The GateChain, a public chain, was founded by Gate.io with the purpose of building an enterprise-level safe and efficient decentralized digital asset storage, distribution and trading ecosystem.
The main idea of GateChain is to ensure the security of users' assets while ensuring decentralized transactions. On GateChain, EVM is determined as the smart contract engine, and any Ethereum-based smart contract can be easily deployed and run on it. GateChain is a high-speed blockchain that can support transactions of large-scale smart contracts.
GateChain's native asset, GateGT (GT), is the only token stored on GateChain. Closely bound to the development of the platform and being the most important part of its public chain ecology, GT plays a significant role in the platform.
How GT works
GateChain adopts the PoS proof-of-stake consensus mechanism. By introducing the VRF algorithm to dynamically select consensus nodes in real-time, it maintains the characteristics of decentralization while taking into account efficiency. At present, GateChain has a total of 155 consensus nodes, which are distributed all over the world and jointly maintain the sound and stable operation of GateChain.
Unlike PoW, which requires miners of the entire network to continuously calculate random numbers to match the hash value during each round of consensus, each miner in the PoS consensus only needs to calculate the hash value once in each round of consensus, which greatly reduces the consumption of miners' computing power. At the same time, the PoS consensus mechanism introduces the parameter of miners' currency holding rights to help determine the accounting rights. The size of the stake is determined by calculating the proportion of the miners' holdings in the total number of tokens and the holding time. The more tokens you hold and the longer the holding time, the greater the equity, the greater the probability of calculating the required Hash value, and the greater the chance of obtaining the right of bookkeeping.
What is GT?
GateToken (GT) is the foundation supporting the operation of the GateChain mainnet. Issued in 2019, it has no ICO, no private placement, and no institutional investment. On March 2, 2020, it was officially upgraded to be the currency of Gate.io platform. The total initial issuance is 1 billion, and then 700 million will be burned, and the upper limit of circulation is 300 million.
As the only currency of Gate.io, GT has a very large ecosystem and usage scenarios, including currency trading, OTC over-the-counter trading, leveraged trading, futures contracts, and various derivative products such as leveraged financial products, fiat currency lending, and wealth management business. GT holders can also enjoy VIP level upgrades, deductions for handling fees, participation rights in welfare activities and more application scenarios.
Gate.io will rely on its position in the market to gradually enable the application scope of GT and enhance the intrinsic value of GT. From September 1, 2020, 15% of the profits from currency/leverage/contract transactions (and subsequent new main trading products) on the platform were used to repurchase circulating GT from the secondary market and publicly burned it. In addition, 5% of the repurchase profits were used for GT R&D, marketing, and ecological parts, and will no longer flow to the market. The total repurchase ratio is as high as 20%. The repurchase ratio increases or decreases every four years according to market and industry conditions. Currently, GT has entered the mode of burning and absolute deflation.
GT Crypto Wallet
In addition to placing GT in the Gate.io exchange for easy trading, users can also place GT in a crypto wallet.
The official wallet of GT is Wallet.io, which is open-sourced and transparent and is authenticated in multiple ways. It supports a variety of currencies. Most importantly, wallet.io supports login through gate.io authentication. After authentication, users can log in to the exchange and the personal wallet at the same time through one account. And they can exchange and transfer, which is very convenient and fast.
Different from the traditional personal wallet solution, wallet.io uses a more balanced solution. Unlike the traditional Onchain, Gate.io cannot use the funds in the user's account, and the assets are clearly traceable on the chain. Therefore, nothing can be faked, and the user's funds are guaranteed.
There are two schools of thought in determining the price of Gate.
By way of intrinsic value: This typically involves on-chain metrics, project metrics and financial metrics of Gate, collectively known as fundamental analysis. The law of supply and demand, tokenomics, use case, project roadmap as well as regulations and governance involved would affect the value of Gate from a long term perspective.
By way of price action: Primarily analyzed via candlestick chart patterns and technical indicators such as MACD, RSI and the bollinger bands, technical analysis forecasts the price of Gate on the basis that history tends to repeat itself. As the candlestick charts are a general representation of the emotion of the market, news announcements and community sentiment can be significant price action drivers for Gate as well.
HODLers tend to prefer the long term nature of fundamental analysis, whereas short term traders tend to rely on technical analysis more. In reality, both analyses may combine and create interesting scenarios for Gate and the cryptocurrency market as a whole.
2. What is the highest price of Gate in history?
Gate achieved the all-time high of $12.94 in 2021-05-12, and is currently trading at $3.60.
3. What is the lowest price of Gate in history?
In 2020-03-13, Gate reached the all-time low of $0.26.
4. Should I buy Gate now?
It is important to remember that Gate, like all other cryptocurrencies, are subject to extreme market conditions, legal policies, project team management and other unpredictable factors. As such, cryptocurrencies fluctuate greatly and it is important to manage your own risk level. Users are advised to do your own research when making investment decisions in the crypto market.