GateChain Key Points Explained
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Blockchain-based projects and applications have emerged continuously and over the years we have seen new public blockchains and tokens based on them popping up in a nonstop pace. The exchange born from this has become the “transfer station” of various digital currencies, which underpins the distribution for digital currency .
But in resent years, the lack of transparency, accountability and professionalism from some exchanges has been yearning for decentralized trading exchanges.
Right now, Compared to their centralized counterparts, most decentralized exchanges can have poor liquidity, lousy user interfaces, lack safety protection to private keys Thus GateChain was born.
With six years build-up of blockchain technology, two years of dedicated research and development ,now we are going to launch GateChain, a revolutionary public blockchain. GateChain uniquely addresses two safety concerns , including :
-1) how to recover stolen digital assets
-2) how to find lost private keys.
Key point №1 — Safety & recovery
In terms of centralized exchange we are seeing right now, they function like traditional brokerage or stock markets and are owned by a company that maintains total control over all transactions.As a result, they are not immune to hacks, smart contract loopholes and opaque operation ,and so on.
Even for decentralized wallet and exchanges, there are many cases of private key loss and user account theft.
GateChain adopts the unique transfer rules to allow the original holder to redeem his or her funds in case of the user’s hot wallet getting hacked, which ensures the safety of user assets.
Additionally, if users ever damaged or lost their private keys , GateChain could optimize the chances for them to get their funds back, which is vital to some huge losses caused by inadvertent user behaviors . This revolutionary innovation will clear the way for blockchain assets to be accepted by the general public.
Key point №2 — Cross chain
The number of digital assets and blockchains are growing at a rapid pace. However, these blockchains remain isolated, operating in their own respective silos. Cross-chain interaction still remains a far fetched problem in terms of technology development.
GateChain is all about settling the matter of blockchain interoperability and scalability. Its blockchain communication protocol will be able to bridge all blockchains in order to facilitate financial transactions. GateChain’s ultimate solution is to create an ecosystem that will enable different blockchains to easily communicate among one another.
It supports one-click taken releasing, and any public blockchain can release its own token held in a smart contract which maintains a 1:1 peg to the native token from GateChain.
Meanwhile, it also provides all the safety functionality, such as private key retrieval, chain management and richer extension interfaces, which give users more diversity, interoperability , security and autonomy.
Key point №3 — Digital Asset Transparency
According to BTI’s report, 17 of the Top 25 CMC(Coin Market Cap) exchanges have faked more than 99% of their trading volume, and 35 of the top 50 exchanges in terms of adjusted trading volume have more than 99.5% of their trading volume being faked. More than 60 percent of the exchanges shown on ranking websites have little or no real trading volume.
Volume-inflating may be the cheapest way to promote an exchange, but it is not conducive to the healthy development of digital currency market.
What’s more, some exchanges has involved in embezzlement of users’ assets and price rigging, deviating from the openness and transparency of blockchain.
All of GateChain’s digital assets is completely on chain traceable. Both individual assets and the token release, as well as the details of each transaction, are processed on chain. Therefore we can fundamentally reinforce compliance and auditability with our platforms.
Key point №4 — User Experience
Although decentralized exchanges are more transparent, open, and secure, problem with them is that they provide for a horrible user experience and confusing steps / transactions.
Also,When it comes to speed , centralized exchanges still have the upper hand. GateChain uses ultra-high speed trading engine and original cross-chain technology,
which makes order placing and matching happen at real time. It only takes 1 second to confirm a transaction and reach instant block finality.
Moreover ,the fee structure would still employ the lowest fee scheme of Gate.io.
Key point №5 — Decentralized exchange
GateChain Token (GT) is the native token of the GateChain main net. GT is used to pay the transaction fee on GateChain main net and part of underpinning infrastructure of GateChain .
On April 2019, we’ve already distributed 200 million GT.
Once GateChain main net is launched ， Proof of Stake(POS) will be adopted as consensus algorithm, which means your cryptocurrency owning percentage can be converted to your mining power and less energy consumption. GT holders can share the benefits of the evolutive progression of GateChain by participating in the operation and GT locking-up .
Key point №6 — Ecosystem
GateChain is developed by Gate.io team. Being a veteran in exchange operating fields for more than six years , we have already built up skilled technical team, established partnerships, strong international community ,all-sided customer service system and many others.
With personal wallets, enterprise multi-sign wallets, hardware wallets and exchanges in our disposal, we believe we can deliver you the interoperability of data sharing and simple functionality from multiple protocols within one single ecosystem.
There is more to come with our pushing to link digital assets services without extra fees, and we will strain every nerve to polish all the parts that make up the whole ecosystem.
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