To promote the development of blockchain technology and its applications in the real world, GateChain research focuses on studying principles and applications around on-chain trading safety.
The major innovation of GateChain is:
1) Put forward and implemented an on-chain “Vault Account” . This type of account has safety features allowing revocable transaction and damaged private key restoration, thus providing a novel blockchain safety solution to individuals, enterprises and asset sensitive banks.
2) A transaction model that supports retractable logic which is called RTM(Revokable Transaction Model).
Vault Account Security-Safeguarding Mechanism
In GateChain, we have single-sign wallet and multi-sign wallet.
In order to delivery the efficiency of daily transactions and the secured reliability of cryptocurrency storage, GateChain Wallet has categorized the accounts of both signal-sign and multi-sign into two types: Normal Account and Vault Account .
Normal Account is similar to a Bitcion address that can store asset and is suitable for daily use. Asset in this type of account can be sent instantly and is irreversible once confirmed in blockchain. Lost private key can not be restored.
Vault Account is a new type of account that allows revocable transactions in tfhe case of theft and private key restoration in the case of lost or damaged private key. Transfer asset in this type of account have to wait for a preset period of time. It is suitable for storing and protecting large amount of asset that is not for immediate use.
With Vault Account, there are some attributes that needs to be set up to better safeguard the security of your digital funds,including :
1/Retri Account : the preset account bound to a Vault Account. When a transaction in vault account is revoked, the transaction asset will be moved to this account.
2/Revocable Delay Period : The time duration within which transaction transfer from vault account is revocable. During this time of period (calculated by blocks), recovery of transaction is possible by initiating a “revoke” operation to return the transaction to “Retri Account’.After the revocable period, transaction can not be revoked.
3/Clearing Height:it is a future time. At the time when this future block height is hit, the asset in the account will allow clearing.
How RTM (Revocable Transaction Model) Works
If you were in the offline transactions with others and the money had been given to the other side, the sellers could have the call to return back their coins with you left with nothing . That would be miserable!
To solve this problem, GateChain uniquely developed the RTM (Revocable Transaction Model ).The RTM has tow subdivisions ,including :GateChain Address Types and GateChain Transaction Types.
1.GateChain Address Types
Like what has been mentioned above,GateChain have two main account types, Normal Account and Vault Account. For every type of the accounts , RTM attributes different identifier to the start their respective addresses.
Normal Account:start with “gt’’. “gt1” indicates a single- signature Normal Account, and “gt2” indicates a multi- signature Normal Account.
Vault Account:start with “vault’.“vault 1” indicates a single- signature Vault Account, and “ vault2” indicates a multi- signature Vault Account.
With the address identifier mechanism invented by GateChain, the recipient account can easily identify the sending account’s type and set confirmation requirement accordingly.If it is from a Vault Account, confirmation is safe only after revocable delay period.
2.GateChain Transaction Types
GateChain has many transaction types. To identify different transaction types efficiently, GateChain creatively provides transaction type identifier.Below are identifiers different transaction types start with:
Irrevocable Pay:“INREVOCABLEPAY-”
Revocable Pay:“REVOCABLEPAY-”
Account Set: “ACCOUNTSET-”
Vault Create:“VAULTCREATE-”
Revoke: “REVOKE-”
Vault Clear:“VAULTCLEAR-”
Untitled: “BASIC-”
In practice, GateChain essentially solves the safety problems in on-chain trading and management for individuals and banks.
In September 30,2019, Gate.io has already launched GateChain Testnet.For more information and step by step instructions of how to participate in GateChain Testnet, please check the announcement page in our official
website :https://www.gateio.co/article/17035
We welcome your valuable suggestions to help us continuously improve the blockchain, and look forward to the launch of the GateChain Mainnet.
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