Coin Price 24h % GateChain Mainnet v1.0.3 Update

2020-07-24 10:30:25Read:22312

GateChain Mainnet 1.0 has been officially launched on June 8th, 2020. It features revocable stolen assets, retrieving assets when private keys are lost, post-quantum attack prevention, PoS mining participation, double profits of loyalty nodes, high decentralization, high-performance consensus structure, supporting one-tap chain issuance and more, a total of 19 major innovations. Mainnet’s 1.0 strong eco supports wallet services in many forms, such as a desktop version, Android version, iOS version, web, touch-id hardware and multi-signature wallet. Additionally, the Mainnet’s anti-theft monitoring services provide comprehensive security schemes for users. GateChain Token (GT) (the native currency of the GateChain mainnet) PoS mining through proxy (Delegation) has been launched on the day of Mainnet 1.0 launch. Individual users can use App or Web Wallet to delegate.

For more information about GateChain Mainnet 1.0, please check out the announcement for GateChain Mainnet 1.0 Genesis Launch.

After the launch of Mainnet 1.0, we have conducted a protocol update test (v1.0.1) and an update of loyalty nodes grading (v1.0.2), which were both successfully completed. For PoS mining, which users are mainly concerned with, currently PoS mining through proxy (Delegation) is available. However, only normal accounts were supported with PoS mining through proxy (Delegation) at the beginning. Therefore, to improve the security of PoS mining, a new feature of PoS mining through proxy (Delegation) through Vault Accounts is added during the latest Mainnet update of v1.0.3. The feature addresses the safety concern about large amounts of funds in PoS mining. After the v1.0.3 update, the development of mainnet token claim will be accelerated and the process of consensus node construction will be open to the public.

GateChain Mainnet v1.0.3 Update includes:
1. Consensus protocol is updated to v3 with a height of 69,834
2. The proportions of rewards of every block allocated to three chosen consensus nodes are adjusted to 40%, 33% and 27%. Nodes weighing less would get more rewards.
3. A new feature of PoS mining through proxy (Delegation) through Vault Accounts is added, which includes:
3.1. Delegation: unlike normal transactions from Vault Accounts which need to wait for a future height to take effect, delegation through Vault Accounts occurs in real time.
3.2. Delegation Transfer: rules are the same as normal accounts. Benefits will be transferred to the accounts immediately before transfer, with the GT being stored for 21 days.
3.3. Delegation Removal: rules are the same as normal accounts. Benefits will be transferred to the accounts immediately before removal, with the GT being stored for 21 days.
3.4. PoS Mining Benefits Transfer: unlike normal accounts, no separate settings are needed for the benefit account of Vault Accounts, and benefits can only be transferred to the original account.
4. Minimum fee of every transaction is adjusted to 0.01GT.
4.1 The limit is applied to the trading caching pool and Consensus protocol layer. Transactions with fees lower than 0.01GT cannot be broadcast on chain; even if they are packaged by malicious nodes, they cannot be confirmed by consensus.
4.2. A field ‘minimumTxFee’ is added in RPC service/status, displaying the minimum fee for every transaction.

There will be more improvements and updates of GateChain. Thank you for your support for GateChain’s Mainnet and we look forward to creating a new gateway together with you! is a trading platform that does not charge listing fees, only launches quality projects, and provides users with 100% guaranteed and instant deposit-withdrawal services.
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July 24, 2020

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