Gatechain Token

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Discover Gatechain Token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Gatechain Token?

GateToken (GT) is the native asset of GateChain and the utility token of Gate.io. It is a promising cryptocurrency known for its focus on scalability and privacy features. GT is used for various purposes, including paying online transfer fees, participating in PoS mining, and managing digital assets. It also provides benefits to holders on Gate.io, such as VIP-tier escalation, trading fee debits, and exclusive access to events. GT operates on a Proof of Stake (PoS) consensus mechanism and has a total circulating supply of 300 million tokens, which is deflationary due to regular token burns.

How is Gatechain Token used?

GateToken (GT) is the native token of Gate.io exchange and the GateChain public blockchain. It has several key uses:

  1. Trading Discounts: Holding GT tokens provides larger trading fee discounts on the Gate.io platform, applicable to various trading types such as spot trading, futures trading, and crypto lending.

  2. Voting: GT token holders can participate in voting programs to decide which tokens should be listed on the exchange. Each GT token submitted is equal to one vote, and users who vote are rewarded with airdrops from the token they voted for.

  3. HODL & Earn: Gate.io allows GT token holders to earn passive income through lock-up programs with high rates of return and no early withdrawal penalties or fees.

  1. Early Token Access: GT holders receive early access to tokens before they are listed on the exchange, provided they stake their GT tokens.

  2. GateChain DeFi: GT can be used for various DeFi products such as staking, liquidity pools, and yield farming on GateChain. It is also used to pay transaction fees on the network.

  3. PoS Mining Reward: GT is the reward for participating in Proof-of-Stake (PoS) mining on GateChain, ensuring the stability of the blockchain.

  1. Token Issuance: GateChain allows users to issue their own tokens and manage digital assets using GT.

  2. VIP Level Upgrades: GT holders can enjoy VIP level upgrades, deductions for fees, and rights to participate in welfare activities on Gate.io.

Overall, GT is deeply integrated into the Gate.io ecosystem and provides various benefits to its holders.

How do I store Gatechain Token?

To store Gatechain Token (GT) tokens, you can follow these steps:

  1. Create a GateChain Wallet:

    • Open the TokenPocket APP.
    • Switch the wallet network to GateChain (GT).
    • Click [Add Wallet] and then [Create Wallet].
    • Set a wallet name and password, agree to the User Agreement, and create the wallet.
    • Back up the secret recovery phrase securely.
  2. Import a GateChain Wallet:

    • Open the TokenPocket APP.
    • Switch the wallet network to GateChain (GT).
    • Click [Add Wallet] and then [Import Wallet].
    • Enter your private key, secret recovery phrase, or Keystore to import the wallet.
  3. Sync a GateChain Wallet:

  • Open the TokenPocket APP.
  • Switch the wallet network to GateChain (GT).
  • Click [Add Wallet] and then [One-Step Sync].
  • Choose the wallet to sync and click [Synchronize].
  1. Use a Crypto Wallet:

    • You can also use other crypto wallets like Coin98 Extension Wallet to store and manage your GT tokens.
  2. Additional Options:

    • You can also use the Wigwam crypto wallet to store and stake your GT tokens, gaining early access to tokens before they are listed on Gate.io.

Remember to keep your private keys and secret recovery phrases secure to protect your GT tokens.

How to buy Gatechain Token?

To buy Gatechain Token (GT) tokens, you can follow these steps:

  1. Choose a Centralized Exchange: Find a reliable centralized exchange where GateToken is listed. You can refer to Coinmarketcap.com's Markets section to find the list of exchanges that support GT trading.

  2. Create an Account: Register and set up an account on the chosen exchange. Ensure you follow the exchange's verification and KYC procedures.

  3. Buy a Base Currency: Purchase a base currency like ETH, USDT, or BNB, which can be easily bought with fiat. You can use exchanges like Binance to buy these currencies.

