GateChain Public Chain Launches and GT Rules Update
About Updating GT Rules
GT (GateChain Token) is both the native token of the GateChain and the core asset of the Gate.io platform, which profoundly strengthens its development and prospect. We want to thank those who have long supported us and given multiple useful suggestions on the launch of the GateChain mainnet and the updating of GT rules. Based on the feedback and suggestions from the users, we will soon optimize the GT rules, such as reducing GT’s future circulation. Currently, the development of the GateChain is going well. The network performance and anti-risk capability will be improved substantially in the new version, which will be launched during the second quarter of 2020. Please stay tuned for it!
Up till now, GateChain Testnet has been launched with two versions, Testnet 1.0 and Testnet 2.0, respectively. On the Testnet, the security account-model passed off 100% successfully, creatively solving security issues such as assets being stolen and the loss of private keys (in part due to its decentralized nature). Users are welcome to participate in the testnet that is running solidly.
On January 30th, 2020, the first academic thesis of GateChain in the field of cryptography named “Gatechain - RTM: Blockchain That Supports Revocable Transaction Model” was released on the arXiv platform. The thesis revealed GateChain’s contributions to front-tier researches and industrial, technological advancements. GateChain is devoted to safeguarding the security of your assets on the blockchain.
Related Announcements about GateChain:
GateChain Testnet 2.0 Launch: https://www.gate.io/article/17198
The First Academic Thesis of GateChain on arXiv: Blockchain That Supports Revocable Transaction Model: https://www.gatecn.io/article/17274
Thesis title: RTM: Blockchain That Supports Revocable Transaction Model
link to the paper:
PDF Document: https://arxiv.org/pdf/2001.11259.pdf
Google Scholar: https://scholar.google.com/scholar?q=RTM%3A%20Blockchain%20That%20Support%20Revocable%20Transaction%20M
Subjects: Cryptography and Security (cs.CR)
Cite as: arXiv:2001.11259 [cs.CR]
How to Participate in the Testing of Gatechain Testnet 2.0
Gatechain provides different types of wallets for both regular, professional, and corporate users. During the testnet phase, regular users can try out the wallets by using the Windows and Mac OS desktop versions. Professional and incorporated users can visit the testnet via full nodes or API.
Gatechain Wallet user instructions can be found here: https://www.gatechain.io/docs/cn/gatechain-wallet/
Please note that the network test is an ongoing process. The network might reset, and the Testnet token could be cleared. Users can obtain the Testnet token again once the network has been reset.
Download GateChain Testnet Wallet
Desktop version (for Windows and Mac OS): https://www.gatechain.io/wallets
User instruction: https://www.gatechain.io/docs/cn/gatechain-wallet/
Wallet.io now also supports GateChain Testnet in both mobile app and Web.
Download Wallet.io mobile App at: https://wallet.io/download (open app and enter “GT_TEST)
Visit Wallet.io via Web: https://wallet.io/ (log in and enter “GT_TEST)
GateChain Testnet Documentation
Instructions & Dev. Doc (English): https://www.gatechain.io/docs/en/
Instructions & Dev. Doc (Chinese): https://www.gatechain.io/docs/cn/
Github (English): https://github.com/gatechain/gatechain-docs/tree/master/en
Github (Chinese): https://github.com/gatechain/gatechain-docs/blob/master/cn
GateChain Research & Lectures
1. Gate.io Research: An Overview of Blockchain Technical Challenges & GateChain’s Innovations https://www.gate.io/help/research/17166
2. GateChain Lead Architect YiXiu: Public Blockchain and its Technical Challenges (1)(in Chinese) https://www.gate.io/help/research/17166
3. GateChain Lead Architect YiXiu: Public Blockchain and its Technical Challenges (2) (in Chinese) https://www.gate.io/help/livetext/17145
4. GateChain Lead Architect YiXiu: Public Blockchain and its Technical Challenges (3) (in Chinese) https://www.gate.io/help/livetext/17146
5. Gate.io Live with YiXiu: Quantum Attacks on Blockchain (1) (in Chinese) https://www.gate.io/help/livetext/17162
6. Gate.io Live with YiXiu: Quantum Attacks on Blockchain (2) (in Chinese) https://www.gate.io/help/livetext/17163
7. Gate.io Live with YiXiu: Quantum Attacks on Blockchain (3) (in Chinese) https://www.gate.io/help/livetext/17164
GateChain eco comprises of GateChain mainnet, GateChain DEX, GateChain Token (GT), wallets, etc. They form a decentralized eco characterized by enterprise-grade safety and efficiency for digital asset storage, issuance, and trading, at all times presenting a novel solution to blockchain transaction safety.
The main features of the GateChain eco can be listed as follows:
1) Transfer/payment：Using a wallet or client-side App, users can send and receive GateChain Token (GT), as well as other popular onchain assets.
