Nov 15 / 2019
Latest News / Blockchain news
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Posted by: Jools Moore

GateChain set to transform asset security

A look at GateChain: Industry’s first innovative blockchain that will transform asset security

  • GateChain’s innovative features will redefine blockchain transaction security
  • GateChain Mainnet ecosystem promises 100% asset storage safety

Security hacks have been a major threat to the cryptocurrency ecosystem. While these hacks sometimes could result from a technological glitch in the platforms, pitfalls existing in third-party providers may also be responsible for allowing intruders to get to the users’ crypto assets.

Block asset platform Gate.io has built an innovative solution, GateChain to solve the problem of fund safety in a radical new way, and safeguard its users’ on-chain assets. It is 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 decentralised trading and cross-chain transfer among other core applications. GateChain’s focus on the on-chain asset safety and decentralised exchange sets itself apart from the other traditional blockchains, such as Bitcoin and Ethereum.

GateChain Ecosystem

GateChain’s robust ecosystem comprises GateChain blockchain, GateChain DEX (decentralised exchange), GateChain Token (GT), and GateChain wallet, characterised by enterprise-grade safety and efficiency for digital asset storage, issuance and trading.

GateChain Wallet

Gatechain private key management

Cold storage and hardware wallets cannot guarantee 100 percent safety of the assets, especially if the private keys are damaged. This has been a major reason for limiting mass crypto adoption.

GateChain Wallet is a unique fund safety formula that allows users to have two types of accounts – a standard account and a vault account. While the standard account operates at a blazing fast speed, the vault account is one of the game changing aspects of GateChain that enables users to recover stolen funds and retrieve private key, directly addressing the pain points of the users.

To counterfeit the potential risks caused by cold storage and hardware wallets, GateChain’s Vault account provides an option to set a longer transfer delay time to significantly reduce asset storage risk. GateChain also supports Vault Account cascading, which can exponentially reduce the risk of thefts.

GateChain DEX

While GateChain has implemented a guaranteed safety mechanism, GateChain DEX has an 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 face.

Anyone with full control over the private key of their account can exchange freely. GateChain DEX uses privately owned encrypted or hardware wallets to safeguard users’ assets. Other features include transparency, high performance matching engine, low participation cost, and cross-chain transfer for multiple currencies.

GateChain Token

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. GT will be used to pay the transaction gas on the Gatechain mainnet. GT is also given as a reward using PoS mining to underpin the mainnet. GT is also part of the Gate.io ecosystem.

Over time, GT has seen a continuous increase in its value with the popularity of its usage.

GateChain’s Innovation in Technology

Gatechain Innovation

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 offers both standard and vault accounts to meet the daily payment demand and storage assets safely and efficiently. While, the standard 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.

Typical GateChain Applications

As mentioned, GateChain offers two types of accounts, Standard Account and Vault Account. Standard accounts allow instant payment where the transaction is irreversible. It does not allow restoring lost private key, similar to the features of a bitcoin address. The onchain Vault Account, a major novel creation of GateChain, allows revocable transaction and private key restoration. By combining both types of accounts, GateChain brings a complete safety system to its users.

  1. Individual asset management

Gate.io recommends leveraging the dual functionality and using the standard account to store the funds needed to cover your daily trading use. The vault accounts should be used to store most of your funds that are not in use. Additionally, users can use the “Timer” functionality to automatically transfer funds if they aren’t in use.

  1. Legacy or Grant auto-release

Digital asset inheritance has been a headache as it cannot be handled by a middle man like bank assets and real Digital asset inheritance has been a headache as it cannot be handled by a middle man like bank assets and real estate under the existing applicable laws. The private key of digital assets is usually kept by the holder himself for security reasons. Without complicated processing procedures, digital assets will be frozen forever following the death of the holder and leave his lawful heir no way to access his legacy. Vault Account at GateChain supports releasing digital assets at a preset future time point to a pre-defined beneficiary, without worries about private key missing or theft during this period. As long as one can set a digital asset distribution ratio and release time when he can do it, his digital asset will be transferred to his named beneficiary accordingly. This asset processing method can also be used in other scenarios like scheduled fund granting. For example, if parents want to give their children some digital assets when they are 18 years old to fund their development after they have grown up. The parents can specify at their own Vault Account to send a certain amount of digital asset to their children when they are 18 year old.

