GT Token GT Token

$10.47 -0.67% GT
Volume (24h)
$427,916
24h High
$10.50
24h Low
$10.30
Circulating Market Cap
$1,225,463,839
Total Market Cap
$3,132,990,764
Bid / Ask
$10.46 / $10.48
24h Trades
11,558

What is GateChain?

GateChain is a next-generation public blockchain developed by Gate.io, focusing on solving critical challenges in the blockchain space, such as asset safety, theft prevention, and private key loss. Officially launched in 2019, GateChain combines decentralised technology with unique security mechanisms like Vault Accounts and revocable transactions. Its ecosystem includes the GateChain mainnet, decentralised exchange (DEX), wallets, and GateToken (GT), providing a comprehensive infrastructure for secure and efficient digital asset management.

Key features of GateChain include:

  • Vault Accounts: A novel account type that allows for revocable transactions and recovery of private keys, ensuring enhanced safety for stored funds.
  • Normal Accounts: Standard accounts for daily transactions with instant transfers that are irreversible upon confirmation.
  • PoS Consensus Mechanism: GateChain employs a Proof-of-Stake model, rewarding participants with GT for helping secure the network.
  • Asset Issuance: Users can issue custom tokens for digitalising and managing assets.
  • EVM Compatibility: GateChain supports Ethereum-compatible smart contracts, enabling seamless deployment of decentralised finance (DeFi) applications.

GateChain wallets are available in multiple formats, including mobile, desktop, and hardware options, catering to personal and professional use cases. The ecosystem's unique security features, combined with its ability to support Ethereum-compatible smart contracts, position it as a robust platform for digital asset innovation.

What is GateToken (GT)?

GateToken (GT) is the native utility token of the GateChain ecosystem and an integral part of its operations. Initially launched in March 2019, GT powers the network by acting as the primary medium for transaction fees, staking rewards, and other activities within the GateChain environment. GT also extends its utility to the Gate.io exchange, offering additional benefits to users.

What is GateToken (GT) used for?

GateToken serves several critical purposes within the GateChain ecosystem and the Gate.io platform:

  1. Transaction Fees: GT is required to pay for all operations on GateChain, such as token transfers, contract deployments, and other blockchain interactions.
  2. Staking and Network Security: GT incentivises participants to stake their tokens, contributing to the network’s security and stability, and earning rewards in return.
  3. Smart Contract Deployment: As part of the GateChain-EVM integration, GT is used to deploy and execute Ethereum-compatible smart contracts, supporting decentralised finance (DeFi) applications.
  4. Ecosystem Benefits on Gate.io: GT holders enjoy various benefits on the Gate.io exchange, including reduced trading fees, VIP status, and early access to token launches.

These functionalities make GateToken indispensable for the operation and growth of GateChain and its associated platforms.

Who created GateToken (GT)?

GateToken (GT) was created by Gate.io, a well-established cryptocurrency exchange founded in 2013 by Lin Han. Lin Han, a graduate in Software Engineering from Peking University, is a visionary entrepreneur and cryptocurrency enthusiast. His vision for Gate.io was to create a secure, transparent, and fair platform for digital asset trading. Under his leadership, Gate.io expanded its services, introducing GateChain and GateToken as part of its broader ecosystem to enhance security and efficiency in asset management.

The development of GateChain and GateToken involved a team of blockchain engineers, developers, and security experts dedicated to addressing blockchain safety concerns. This collaborative effort has resulted in a robust platform that integrates innovative features like Vault Accounts and Proof-of-Stake consensus while maintaining compatibility with Ethereum's DeFi ecosystem.