GateChain Token (GT) is a native utility token that serves as a means of payment for the transaction gas within the GateChain network. The project aims to create a decentralized exchange and a public blockchain that is dedicated to the security of blockchain assets. To ensure the safety of assets, GateChain implements the onchain safety accounts and customizable time-delay recovery features.
GateChain ecosystem consists of the following elements: GateChain mainnet, GateChain DEX, GateChain Token (GT), wallets, etc. All together, these items make up a decentralized ecosystem with enhanced security and efficiency for storing digital assets, issuance, and trading.
Among its key features, GateChain lists the following:
Transfer/payment. Users can send GT tokens to each other as payment along with other popular onchain assets.
Asset issuance. Users can issue their own tokens on the platform to digitize their assets.
Decentralized exchange. Users can exchange cryptocurrencies between their own wallets without having to entrust their funds to a centralized system.
Asset secure storage. GateChain users can make use of enhanced security options offered by the platform to store their digitized assets.
Multi-signature. Enterprise users can share one account and get customized management over their digital assets.
POS staking reward. Since GateChain is based on the Proof-of-stake consensus algorithm, GT tokens serve as a reward for those who actively participate in the platform’s governance.
Fund recovery. Users will be able to restore their onchain assets if they lose their private keys.
High transaction speed. GateChain claims that new blocks will be produced every second.
GateChain Token (GT) is the native utility token of the GateChain mainnet. Users pay transaction fees with its help and also get rewarded for staking their assets.
The initial supply equals to 300 million GTs with all tokens given away to investors via initial distribution. As new tokens are issued on a yearly basis, the total supply must reach 1 billion in 10 years since the project launch. The token usage is allocated in the following way:
200 million GTs are set to go to developing and researching;
100 million GTs are set to go to market expansion
200 million GTs will go to ecosystem building
200 million GTs more will be produced as staking reward
At the testnet phase, GT tokens can be stored on desktop wallets for Windows and Mac OS that are available for download on the project’s official website. Once the mainnet goes live, new options such as a command-line wallet, a mobile wallet for Android and iOS, a Web wallet and a multi-signature wallet will be available as well.
GT tokens are available for trading on a few exchanges, including Huobi Global, Gate.io and Coinall. However, there is no information about the fundraising process or key investors.
Gatechain was founded on April 30th, 2016, and is located in Switzerland. The information about the team members is pretty scarce. Crunchbase lists Patrick Allemann as the CTO and Wassilios Lytras as the COO of the project.
Lytras can be found on Linkedin. His profile reveals that he has experience in the logistics industry as along with GateChain, he has also founded Shipping Systems GmbH, a Zurich-based software company developing digitized solutions for the transportation industry.Read More