About GateToken (GT)

GateToken Frequently Asked Questions (FAQ)

What is the primary purpose of GateToken (GT)?


The primary purpose of GateToken (GT) is to serve as the native utility token of the Gate.io exchange, providing various functionalities within the platform’s ecosystem, including trading fee discounts, VIP tier enhancements, participation in exclusive activities like Initial Exchange Offerings (IEOs), and as a key component in ecosystem governance.




How can users utilize GT tokens within the GateChain ecosystem?


Within the GateChain ecosystem, users can utilize GT tokens to participate in platform governance, pay for transaction fees, and can stake them to participate in the decentralized finance (DeFi) services offered by GateChain. GT tokens also serve as a key to various activities such as participating in token sales and earning staking rewards.




What are the unique features of GateChain's wallet?


GateChain's wallet features include a novel Vault Account for enhanced security, designed to protect assets from theft or loss, real-time asset visibility, multi-signature support for joint account management, support for a wide range of crypto assets, and a clear, user-friendly interface for easy operation.




How is the Ethereum Virtual Machine (EVM) integrated with GateChain?


The Ethereum Virtual Machine (EVM) is integrated with GateChain through an EVM-compatible layer, allowing developers to create and deploy smart contracts on GateChain using Solidity, the programming language utilized by Ethereum. This integration enables interoperability, where tools and dapps from the Ethereum ecosystem can easily migrate to and operate on GateChain, benefiting from its distinct features such as enhanced security protocols and recovery mechanisms.




Who are the founders of GateChain and where is the company headquartered?


The founders of GateChain are not publicly disclosed. However, GateChain is closely associated with Gate.io, a cryptocurrency exchange platform. The company is headquartered in George Town, Cayman Islands.




What differentiates GateChain’s technology from other blockchains in terms of transaction speed and cost?


GateChain's technology stands out by leveraging a unique consensus mechanism called PoS-VoF (Proof of Stake-Voting based Fault Tolerance), which aims to balance high transaction throughput and low cost with network security and decentralization. This mechanism results in faster transaction speeds and reduced costs compared to traditional Proof of Work systems. Additionally, it employs an on-chain resource management model to optimize the cost of transactions, further distinguishing its approach to efficiency and scalability from many other blockchain platforms.




Can developers deploy Ethereum smart contracts on GateChain, and what are the benefits?


Yes, developers can deploy Ethereum smart contracts on GateChain by leveraging its EVM compatibility. Benefits include robust security mechanisms, lower transaction fees compared to Ethereum's mainnet, and high throughput, which can lead to faster transaction processing times.




What consensus mechanism does GateChain use and how can users participate in network security?


GateChain uses a Proof of Stake (PoS) consensus mechanism. Users can participate in network security by staking their GT tokens to validate transactions and contribute to the overall stability and security of the network.




What safety features has GateChain developed to protect user assets from theft or loss?


GateChain has implemented unique safety features such as account retrieval through the Vault Account system and a real-time asset revocation mechanism. These features enable users to recover assets even after private key compromises, thereby providing protection against asset theft and accidental loss.