The introduction of blockchain technology made tracking orders, payments, transactions, and accounts handling smoother. Blockchain is an immutable shared ledger that offers the process of recording transactions and tracking assets in a business network. The crypto world evolved with the concept of making transactions, trading, and investment much more fun. GateChain is one such public blockchain, offering top-level security and decentralized trading platform.
What is GateChain?
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.
The overall evolution of the respective platform was accomplished in seven phases with more room to run. Each phase vitrines a successive step in the GateChain platform. In 2021, quarter 4, Mainnet went live along with offering Ethereum Virtual Machine (EVM) and enabled cross-chain transactions with ETH, Solana, and Terra in the third quarter of 2021.
The platform possesses an extraordinary clearing mechanism to handle the issues associated with cybercrime and private key loss. GateChain offers a transaction speed of 2,745 transactions per second which is around 200X faster than Ethereum. Native token GateToken (GT) is mainly used for paying transaction fees and offering Proof-of-Stake (PoS) staking rewards.
Main Features of GateChain Ecosystem and Complete Working
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.
The ecosystem made it easy for the users to send and receive GT using a wallet or client-side Application. 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.
The next thing to focus on is the working of the GateChain platform.
GateChain Ethereum Virtual Machine or GateChain EVM is based on smart contract support, allowing developers to build and deploy decentralized applications (DApps). 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.
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.
Functions of GateToken
Native token GateToken is the foundation support of the next-generation public blockchain, offering a wide range of functionality. The token can be used to pay online transaction fees, cryptocurrency trading, futures contracts, leveraged trading, OTC trading, and different derivative products.
The token holders are allowed to enjoy the VIP level upgrades and participation in welfare activities. Apart from this, GateChain also permits users to issue their own tokens to digitize their assets. GT’s total supply is 300 Million GT and the circulating supply is 94,911,021 GT.
Where to Buy GateToken
GT token is mainly used to empower the platform, pay for transaction fees over the network, and liquidate between cryptocurrencies as well as for PoS staking rewards. GT holders receive discounts on token purchases, exclusive offers, and perks across the Gate.io exchange.
If you are planning to buy GT tokens, you can visit some of the top crypto exchanges including Hotcoin Global, LBank, HTX, HitBTC, Gate.io, KuCoin, and others.
You can choose any of the exchanges based on your accessibility and compatibility, considering your preferred payment method, transaction fees, and easy-user interface. One of the main areas of focus is the reputation, regulation, and security of the chosen platform.
Another step is to create an account on the respective crypto exchange, requiring a simple process of validating the email address. Most of the exchanges opt for official documentation which requires a valid ID and live photograph to complete the KYC.
The next thing to look at is a fund deposit to make the final purchase which can be done using different payment methods. Fiat currency, bank transfer, credit card, debit card, and wire transfer are some of the commonly used and convenient methods. Here, one thing to keep in mind is the minimum deposit, as many of the crypto exchanges require a specific amount to initiate trade.
After a successful fund deposit, you are all prepared to buy a GT token, but you can’t purchase the coin directly. You should first buy Bitcoin or any other digital asset for trading purposes and this can be done using LocalBitcoins to search BTC or ETH sellers who allow the preferred payment method. You can then swap the purchased coin for GT which can be further stored in software and hardware wallets. You can use CoinStats Wallet, Metamask, Trust Wallet, Ledger Nano S, and Ledger Nano X.
Conclusion
GateToken plays a crucial role in the GateChain ecosystem, offering holders upgraded VIP levels, reduced processing fees, and other perks. The open PoS mechanism ensured the decentralized and secured service offering of the GateChian platform. The native token of the platform can be purchased from exchanges including Hotcoin Global, LBank, HTX, HitBTC, Gate.io, KuCoin, and others.
FAQs
What is GateChain and who founded it?
GateChain is a public blockchain, focused on decentralized trading and on-chain asset safety. The platform was introduced by one of the oldest and biggest blockchains, Gate.io.
What is the current price of GateToken?
The current price of GT is $3.80, a decline of 1.21% with a market cap of $360 Million.
Where can I purchase GateTokens (GT)?
The token can be purchased from leading crypto exchanges including Hotcoin Global, LBank, HTX, HitBTC, Gate.io, KuCoin, and others.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/11/all-about-gatechain-the-next-generation-public-blockchain/