2) Asset issuance：Users can issue and use their own tokens (e.g., GT) to digitalize and manage their assets. For more details, visit Asset Management。
3) Decentralized cross-chain transaction：GateChain provides support for high-performance decentralized trading among different digital currencies.
4) Asset safe storage：With a uniquely designed vault account and clearing technology, an account can have comprehensive protection and support, revoking /clearing operations targeting abnormal transactions. For more details, visit Transaction Protection.
5) Multi-signature：Multiple signers can share ownership of one account, and get customized management over their digital assets, which best fit the enterprise demands. For more details, visit Multi-signature。
6) POS staking reward: GT works as a stable incentive for users participating in PoS staking, which safeguards the robustness of the underlying blockchain.
GateChain Public Blockchain
GateChain is an innovative next-generation public blockchain, focused on onchain asset safety and decentralized exchange. With unique Vault Account technology and its supporting transaction model design, GateChain has implemented a guaranteed safe clearing mechanism, creatively solving the challenging problem of asset theft and missing private keys. It also supports decentralized trading and cross-chain transfer, among other core applications. Compared with traditional blockchains, such as Bitcoin and Ethereum, GateChain focuses on on-chain asset safety. It creatively proposes several novel concepts, including Standard Account, Vault Account, Retri Account, Clearing Height, Revocable Delay Period, Address Type, Transaction Type, etc.
GateChain DEX is a decentralized exchange based on GateChain. It has matching engines of ultra-high performance and incurs a low participating cost - thus providing users with a safe, quick, and transparent trading experience. It also supports cross-chain transfers for multiple currencies.
Anyone who has full control over the private key of his account can exchange freely. GateChain DEX uses privately-owned encrypted wallets or hardware wallets to safeguard users’ assets and offers an alternative for the trust issue that is currently present for centralized exchanges.
Learn more about GateChain DEX at: https://www.gatechain.io/docs/cn/gatechain-dex/
GateChain Token (GT) is the native currency of the GateChain mainnet. It is used to pay transfer fees on GateChain’s network and works as the incentive reward for PoS staking. It is fundamental to GateChain’s network. In addition, it is an important eco member for the Gate.io exchange. The value of GT increases based on a deflationary model which includes buy-backs and token burning etc.
GateChain Typical Application
GateChain offers two types of accounts, Standard Account and Vault Account, to meet the efficiency demand in daily payments and safety demand in asset storage. Standard Account allows instant payment and transaction is irreversible. It does not allow restoring of lost private keys, similar to the features of a bitcoin address. The onchain Vault Account, a majorly innovative creation of GateChain, allows revocable transactions and private key restoration. By combining both types of accounts, GateChain provides all-round safety features to its users.
1. Individual asset management：
GateChain provides individual users with two types of accounts, a Standard Account, and a Vault Account. Standard Account is used to store a tiny fraction of assets for daily use while Vault Account is used to store the majority, which doesn’t need to be accessed immediately. The vault account can set a transfer delay period, 2 days, for example.
For everyday transactions, users can use assets in the Standard Account just as if they were using bitcoin: the transaction is confirmed upon payment and is reversible. In the worst case, when the Standard Account’s private key is lost or stolen, his loss is limited to a small portion. Risk is still under control. When the asset in the Standard Account is insufficient, the user can transfer more from the Vault Account based on his plan and intent. The transfer will be received with a 2 days (example) delay. If theft happens to be discovered during the delay period, the user can simply initiate a "Revoke" request. The stolen transaction will be revoked and moved to “Retri Account” so that the loss can be avoided altogether.
2. Legacy or Grant auto-release:
Digital asset inheritance has been a headache for many as it cannot be handled by a middle man like bank assets and real estate are under the existing applicable laws. The private key of digital assets is usually kept by the holder themselves for security reasons. Without complicated processing procedures, digital assets will be frozen forever following the death of the holder and leave his lawful heir no way to access their legacy. Vault Account at GateChain supports releasing digital assets at a preset future time point to a predefined beneficiary, without worries about private keys missing or theft during this period. As long as one can set a digital asset distribution ratio and release time when the user is able to do it, their digital asset will be transferred to the named beneficiary accordingly. This asset processing method can also be used in other scenarios like scheduled fund granting. For example, in the case that parents want to give their children some digital assets when they are 18 years old to fund their development after they have grown up. The parents can specify within their own Vault Account to send a certain amount of digital assets to their children when they turn 18.
3. Safe Storage of Bank Asset：
Bank asset storage demands an extremely high level of safety. The prevailing mechanisms in the blockchain industry are cold storage and hardware wallets. But these mechanisms can not guarantee the safety of blockchain assets 100%, especially when it comes to asset risks arising from private key damage. These issues have significantly limited the possibility of massive blockchain asset adoption.
