Blockchain assets exchange platform, Gate.io has launched GateChain Testnet, a novel solution to blockchain transaction safety. GateChain is an innovative next-gen public blockchain, which solves security issues such as losing private keys and asset safety. It also supports decentralized trading and cross-chain transfer among other core applications. GateChain’s focus on the on-chain asset safety and decentralized exchange sets itself apart from the other traditional blockchains, such as Bitcoin and Ethereum.
“We are thrilled to launch GateChain Testnet and witness a revolutionary development with our users. We believe Gatechain will redefine blockchain security, leading to a brighter future for all the blockchain enthusiasts. With a unique Vault Account technology and supporting transaction model design, GateChain has implemented a guaranteed safety mechanism, addressing challenges of asset theft and missing private keys,” said Marie Tatibouet, CMO at Gate.io.
The major innovation behind GateChain is its on-chain “Vault Account” with safety features that allow revocable transaction and damaged private key restoration, providing a unique blockchain safety solution to individuals, enterprises and banks.
GateChain’s robust ecosystem comprises GateChain blockchain, GateChain DEX (decentralized exchange), GateChain Token (GT), and GateChain wallet characterized by enterprise-grade safety and efficiency for digital asset storage, issuance and trading.
While GateChain has implemented a guaranteed safety mechanism, GateChain DEX has ultra-high-performance matching engines and low participation costs. It supports cross-chain transfer for multiple currencies and uses privately-owned encrypted wallets to safeguard users’ assets, solving the challenge around fund safety centralized exchanges currently face.
GateChain Token (GT) is the native currency of the GateChain Mainnet used to pay the transfer fee on GateChain network and is a fundamental part of the GateChain ecosystem.
GateChain offers both normal and vault accounts to efficiently meet the daily payment demand and storage assets safely. While, the normal account allows instant payments where the transaction is irreversible, the onchain vault account allows revocable transactions and private key restoration, providing complete safety to the users.
Therefore, GateChain brings 100% asset storage safety at a very low cost, making it immune to brute-force attacks.
- Transfer/payment – Users can send and receive GateChain Token (GT), and other popular onchain assets, using a wallet or client-side Apps
- Asset issuance – Users can issue and use their own tokens (e.g. GT) to digitalize and manage their assets
- Decentralized cross-chain transaction – GateChain provides support for high-performance decentralized trading for different digital currencies
- Multi-signature – Multiple signatories can share ownership of an account and customize the management of their digital assets, which best fits the enterprise needs
- POS staking reward – GT works as a stable incentive for users taking part in PoS staking, which safeguards the robustness of the underlying blockchain
The company has extended an open invitation to its users and other community members to test out the Gatechain Testnet, while it prepares for GateChain Mainnet launch.