What is GateChain?

GateChain is a public blockchain dedicated to blockchain-asset safety and decentralised exchange. GateToken (GT) is the native currency of GateChain's ecosystem and is the unique exchange token of Gate.io, a crypto exchange that offers a dynamic trading experience with low fees and speedy transactions. GT was developed to further enhance the exchange’s ecosystem and provide a higher-tier advantage to traders, such as near-instant processing times and zero-commission transactions.

A brief history of GateChain

Founded by Gate.io, a global cryptocurrency exchange established in 2013, GateChain is a next-generation public blockchain, with an on-chain asset safety and decentralised trading focus. GateChain was founded in 2016, and its ecosystem consists of the GateChain mainnet, GateChain DEX, the GT token, and wallets. These are further enforced with enterprise-grade security and efficiency for digital asset storage, issuance, and trading.

GT is the native utility token of GateChain and was formally launched in March 2020 as Gate.io’s official exchange token. GT is a crucial element within the Gate.io ecosystem, as it grants users the benefits of VIP-tier escalation, trading fee debits, and exclusive access to events.

In its early stages, GT was distributed to Gate.io Point purchasers as gifts. Gate.io Point is a point-based system that can be used to deduct trading fees. At that time, the total circulating supply of GT was 1 billion. However, 700 million of these tokens have since been burned, leaving 300 million GT tokens as the current maximum circulating supply, as of June 2022. Subsequently, Gate.io’s buybacks and burning initiatives have made GT a deflationary asset.

Gate.io launched the GateChain Testnet 1.0 in September 2019. This Testnet presented a fresh solution to security issues, such as asset theft and the loss of private keys. Since then, there have been further upgrades to the GateChain, which were Testnet 2.0 and Testnet 3.0, launched in December 2019 and April 2020, respectively. The latest Testnet, Testnet 4.0, is their most significant upgrade yet, with the capability of handling up to 2,000 transactions per second (TPS) while supporting hundreds of nodes.

How GateChain works

GateChain describes itself as an innovative next-generation public blockchain, focusing on on-chain asset safety and decentralised exchange. The network is designed to handle complex transactions while providing a clearing mechanism to handle theft issues, assaults, and private key losses.

GT functions similarly to Binance’s very own BNB Coin. Just as the BNB Coin runs on the Binance Chain, GT runs on the GateChain, developed by Gate.io.

What is GateChain used for?

Users of GT and other on-chain assets can transact their tokens using a wallet or a client-side app. GateChain charges US$0.0001 for each transaction, which is significantly lower than its competitors, such as Ethereum, Polygon, BSC, and Avalanche. On top of this, it is approximately 200 times quicker than Ethereum and capable of processing 2,745 transactions per second (tps).

GateChain enables dynamic and decentralised trading between various digital currencies. This is supported by the Vault Account technology and its transaction model design, which provides a guaranteed safe clearing mechanism and solves the issues of theft and loss of private keys. It also supports decentralised trading and cross-chain transfers while prioritising on-chain asset security.

GT is built on a Proof of Stake (PoS) consensus mechanism that ensures the robustness of the underlying blockchain network.