What is GateToken (GT)?

GateChain is a public blockchain designed for secure digital asset transfers, with a strong focus on ensuring asset safety. At the core of the network is its native token, GateToken (GT), primarily utilized for covering transaction fees. Additionally, GT holders have the option to stake their tokens to validate transactions and contribute to network security, earning rewards in return.

One of GateChain's notable features is its on-chain wallet, allowing users to directly manage their digital assets on the blockchain itself. This eliminates the need for third-party wallets, enhancing control and security. Moreover, the platform is seamlessly integrated with the Ethereum Virtual Machine (EVM), enabling the straightforward deployment of Ethereum-compatible smart contracts on the GateChain network.

Who are the founders of Gate Token?

GateChain was introduced by Gate.io, a prominent international cryptocurrency exchange, in the year 2018. The parent company, Gate.io, is recognized for its global presence in the crypto trading sphere. Gate.io is headquartered in Zurich, Switzerland, and was established by its founders Thomas Kofler and Wassilios Lytras, as indicated by the information available on Crunchbase.

The launch of GateChain by Gate.io highlights the exchange's commitment to exploring innovative solutions within the blockchain and digital asset landscape. This move further emphasizes Gate.io's role as a significant player in the cryptocurrency sector, with initiatives extending beyond traditional exchange services to include the creation of blockchain platforms like GateChain.

What makes GateToken unique?

GateChain sets itself apart with its swift block time of just 4 seconds, ensuring rapid transaction confirmations. Moreover, it achieves impressive scalability with a capacity for up to 2,745 transactions per second (TPS). These features contribute to a highly efficient and responsive network.

The platform offers the advantage of low gas fees, as low as $0.0001 per transaction, making it cost-effective for users to engage in activities on the network.

GateChain also provides an environment where developers can design and deploy their own smart contracts, offering a broad spectrum of potential applications across various domains.

In a bid to entice developers to transition their Ethereum-based decentralized applications (dApps) to GateChain, the platform introduced an 'EVM account' category and expanded its account system. This move facilitates a seamless transition for Ethereum dApps to operate within the GateChain ecosystem. Additionally, GateChain supports Ethereum's 0x address format, allowing users to utilize the same address on both networks, eliminating the need to create a new account on GateChain. This interoperability promotes convenience and ease of use for users navigating both platforms.

Explain network security in GateToken.

GateChain employs a proof-of-stake (PoS) consensus algorithm for its security mechanism. Through this system, users have the opportunity to stake their GT tokens, effectively becoming validators tasked with safeguarding the network's integrity and validating transactions. In return for their role in maintaining the network's security and processing transactions, validators receive a portion of the transaction fees, which are paid out in GT tokens.

To further bolster asset security, the GateChain team has introduced an on-chain safety account. This account type, along with customizable time-delay recovery features, provides users with enhanced protection for their assets, even in scenarios where private keys are compromised or hacked. This emphasis on security measures underscores GateChain's commitment to providing users with a secure and reliable platform for managing their digital assets.

What are the recent developments of GateToken? 

GateToken (GT), the native asset of the GateChain blockchain, burned approximately 1.6 million tokens in Q2 2023, reducing the circulating supply by half. The current manual buyback and burn strategy will transition to an on-chain automated system. Over 160 million tokens have been burned since 2019. Future plans include introducing an auto-burn mechanism based on transaction activity and enhancing Layer 2 support and cross-chain functionality in 2024. GateChain's enhancements include Gate Web3 for decentralized applications and Gate Wallet for users, expanding GT's utility. With its versatility, improving mechanisms, and expanding ecosystem, GateToken holds significant potential.

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