With GateChain’s Vault Account, banks can set a longer transfer delay time to reduce asset storage risk significantly. Besides, GateChain also supports Vault Accounts cascading, which can exponentially minimize the risk of theft.
In practice, GateChain can achieve approximately 100% safety for asset storage at a meager cost. Just like the possibility of Bitcoin being brute force attacked is close to zero in practice, though not 100% safe in principle, it already facilitates 100% safety in practice. In addition, pocket money wallet and hardware wallet technologies can still be used to give it further protection (layers).
GateChain Academic Research
To promote the development of blockchain technology and its applications in the real world, GateChain research focuses on studying principles and applications around onchain trading safety.
The major innovation of GateChain is：
1) It puts forward and has implemented an on-chain “Vault Account.” This type of account has safety features allowing revocable transactions and damaged private key restoration, thus providing a novel blockchain safety solution to individuals, enterprises and asset sensitive banks.
2) A transaction model that supports retractable logic which is called RTM (Revocable Transaction Model).
Please refer to GateChain Academic Research for more detail:
As an innovative public chain focusing on on-chain asset security, GateChain introduces a number of new concepts. GateChain hopes to help users understand GateChain security logic more comprehensively by providing the definition of the concepts. Also, for the consideration of transaction security, GateChain innovatively puts forward the identification of address type and transaction type to facilitate the user to identify different account types and transfer types effectively, to avoid user misoperation.
GateChain Basic Concepts
GateChain is a novel public chain. Its principle research has introduced many unprecedented concepts that form the principle fundamental for building complete self-consistency in asset safety.
Standard Account: Account similar to a Bitcoin address that can store assets and is suitable for daily use. Assets in this type of account can be sent instantly, and the transaction is irreversible once confirmed on the blockchain. Lost private keys cannot be restored.
Vault Account：GateChain’s novel creation. This is a new type of account that allows revocable transactions in case of theft and private key restoration in the case of lost or damaged private keys. Transfer of assets in this type of account has to wait for a preset period of time. It is suitable for storing and protecting a large number of assets that are not meant to be accessed immediately.
Revocable Delay Period ：The time duration within which transaction transfer from Vault account is revocable. During this time of period (calculated by blocks), recovery of the transaction is possible by initiating a "revoke" operation to return the transaction to “Retri Account’.
Retri Account：The preset account bound to a Vault Account. When a transaction in Vault account is revoked, the transaction asset will be moved to this account.
Clearing Height：It is a future time. At the time when this future block height is hit, the asset in the account will allow clearing.
Revoke: When the transaction initiated from Vault Account is still in the revocable delay period, the “revoke” operation can be undertaken to return the asset to the “Retri Account’.
Revocable Transaction：any transaction initiated from Vault Account is a potential revocable transaction, which allows for revoking to move the asset to “Retri Account” during the revocable delay period. After the revocable period, the transaction can not be revoked.
Irrevocable Transaction：Transaction initiated from Standard Account. It is irreversible once it is confirmed on the blockchain.
GateChain Address Types
GateChain has two main account types, Standard Account and Vault Account, with different identifiers at the start in their addresses.
Standard Account：starts with “gt’’. “gt1” indicates a single- signature Standard Account, and “gt2” indicates a multi-signature Standard Account.
Vault Account：starts with “vault." “vault 1” indicates a single- signature Vault Account, and “vault2” indicates a multi-signature Vault Account.
With the address identifier mechanism, invented by GateChain, the recipient account can easily identify the sending account’s type and set the confirmation requirement accordingly. If it is from a Vault Account, confirmation is safe only after the revocable delay period.
GateChain Transaction Types
GateChain has many transaction types. To identify different transaction types efficiently, GateChain creatively provides transaction type identifiers.
Below are identifiers with which the different transaction types start with:
Account Set： “ACCOUNTSET-”
GateChain desktop wallet instruction at https://github.com/gatechain/gatechain-docs/blob/master/en/gatechain-wallet.md
Visit GateChain testnet explorer at https://explorer.gatechain.io
GateChain Full Node
Full Node and Local Testnet： Anyone can build a full node and run his testnet. A full node has all the functions that GateChain has. For detailed installation, visit Install and Deploy.
Join Testnet： A full node can connect to the public testnet (use the same version of testnet )）to monitor and broadcast transactions and block updates and other tasks in real-time in the network.
GateChain Command Line Interface
Command Line Interface： Besides wallets, we also provide client programs, which can interact with GateChain using a command line. Many operations can be done to an onchain account using a command-line interface, including account management, transaction management, and asset management. In addition, a simple inquiry into onchain data is allowed using a command-line interface, such as the inquiry of account balance, and other transaction details. For more information, visit Command Line Interface Reference.
GateChain REST API
REST API：GateChain node provides advanced API interface service, related API information visit REST API List https://github.com/gatechain/gatechain-docs/blob/master/en/gatechain-api.md
We are looking forward to a future together！
February 10, 2020