Recently，there have been discussions on the security concerns surrounding some of the world’s best-known exchanges, with crypto worth millions of dollars being lost through hacking attacks on an alarmingly regular basis.
Many blockchain-based innovations have also been rolled out in multiple exchanges and public blockchains. One of them is GateChain’s ground-breaking RTM, a transaction model that supports retractable logic which called RTM(Revokable Transaction Model), which implemented a guaranteed safe clearing mechanism, creatively solved the challenging problem of asset theft and private key missing.
How does RTM work?
GateChain uses the dual account system: a normal account and a vault account.
A normal account, the fund storage account similar to the bitcoin address, can be used for quick payment. Once the payment is confirmed on the chain, it cannot be withdrawn, nor can it be recovered after the loss of the private key. Therefore, it is suitable for storing a small amount of cryptos for daily payment.
Vault account, suitable for storing and protecting large amounts of funds outside of daily use, sends out transactions that are revocable.
GateChain does not support vote cancellation like EOS, nor is it a lightning network to cancel pending transactions. Instead, the original RTM(Revocable Transaction Model) was applied. When creating a vault account, Retri Account, Revocable Delay Period and Clearing
Height must be set.
Retri Account， When a transaction in the vault account is revoked, the transaction asset will be moved to this account.
Revocable Delay Period, During this time of period (calculated by blocks), recovery of the transaction is possible by initiating a “revoke” operation to return the transaction to “Retri Account’.
Clearing height, At the time when this future block height is hit, the asset in the account will allow clearing.
So that’s the answer to the prevention of stolen funds and lost private keys. When hackers use your account to transfer funds, or you did your transfer wrong, you can easily revoke your funds as long as it is within the revocable delay period, so no worry for fund is stolen. But if the revocable delay period is passed, it cannot be revoked.
How do you benefit from GateChain’s Security Features
How do you retrieve the asset if you lose your private key? The clearing height set when creating
an account will come in to use and you can set it to be several months or even years. When the private key is lost, the account is like a safe without the password. When the preset clearing height is triggered, the funds in the account are automatically returned to the set retri account. This mechanism makes it possible to retrieve the asset if the private key is lost.
In order to prevent someone from using the retractable mechanism to commit illegal acts, the account address and TXID are differentiated.
Normal Account starts with “gt’’. “gt1” indicates a single- signature normal account,
and “gt2” indicates a multi-signature Standard Account. Vault Account starts with “vault’.“vault 1” indicates a single-signature Vault Account, and “ vault2” indicates a
multi-signature Vault Account.GateChain also provides a multi-signature wallet, which is suitable for multi-party cooperation in asset management. It can not only avoid the loss of one-party private key, but also provide a better solution for multi-party cooperation in asset management. The “m-of-n signature” mechanism is adopted, and “n” members can be set to manage the private key autonomously.
Only after “m” members sign can the asset be transferred out.
In the Gatechain.io blockchain browser, you can also set up a monitor for the specified address. Once
there is any abnormal transaction from the address, you can immediately receive alarming messages or emails.
Last but not least，with backup function of GateChain wallet, basically it is guaranteed to give you Well-rounded asset security protection.
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