What Is GateToken (GT)?
GateToken (GT) is the native coin of the GateChain platform, which is a secure, scalable platform and functional with multiple blockchains. GateChain is a next-gen public blockchain focused on on-chain asset safety and decentralized trading. On-chain transactions are the transactions that occur on the blockchains.
According to its whitepaper, GateChain is built to solve complex problems with blockchain technology. GateChain deals with the problems without compromising any decentralized aspects or advantages of the blockchains. The ecosystem of GateChain comprises GateChain (https://www.coinbase.com/learn/crypto-basics/what-is-a-dex#:~:text=A%20decentralized%20exchange%20(or%20DEX,occur%20directly%20between%20crypto%20traders.&text=A%20decentralized%20exchange%20(better%20known,occur%20directly%20between%20crypto%20traders) (decentralized exchange), GT wallets, and many more. The ecosystem of GateChain is an enterprise-grade decentralized ecosystem that can issue, store, and trade digital assets efficiently and securely.
EVM is a module of GateChain that supports smart contracts, enabling projects to build and deploy their products on the GateChain network. Smart contracts are just like regular contracts. However, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.
GT token holders can use the GT coin to fund transaction fees or gas fees on GateChain’s network. GT coin also serves as the proof-of-stake (PoS) staking reward and plays a significant role in GateChain’s functions. Gas refers to fees required to conduct a transaction or execute a contract on the Ethereum blockchain. GateChain seeks to use a certain amount of GT tokens to deploy and call contracts and extend the coin usage.
The prime features of GateChain are as follows:
Transfer/ trade- users can send/receive GT tokens and popular on-chain assets using the platform’s wallet.
Asset issuance- users can issue their tokens to digitalize and manage their assets.
Multi-signatures- multiple users can share ownership of an account and customize its management, appropriate for the platform and community requirements.
Asset safe storage (vault account)- vault account is a clearing mechanism that tackles the problems of asset theft and private key loss.
PoS consensus mechanism- GT works as a stable reward for users participating in staking and ensures the stability of the ecosystem.
History of GateToken
GateToken’s GateChain was launched in 2019, and its whitepaper was updated on January 14, 2022.
