Gate.io launches Gatechain Testnet on September 30.
Gatechain creatively solves security issues such as losing private keys and asset being stolen.
There are two unique innovation that makes GateChain hack-proof
1/ Duo Account Setup: Normal Account and on-chain Vault account
2/GateChain’s Revocation Transaction Model (RTM)
Duo Account of GateChain Wallet
In GateChain, we have single-sign wallet and multi-sign wallet. A single-sign wallet can be understood as a personal wallet. You are the sole owner and decision maker of the funds on that wallet. Multi-sign wallet has been devised for enterprise or institutions. Allocating the funds is a group decision , one has to obtain the consent from the majority of the organization .
GateChain wallet can run locally without you signing up or logging into any
account.However to get it started, you should set an unlock password. This is absolutely crucial and if lost may cause asset loss.
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 .
The digital funds in the Nomal Account can be paid instantly and are not reversible once the payment is set. Meanwhile, users are unable to retrieve the lost private keys,similarly to the bitcoin addresses.
On the other hand, 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For example,If you set that the funds in the vault account needs 2 days to be withdrawn or revocable , then within 2 days after your account gets hacked ,you can easily initiate a revoking request to immediately recover the stolen funds to the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.
GateChain’s Revocation Transaction Model (RTM)
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!
So you may ask why set up this retractable blockchain mechanism if it defects the whole purpose of data irreversibility ?
In some typical scenarios, such as misoperations, financial fraud and hacking ,
transactions retrieving is almost always required. But it happens a lot that users often blur the concepts of “transaction status revocable” and “business status revocable.”
From a business perspective, the irreversibility of blockchain transactions provides a low-cost mechanism for data security , which is considered to have multiple application scenarios. Nevertheless , from users’ view point, data undoing and modification is undoubtedly a necessary function of an effective business system .
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.
We welcome your valuable suggestions to help us continuously improve the blockchain, and we look forward to the launch of the Gatechain Mainnet.
Other safety Specility Specialties
The GateChain wallet also supports backup and restoration combined with the account monitoring function provided by GateChain Explorer in case of device changing and wallet hacking .
At testnet phase, GateChain provides desktop wallets for Windows and Mac OS; professional users can also access and test using API. At mainnet phase, GateChain will provide command-line wallet, mobile wallet for Android and iOS, Web wallet, multi-signature wallet, and hardware wallet, to cater to individual, professional and enterprise users.
Now, you can go to GateChain’s official website (http://www.gatechain.io/wallets ) to download the corresponding Windows or Mac OS version.For step to step user instruction video， please check this linkhttps://www.gate.io/article/17035.
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: