GateToken

What is GateToken (GT)?

GateToken (GT) is own asset for the GateChain platform. The GateChain ecosystem offers secure and interoperable DeFi services that can be accessed using a utility token. GateChain offers its users asset security and decentralized trading. The ecosystem includes several DeFi tools such as wallets, multisig and crypto payments.

Who founded GateToken?

GateChain was Gate.io founded, one of the oldest blockchains in the world. The founding team of GateChain includes: Vasilios Lytras And Patrick Allemann. Litras is the COO of GateChain with extensive experience in the shipping and logistics industry. Alleman has worked with international tax consultants for some of the largest Swiss businesses.

The platform was created as a decentralized exchange, available on the public blockchain and providing absolute security for digital assets. Ethereum was chosen as the development platform. In turn, GateChain Compatible with Ethereum Virtual Machine (EVM).

The GateToken coin was officially launched in March 2020. At this time, the price of GT fluctuated between 1 and 2 dollars. Since its inception, the asset has been moderately volatile, experiencing frequent fluctuations, with some significant ups and downs.

One of the asset’s first notable peaks occurred in May 2021. Then the price of GateToken exceeded $13, which became the peak for the rest of the year. The token followed some general cryptocurrency market trends, peaking again in November, days after Bitcoin nearly hit $70,000.

What are the features of GateToken?

GateToken initially had 1 billion coins. However, since then, 700 million tokens have been burned. The current total supply is 300 million tokens. The asset is considered deflationary and the price of GT is expected to rise as more coins are burned and taken out of circulation.

One of the key services provided by GateChain is strong asset security. According to the network, the platform offers customizable time-delay recovery features that the user can customize to suit their needs, ensuring that assets remain safe even if the private key data is stolen.

GateToken is a service asset of the platform. His used to pay transaction fees for products and services on GateChain. According to the network, the GateToken price per transaction is around $0.0001. It also offers transactions that are significantly faster than Ethereum, transferring over 2,700 transactions per second.

Main features available in the ecosystem:

• HipoDeFi – The DeFi network platform covers three key services – an exchange compatible with the main DEX aggregatorsbridge assets with other EVM-compatible chains and cultivate liquidity;
• GateToken Transactions – users can transfer their assets or pay for on-network services. Payments can be made using GateToken price value or other Ethereum-compatible tokens;
• Asset release – developers can create their own tokens, which are then used to manage assets;
• Multisignature – one account can be used by several users simultaneously with customizable management functions;
• Magic Box NFT Marketplace – users can mint and purchase non-fungible tokens (NFTs);
• Secure asset storage – Users can store their assets in a secure digital vault with customizable time-delayed security features.

The secure storage offered by GateChain offers a unique security mechanism. Users can recall suspicious transactions. When the store detects an abnormal transaction request, it triggers an alarm that allows the user to revoke the transaction.

The storage facility is also equipped with a cleaning mechanism. If the private key is missing, the assets are automatically cleared. These features ensure that attempts to steal assets directly from the vault will not succeed.

The GateChain network is secured using a Proof-of-Stake (PoS) consensus algorithm. Stakeholders are rewarded in the form of transaction fees. The GT price value used for rewards acts as an incentive for network nodes to continue to contribute.