November 2020 Update:GateChain Development – Cross-Chain and DeFi
Characterized by high decentralization and asset safety, GateChain has been performing outstandingly as a high-performance infrastructure for smart contract and DeFi applications.
Shortly after its mainnet launch on June 8th, 2020, GateChain’s PoS mining program was released, allowing everyone to build nodes and participate in PoS mining on GateChain. Showcasing innovative safety features (missing private key recovery and asset theft protection), GateChain’s mainnet achieves a processing capacity of over 2000 TPS (transactions per second).In other words, it can process up to 0.17 billion transactions per day. GateChain is a highly decentralized chain, supporting thousands of consensus nodes, allowing anyone to participate in PoS mining as a super node or by delegating their GT to a super node. It uses algorithms that can prevent risks posed by quantum computing of Grover and Shor algorithms, and factors in a node loyalty coefficient to further enhance the PoS safety. Within its incentive mechanism, GateChain innovates so as to effectively enhance the degree of decentralization. Since the launch of the GateChain mainnet, we have conducted several upgrades to optimize and add new features. A test upgrade to its protocol in v1.0.1 and a loyalty rating upgrade in v1.0.2 have been finished successfully. In a more recent upgrade (v1.0.3), we introduced features to allow delegated PoS mining via a vault account, solving users’ concerns on the safety of holding large assets for PoS mining. We also initiated the fourth upgrade (v1.0.4), in which we changed the block reward allocation to a dynamically adjusted reward proportion as well as adding a new transaction type to allow the removal of delegated transactions.
Currently, our focuses of work are on cross-chain, smart contract, and DeFi. Below you can find what we have been working on as of late:
Continue development around the compatibility of smart contract address and Gatechain account address.
Complete EVM module, and test and debug smart contracts ution by the EVM.
Contract call debugging and finished debugging of contract sending.
2.1 Cross-Chain Contracts on Ethereum
Registered cross-chain pair contracts (finished)
The cross-chain transaction logic contract is still under development.
GateChain cross-chain information passing contract is under development.
Listen to the above-mentioned event on mainnet chain nodes ( progressed 80%)
2.3. Cross-Chain messaging format processing (finished)
2.4. Modification to the embedding method of serialized cross-chain messaging (finished)
2.5 Gatechain to Cosmos cross-chain protocol
Finished for gtcrosschain module
GtClaim processing logic (ie. the logic to process the gt cross-chain transaction) is still under development(progressed 70%)
Cosmos relay scheme is under development ( progressed 70%)
cross-chain information inquiry (command-line), and grpc interface are under development
2.6 Cosmos to GateChain Cross-Chain Protocol
receive-packet confirm transaction, i.e. multisig transaction, is under development.
2.7 ReceiveFrom messaging function and its processing logic added to GateChain crosschain module.
2.8 Crosschain consensus account address and GateChain address use unified format (using ed25519x encryption)
3 Gatemint SDK
The SDK has been largely completed. We are testing and debugging initialization and running processes. Some side tasks, such as staking related cli interfaces, build s, documentation are also being worked on.
Once we finish cross-chain and smart contract on GateChain, the new features will be enabled on HiPo (https://www.hipo.com) to provide high performance through defi platform. Hipo has been providing swap and yield farming based on Ethereum, as well as hardware wallets services. More functionalities and features are being rolled out.
Gate.io is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.
November 21, 2020
Get 30% of all referees' trading fees in the affiliate program at https://www.gate.io/myaccount/myreferrals
Click to Sign up ：https://www.gate.io/m#/register
Download it now at: https://www.gate.io/mobileapp
Follow us on social
Click "Open in browser"
Download in your browser