GateChain – Everything you need to know by DailyCoin

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GateChain – Everything you need to know

GateChain is a next-generation public blockchain that creates a decentralized, secure, and efficient enterprise-grade digital asset storage, distribution, and trading ecosystem. Founded by Gate.io – one of the oldest and largest exchanges in the world – the main idea is to create a secure and scalable EVM-enabled blockchain.

Look in the GateChain
The GateChain ecosystem includes things like the GateChain mainnet, GateChain DEX, GT, wallets, and more. The main features of GateChain are:

    • GateToken (GT): GT is used to pay transaction fees and for staking purposes within the network. Users can also send and receive GT as a pure payment token.
    • point of sale : GateChain uses the Proof-of-Stake (PoS) consensus mechanism to maintain network health.
    • Issuance of assets: Users can use GateChain to issue their own tokens.
    • Multi-signature: An account can be shared by several people. It is suitable for both business and family.
    • Secure asset storage: Vault account system and clearing mechanism guarantees 100% security against asset theft, private key loss and abnormal transactions.
  • EVM compatibility: GateChain is Virtual Machine (EVM) compatible. This ensures that developers can easily port their Ethereum dApps to GateChain. Additionally, GateChain users have account support for Ethereum and GateChain assets.

What are the benefits of GateChain?
There are several advantages to using GateChain:

    • Ultra-low transaction fees: GateChain only shows $0.0001 per transaction, significantly less than its competitors – Ethereum, Polygon, BSC and
    • Transaction speed: With 2,745 transactions per second, GateChain is almost 200 times faster than Ethereum.
    • Security: The vault account system allows users to set a withdrawal timeout to perform deferred transactions. The vault account also provides a compensation mechanism to prevent private key loss and a revocable transaction feature to prevent private theft.
    • Decentralization: The public and open PoS mechanism ensures that the GateChain ecosystem is fully decentralized.
    • Leveraging Gate.io: GateChain is built by Gate.io. Developers can leverage Gate.io’s 10+ million user base to access an out-of-the-box audience.
    • Cross-Chain Capabilities: GateChain provides a decentralized trading platform that connects all smart chains in the market.
  • Portfolio diversity: GateChain provides various wallet applications ranging from personal use cases to business use cases. These include the CLI Wallet, Mobile Wallet (Android/iOS), Web Wallet, Multi-Signature Wallet, and Hardware Wallet.
  • Diverse ecosystem: GateChain already hosts HipoDeFi and NFT Magic Box, giving developers a rich DeFi and NFT platform to leverage. More on this in the next section.

The GateChain ecosystem – DeFi + NFT
#1 HipoDeFi
HipoDeFi is your one-stop-shop for all your DeFi needs. It gathers real-time data on every DeFi project, allowing users to compare exchange rates, yields, loans and their interest rates. The three main features of HipoDeFi are:

  • To exchange: Compatible with most mainstream DEX aggregators, users can easily switch between different channels and platforms.
  • Asset Bridge: The GateBridge is an asset bridge between the most popular EVM-enabled blockchains. It enables fast and safe transfer of assets.
  • Agriculture: Provide liquidity and earn rewards through transaction fee distribution. Plus, stake your LP tokens and get more rewards.

Moreover, Gatechain 2.0 allows users to explore DeFi and easily discover the most popular products.

#2 Magic Box
Launched in 2021, the NFT Magic Box is an NFT marketplace built on top of GateChain. The main features of the magic box are as follows:

  • No Minting Fees: Minting NFT on the Magic Box costs nothing. This ensures that artists can focus on creation rather than other factors.
  • Low Fees: Being built on GateCahin makes the platform very affordable.
  • HIGH QUALITY WORKS: NFT Magic Box has partnered with Bored Ape Yacht Club (BAYC) and NBA legend Allen Iverson.
  • Artist-first: The Magic Box has already minted over 300,000 NFTs and offers INO (Initial NFT Offering) for up-and-coming artists seeking funding.

What are Gate Grants?
Gate.io actively populates the GateChain through its Grant program to allow developers to create their applications. It should be noted that developers can qualify for the grants whether or not they are developing on the GateChain. The resources provided by the program are:

The following types of applications would receive funding from Gate Grants on a priority basis:

  • Decentralized exchange (DEX)
  • Loan providers.
  • Derivatives platform.
  • Yield aggregator
  • Cross-Chain Assets
  • Oracles.

Conclusion
GateChain was created to solve the complex problems of inefficient blockchain operations without compromising decentralization. The GateChain enables developers to build applications that address a wide range of use cases through its deep yet diverse ecosystem.

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