to the official news released by REI Network before, GameFi will be the track that REI Network focuses on developing. Due to the limitation of Ethereum,it is just suitable for REI Network to concentrate on GameFi applications which require high tps and frequent transactions.
Summary
REI Network tries to leverage the best parts of the existing public chain (EVM-compatible) and make some improvements and innovations (FREE-staking) to drive the ecosystem by providing developers with free gas fees and ecological incentives. With a solid technology team, REI Network runs without any failures in the past four years, REI Network is sure to take its place in the Ethereum-dominated smart contract market, although it is still lagging behind other major public chains.