The total market of crypto-assets has increased dramatically in the last two years from several billions to $2252 B . Yet ,there are limited ways to access crypto-related asset management. Gatechain aims to contribute to that by the account duo: Normal Account and On-Chain Vault Account.
GateChain offers two types of accounts, Standard Account and Vault Account, to meet the efficiency demand in daily payment and safety demand in asset storage. Standard Account allows instant payment and transaction is irreversible. It does not allow restoring lost private key. similar to the features of a bitcoin address. While the onchain Vault Account allows revocable transaction and private key restoration.
By combining both types of accounts, GateChain provides complete safety
features to its users.
1. Individual Assets management:
GateChain provides individual user two types of accounts, a Standard Account and a Vault Account. Standard Account is used to store a tiny fraction of assets for daily use while Vault Account is used to store the majority not in immediate need. The vault account can set a transfer delay period, 2 days for example.
For every day transaction, user can use assets in the Standard Account just like he is using bitcoin: transaction is confirmed upon payment and is reversible. In the worst case when the Standard Account’s private key is lost or stolen, his loss is limited to the small portion. Risk is till under control.When the asset in the Standard Account is insufficient, he can transfer more from the Vault Account based on his plan. The transfer will be received with a 2 days (example) delay. If theft is found during the delay period, he can simply initiate a “Revoke” request. The stolen transaction will be revoked and moved to “Retri Account”.Loss is avoided.
2. Legacy or Grant auto-release:
Digital asset inheritance has been a headache to many as it can not be handled by a middle man like bank assets and real estate under the existing applicable laws. The private key of digital assets is usually kept by the holder himself for security reason. Without complicated processingprocedures, digital assets will be frozen forever following the death of the holder and leave his lawful heir no way to access to his legacy. Vault Account at GateChain supports releasing digital asset at a preset future time point to predefined beneficiary, without worries about private key missing or theft during this period. As long as one can set a digital asset distribution ratio and release time when he is able to do it, his digital asset will be transferred to his named beneficiary accordingly. This asset processing method can also be used in other scenarios like scheduled fund granting. For example, if parents want to give their children some digital assets when they are 18 years old to fund their development after they have grown up. The parents can specify at their own Vault Account to send a certain amount of digital asset to their children’s when they are 18 year old.
3. Safe Storage of Bank Asset:
Bank assets storage demands an extremely high level of safety. The prevailing mechanisms in blockchain industry are cold storage and hardware wallets. But these mechanisms can not 100% guarantee the safety of blockchain asset, especially when it comes to asset risks arising from private key damage. These issues have significantly limited the possibility of blockchain asset massive adoption.With GateChain’s Vault Account, bank can set a longer transfer delay time to significantly reduce asset storage risk. Besides, GateChain also support Vault Accounts cascading, which can exponentially reduce risks of theft.
In practice, GateChain can achieve approximate 100% safety for asset storage at a very low cost.Just like the possibility of Bitcoin being brute force attacked is close to zero in practice, though not 100% safety in principle, it is already 100% safety in practice. In addition, pocket money wallet and hardware wallet technologies can still be used to give it further protection.
With blockchain technology constantly evolving and gaining its momentum ,
GateChain will continuously reinvent itself in a perpetual striving for innovation to gain a competitive edge. 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 of GateChain Mainnet. To keep up with our latest progress, please follow our social media account down bellow:
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