On October 17, GateChain testnet release meetup themed”GateChain building the security,Gate.io guarding the future” sponsored by gate.io was held in Ho Chi Minh City, Vietnam.We are so honored to have our community, blockchain enthusiast and media reporters to visit the event venue and witness the unveiling of GateChain test network.
At the meetup, Marie(Gate.io CMO) and Virgilio( Vice President of International business) delivered a speech entitled “Gatechain Testnet Release, Protect your Onchain Assets”, which introduced GateChain’s project situations, scenarios and ecosystem strategy in detail, which sparked heated discussion and attention.
In order to delivery the efficiency of daily transactions and the secured reliability of cryptocurrency storage, GateChain has categorized accounts for both single-sign and multi-sign wallet into two types: Normal Account and Vault Account .
GateChain’s unique innovation — on-chain Vault Account — has some significant security features for it to address the following issues: the recovery of stolen funds and the retrieval of private keys. Thanks to these innovations, we expect many new teams to develop applications on Gatechain, on both a consumer and enterprise level.
With this type of account ,you can set up < Payment Account > ,< Retrieval Account > and < Revocable Period Blocks > to minimize the potential hacking risk :
For example,If you set that the funds in the vault account needs 2 days to be withdrawn or revocable , then within 2 days after your account gets hacked ,you can easily initiate a revoking request to immediately recover the stolen funds to the [Retrieval Account]and retrieve your funds.
The GateChain wallet also supports backup ,restoration as well as account monitoring in case of device changing and wallet hacking . For more information and step by step instructions, please check the announcement page in our official
website : https://www.gateio.co/article/17035
While conducting offline transactions, your funds may have been allocated to the other party before 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!
In some typical scenarios, such as misoperations, financial fraud and hacking ,
transactions retrieving is almost always required. Currently, the undoing techniques fall into three categories:
1/Ask users to vote and approve the undoing operation,just like what EOS has done.
2/Hardfork to form a new chain, like what Ethereum has done.
3/Utilize lightning network to cancel unconfirmed transactions ,just like what Bitcoin has done .
However, most of these technologies are implemented as prototype systems, and their safety and reliability remain to be verified.
Therefore, the mechanism of Vault account was created through GateChain’s
Revocation Transaction Model (RTM).
It supports revoking current account status for a specified period after which it is impossible to do any revoking.
For the sake of minimizing the risk of malicious abuse of undo function, GateChain adopts two encoding mechanisms to mark the types of different transactions,which can be distinguished by the prefix of the set encoding:IRREVOCABLEPAY and REVOCABLEPAY.
We also subdivided the addresses of normal accounts and vault accounts:
1/‘gt1’ is an single-signed normal account, while ‘gt2’ is an multi-signed normal account.
2/‘vault1’ is an single-signed vault account ,while‘vault2’ is an multi-signed vault account.
The appearance of GateChain shows Gate.io has reached a milestone in terms of on chain assets security and safeguarding cryptocurrencies . And each new creation is a new starting point for Gate.io to let investors have a more convenient and safe experience in both crypto-trading and digital asset custody.
We welcome the valuable suggestions from our users to help us persistently progress towards the future of blockchain technology , and look forward to the launch ofGateChain Mainnet. To keep up with our latest progress, please follow our social media account down bellow:
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