  1. Transfer to a Crypto Wallet: Transfer the base currency to a crypto wallet that supports GateToken, such as Trust Wallet. Ensure you set up the wallet correctly and keep your seed phrase and wallet address safe.

  2. Use a Decentralized Exchange (DEX): Connect your wallet to a DEX that supports GateToken, such as 1inch. Trade your base currency for GateToken on the DEX.

Alternatively, you can also use crypto exchange aggregators like SwapSpace, which allows you to buy GT directly with a credit card.

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History of Gatechain Token

GateToken (GT) is the native cryptocurrency of the GateChain public blockchain mainnet and the utility token of the Gate.io crypto exchange. Here is a brief overview of its history:

  • Launch and Adoption: GateToken was issued in 2019 and officially adopted by Gate.io as its main currency on March 2, 2020. The initial issuance was 1 billion GT, but 700 million were later burned, leaving a current circulation of 300 million GT.

  • Consensus Mechanism and Network Nodes: GateChain uses a proof-of-stake consensus mechanism with the VRF algorithm to dynamically select consensus nodes. As of July 14, 2022, GateChain has over 49,543 addresses and a total of 160 consensus nodes distributed globally.

  • Token Burning Mechanism: Gate.io has been burning GT tokens regularly to maintain the token's value. On August 27, 2019, 19,467,230 GTs were burned. As of December 24, 2020, a total of 0.13917 billion GTs had been burned. Additionally, 15% of Gate.io's operating profits are used to buy back and burn GT tokens, while 5% is allocated for GT R&D, marketing, and ecological development.

  • Usage Scenarios: GT is used for various purposes, including paying transaction fees on GateChain, staking for rewards, and managing digital assets. It also has applications on Gate.io, such as currency trading, over-the-counter trading, leveraged trading, and derivative products. GT holders enjoy benefits like VIP level upgrades, fee deductions, and participation in welfare activities.

  • Performance and Integration: GateChain is designed for high-performance transactions, with a block time of 4 seconds and a transaction per second (TPS) of up to 2,745. It also supports seamless integration with the Ethereum ecosystem, allowing for easy deployment of Ethereum-based smart contracts.

  • Security Features: GateChain focuses on asset safety, offering an on-chain wallet and a liquidation guarantee system to protect users' digital assets and prevent theft and loss of private keys.

  • Education and Development: GateChain and GT are part of various educational resources, such as Moralis Academy, which offers courses on blockchain development, smart contracts, and decentralized applications (dApps).

Overall, GateToken has evolved into a crucial component of the GateChain ecosystem, supporting the operation of the mainnet and offering a range of applications and benefits to users.

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How Gatechain Token works

GateToken (GT) is the native cryptocurrency of the Gate.io exchange platform and the GateChain blockchain. It plays a crucial role in the ecosystem, serving multiple purposes:

Consensus Mechanism

GateChain uses a Proof-of-Stake (PoS) consensus mechanism, where users are chosen to verify transactions and add blocks to the blockchain based on the amount of GT they hold. This ensures the security and stability of the network.

Payment and Fees

GT is used to pay network transfer fees on GateChain. Users can send and receive GT and other on-chain assets using wallets and client-side apps. Additionally, GT is used to pay for gas fees on the Gate.io exchange, which can be discounted for users holding GT.

Staking and Incentives

GT serves as a stable incentive for users participating in staking, ensuring the underlying health and stability of the ecosystem. Users can earn passive income by holding GT and participating in staking activities.

Token Management

GateChain supports users in issuing tokens and managing their digital assets with GT. It also allows for multiple individuals to share ownership of an account and customize its management, making it suitable for both enterprise and family demands.

Buyback and Burning

Gate.io has a buyback program where 20% of its operating profits are used to buy back GT from the market and burn it publicly. This aims to reduce the circulating supply and maintain the token's value.