  1. Safe Storage of Bank Assets

Bank asset storage demands a high level of safety. The prevailing mechanisms in the blockchain industry are cold storage and hardware wallets. However, these mechanisms cannot fully guarantee the safety of blockchain assets, especially when it comes to asset risks arising from private key damage. These issues have significantly limited the possibility of blockchain asset massive adoption.

With GateChain’s Vault Account, a bank can set a longer transfer delay time to significantly reduce asset storage risk. Besides, GateChain also supports Vault Accounts cascading, which can exponentially reduce risks of theft.

In practice, GateChain can achieve an approximate 100% safety for asset storage at a very low cost. Just like the possibility of Bitcoin being brute force attacked is close to zero even though it is not 100% safe in theory, it is already 100% safe in practice. In addition, pocket money wallet and hardware wallet technologies can still be used to give it further protection.

What can Users Expect–Main Features of the GateChain ecosystem

GateChain’s unique on-chain vault account protects onchain assets from thieves and its fund recovery mechanism can recover onchain assets from losing private keys.

GateChain’s high speed blockchain comprises 1 second block and instant block finality. Users can enjoy Proof of Stake with low energy consumption, a low inflation rate, and other benefits for the holders.

There is a real time order placing and matching decentralized exchange with cross-chain which brings easy blockchain token issuing and cross-chain transfer. The holistic ecosystem comprises personal wallets, enterprise multi-sign wallets, hardware wallets, and exchanges.

RTM (Revocable Transaction Model)

This account model is based on the on-chain Vault Account that provides important security features such as the retrieval of stolen funds and the recovery of lost private keys. This new asset security solution will be a benchmark in crypto asset safety for individuals, enterprise users and the capital-sensitive banking industry.

Single-sign Wallet & Multi-sign Wallet

Gatechain Wallet safety

To satisfy different needs of individuals & enterprises, GateChain provides both single-sign and multi-sign wallets.

A Single-sign wallet is a personal wallet where the user is the sole owner and decision maker of the funds. Multi-sign Wallets are suitable for enterprises or institutions where allocating funds is a group decision and one has to get the consent from most of the organization. Hence, it can effectively prevent asset loss caused by lost private keys. 

Therefore, GateChain wallet brings 100% asset storage safety at a very low cost, making it immune to brute-force attacks.

In Summary: Important Features of GateChain

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 digitize and manage their assets

Decentralized cross-chain transaction – GateChain provides support for high-performance decentralized trading for different digital currencies

Asset safe storage: With a uniquely designed vault account and a clearing technology, account can have a comprehensive protection, and support revoking /clearing operations targeting abnormal transaction. For more details, visit Transaction Protection。

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

GateChain Live Event

How to Participate in Gatechain Testnet Testing

Gate.io extends an open invitation to its users and other community members to test out the Gatechain Testnet, while it prepares for GateChain Mainnet launch.

Gatechain provides different wallets for both regular, professional, and incorporated users. During the testnet phase, regular users can try out the wallets by using the Windows and Mac OS desktop versions. Professional and incorporated users can visit the testnet via full nodes or API.

Here is a glimpse of how blockchain enthusiasts from all over the world gathered in during Gate.io’s recent GateChain Testnet Launch event in Vietnam.

About Gate.io

Gate.io is a global blockchain asset exchange platform operated by Gate Technology. Established in 2013 and developed fully in-house, Gate.io enables blockchain enthusiasts to trade and store assets in over 200 of the leading crypto currencies. Recognising the importance of blockchain security, Gate.io sets itself apart by prioritising security and experience, providing users with quick and easy access to assets, at a time and place to suit them.

GateChain is industry’s first innovative public blockchain that aims to revolutionize the paradigm of security in the blockchain space. GateChain is a novel solution to fund safety and its decentralized exchange guarantees asset safety even after the destruction of private keys, bringing 100 percent asset storage safety at a very low cost.

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