The value of GT is closely related to the development of Gate.io and the GateChain ecosystem. GateChain solves a lot of complex problems plaguing existing blockchain networks without compromising on any of its decentralized aspects. The entire Gate.io consists of the GateChain Mainnet, GateChain DEX, GT, wallets, and more.
GateChain is also compatible with the Ethereum Virtual Machine (EVM). This allows developers to deploy any ETH smart contracts on its blockchain. In addition, 5% of the repurchase profits will be used for GT R&D, marketing, and ecological promotion https://cryptolisting.org/blog/what-is-an-allowance-for-doubtful-accounts These GTs will never flow back to the market. The total repurchase ratio is as high as 20% (click here for relevant announcements). The GT buyback ratio is increased or decreased every four years based on the market and industry’s conditions.
Main Features of GateChain Ecosystem and Complete Working
GT holders can get to VIP levels and enjoy exclusive benefits such as reduced trading fees, flexible withdrawal limits, faster trading activities, exclusive management services, comprehensive market data, etc. GateToken (GT) is Gate.io’s exchange token and the GateChain public chain’s native token. The token can be purchased from leading crypto exchanges including Hotcoin Global, LBank, HTX, HitBTC, Gate.io, KuCoin, and others. GateChain boasts a block time of just 4 seconds and can achieve up to 2,745 transactions per second (TPS), while offering low gas fees of as little as $0.0001 per transaction. In terms of performance, GateChain’s block time is 4 seconds, with TPS (Transaction Per Second) up to 2,745, and gas fees as low as $0.0001 per transaction. As a native token of Gate.io, the token is readily available on the exchange.
- GateChain’s goal is to build an enterprise-level safe and efficient decentralized digital asset storage, distribution and trading ecosystem.
- Its primary use is as a payment for transaction fees and to reward stakers.
- 1.GateChain consensus version will be upgraded to v1.1.0.All nodes participating in the consensus need to upgrade node binary.
- Since it’s a native currency for the Gate.io exchange, the token cannot be mined as in the case of other cryptocurrencies such as Bitcoin.
- As of July 14, 2022, GateChain has over 49,543 addresses, with a total transaction of 1,829,470.
- GateChain is compatible with EVM (Ethereum Virtual Machine); therefore any Ethereum-based smart contracts can be easily deployed to run on GateChain.
The native token of the platform can be purchased from exchanges including Hotcoin Global, LBank, HTX, HitBTC, Gate.io, KuCoin, and others. GateChain, a high-performance public blockchain, offers an enterprise-class secure, and decentralized cryptocurrency storage, trading, and distribution ecosystem. The next-generation public blockchain was introduced in 2019 by Gate.io, one of the biggest exchanges across the globe. Whether GT is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. GateToken (GT) is the unique native currency of the Gate.io exchange, which runs on its own native blockchain, GateChain. The token provides high-performance trading experiences to the exchange’s users with incredible features such as fast transactions and low fees.
It provides most of the sought-out services in the crypto world, which include impressive trading conditions, ETF trading and liquidity mining. GateToken forms the main component of the exchange or any other partner sites that it might have. No part of the content we provide constitutes financial advice on coin prices, legal advice, or any other form of advice meant for you to rely on for any purpose. Any use or reliance on our content is solely at your own risk and discretion. In 2013, he left his career as an investment banker to follow his new passion for Bitcoin and Blockchain technology.
The complete working of GateChain depends on the public and Open PoS mechanism that ensures the decentralization of the ecosystem. The PoS is a cryptocurrency consensus mechanism for making transactions and creating new blocks in a blockchain. If you would like to know where to buy GateToken at the current rate, the top cryptocurrency exchanges for trading in GateToken stock are currently LBank, Hotcoin Global, Gate.io, HTX, and Bitfinex.
How does GateToken Work?
One of the main areas of focus is the reputation, regulation, and security of the chosen platform. GateChain is a combination of GateChain mainnet, GateChain Token (GT) wallets, and GateChain DEX, offering enterprise-grade safety and efficiency for digital asset storage. Some of the key features of the ecosystem include asset issuance, transfer/payment, asset safe storage, multi-signature, and POS staking reward. Users can stake their GT tokens and become validators responsible for security of the network and process transactions in exchange for a share of the transaction fees, paid in GT tokens. To encourage developers to migrate their Ethereum dApps to GateChain, GateChain introduced an ‘EVM account’ type and expanded the account system.
Then, in 2024, GateChain will receive greater Layer 2 support and cross-chain functionality. Together, these enhancements will help make GateToken truly deflationary, increase its decentralization and security, and expand its applicable scenarios and use cases. Bitcoin’s total supply is capped at 21 million, and each halving brings the blockchain closer to that level. Halving happens every 210,000 blocks mined, or about every four years, with the most recent one occurring on May 11, 2020.
Is gatetoken a good investment?
The token was first launched in March 2020 and underpins the GateChain decentralized finance ecosystem. Gate.io uses GT to distribute PoS staking rewards to consensus nodes. Traders can also use GT for short trading on the Gate.io centralized exchange.
The complete work over the platform is done using an EVM account, allowing developers to make the smart-contract-based applications network simple. In addition to this, Gate EVM also supports other Ethereum tools including MetaMask and Remix. Additionally, the new Gate Wallet provides additional support for GateChain users while also providing access to hundreds of other blockchains and thousands of tokens and decentralized apps. MAJURO, Marshall Islands, Aug. 3, 2023 /PRNewswire/ — GateToken (GT), the native asset of the GateChain blockchain, burned ~1.6 million tokens in Q2 of 2023, permanently removing them from circulation. The total circulating supply has been reduced by around half since manual token burns began.
The site expected that GT could have averaged $4.88 in 2022 and $14 in 2025. Its gatetoken price prediction for 2030 said this value could have reached $83.85. GT was issued in 2019 and officially upgraded to the Gate.io utility token on March 2, 2020. The total initial issuance was 1 billion, and then 700 million was burnt. Users can directly purchase GT through the spot market of the Gate.io platform, or they can mine as a consensus node on GateChain, or obtain GT through POS entrusted mining. GateChain focuses on-chain asset safety by introducing novel concepts such as Revocable Delay Period, address type, transaction type, normal account, vault account, retrieval account and clearing height.
Also, users can issue and use tokens to manage and digitalize assets. The ecosystem also offers comprehensive protection and operations targeting abnormal transactions, with uniquely designed vault accounts and clearing technology. GateChain is a next-generation public blockchain, focused on onchain asset safety and decentralized trading. With a uniquely designed Vault Account, primed for handling abnormal transactions, GateChain presents an extraordinary clearing mechanism, tackling the challenges of asset theft and private key loss.