Trading and Ecosystem

GT is the basis for various trading activities on Gate.io, including currency trading, over-the-counter trading, leveraged tokens trading, futures, and contracts. It also supports derivative products like crypto earning, crypto loans, and liquidity mining. Users holding GT can enjoy VIP level upgrades, transaction fee deductions, and participation rights in welfare activities.

Security and Clearing

GateChain's uniquely designed Vault Account and clearing mechanism ensure the security of transactions, countering abnormal transactions and asset theft.

Overall, GateToken is deeply integrated into the Gate.io exchange and GateChain ecosystem, providing a range of benefits and incentives for users while maintaining the stability and security of the network.

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Gatechain Token's strengths

GateToken (GT) has several strengths that make it a valuable asset within the Gate.io ecosystem:

  1. Native Asset and Utility Token: GT is both the native asset of GateChain and the utility token of Gate.io, which means it plays a crucial role in the operation and development of both platforms.

  2. Security and Decentralization: GateChain, the blockchain on which GT operates, uses a proof-of-stake consensus mechanism and a dynamic node selection algorithm to ensure good decentralization and efficiency. This helps maintain the security of users' on-chain assets.

  3. High-Performance Blockchain: GateChain is designed to be a high-speed blockchain, capable of supporting high-frequency smart contract transactions with a block time of 4 seconds and a transaction per second (TPS) of up to 2,745. This makes it more efficient than other popular blockchains like Ethereum.

  1. Token Burning Mechanism: Gate.io periodically conducts buybacks and burns of GT tokens to reduce the total supply and increase the value of each token. This mechanism helps maintain the token's value and incentivizes users to hold GT.

  2. Discounted Trading Fees: GT holders can enjoy discounted trading fees on the Gate.io exchange, making it more cost-effective for users to trade on the platform.

  3. Voting and Governance: GT holders can participate in voting on new exchange listings and other important decisions, giving them a say in the development of the platform.

  1. Passive Income Opportunities: GT holders can earn passive income through staking and other mechanisms, providing an additional incentive to hold the token.

  2. Strong Community: GateToken has a strong and active community of users and developers, which contributes to its success and adoption.

  3. Seamless Connection to Ethereum Ecosystem: GateChain allows for easy migration of decentralized applications (dApps) from other networks, including Ethereum, making it a versatile and interoperable platform.

These strengths make GateToken a valuable asset for users and developers within the Gate.io ecosystem.

Gatechain Token's risks

GateToken (GT) carries several risks, including systematic and unsystematic risks. Systematic risks are related to market conditions, while unsystematic risks are specific to the project or coin. Some of these risks include:

  • Market Risks: GT is subject to market fluctuations, which can result in significant price changes. This volatility can lead to losses for investors.
  • Project-Specific Risks: GT is tied to the performance and success of the GateChain ecosystem and the Gate.io exchange. Any issues or failures within these platforms can negatively impact the value of GT.
  • Regulatory Risks: Cryptocurrencies are subject to changing regulatory environments, which can affect the legality and usage of GT.
  • Security Risks: As with any cryptocurrency, GT is vulnerable to security breaches and hacking attempts, which can compromise user funds and trust in the platform.
  • Liquidity Risks: GT's liquidity can be affected by various factors, including trading volume and market conditions, which can impact its usability and value.
  • Risk of Asset Storage: GT holders are responsible for securely storing their tokens, which can be a risk if not done properly.
  • Deflationary Mechanism Risks: GT's buyback-and-burn mechanism, while intended to increase its value, can also lead to unintended consequences if not managed effectively.

Investors should carefully consider these risks before investing in GateToken (GT).

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Did Gatechain Token raise funds?

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Gatechain Token’s team

  • Lin Han: Founder and CEO of Gate.io, the entity behind GateChain and GateToken (GT).
  • Tianwei Liu: Chief Technology Officer (CTO) of Gate.io, with a background in computer science and experience at Amazon.
  • Marie Tatibouet: Chief Operating Officer (COO) of Gate.io, with a background in marketing and business development.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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