GateChain Development Plan and GT Burning Announcement In 2023

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Оголошення GateChain Development Plan and GT Burning Announcement In 2023

GateChain Development Plan and GT Burning Announcement In 2023

2023-02-22 09:46:23 UTC 29284 Прочитайте

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GateChain is a high-performance Web3 basic public chain, building an enterprise-level safe, efficient, and intelligent decentralized digital asset storage, distribution, and trading ecosystem. Funded by Gate.io (one of the most qualified and largest exchanges in the world), its core idea is to build a secure and scalable blockchain compatible with EVM to support the demand of the booming Web3 application for the high-performance and security of the underlying public chain.

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**GateChain Ecosystem**

The GateChain ecosystem includes the GateChain Mainnet, GateToken, Gate Web3, wallet, etc. The main features of GateChain are as follows:
- GateToken (GT): GT, as the native token of GateChain, is used as the network service fee, as well as the application scenarios of ecosystem payment and finance.
- PoS: GateChain uses the Proof of Stake (PoS) consensus mechanism to maintain network health.
- Asset security solution: Through the innovation of the treasury account system and clearing mechanism, the security problems such as asset theft and private key loss can be solved in a decentralized way.
- EVM compatibility: GateChain is compatible with Ethereum Virtual Machine (EVM), ensuring developers can easily migrate their Ethereum dApp and Web3 applications to GateChain.

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**What Are the Advantages of GateChain?**

Using GateChain has several advantages:
- Low transaction cost: GateChain has a low transaction cost per transaction, which can significantly save the operation cost of decentralized applications such as Web3.
- Fast transaction speed: GateChain can process up to thousands of transactions per second, providing a high-quality on-chain operation experience.
- High security: The treasury account system provides a delayed confirmation and clearing mechanism for withdrawal, which ingeniously solves the problem of theft and loss of private keys.
- Decentralized: The open PoS mechanism ensures the high degree of decentralization of GateChain, which can simultaneously support thousands of consensus nodes.
- Cross-chain capability: GateChain supports the cross-chain transfer of multiple mainstream public chains through a cross-chain bridge mechanism.
- Wallet diversity: GateChain provides various wallet applications for personal and professional use. These include desktop wallets, mobile wallets (Android/iOS), web wallets, multisig wallets, and hardware wallets.

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**Planning of GateChain in 2023**

At the end of 2022, centralized applications will be challenged by the trust crisis. Gate.io has been providing 100% Margin Proof since two years ago and calling on the industry to follow up. It has become one of the important measures to gain users' trust in the centralized platform. Meanwhile, the transparency of assets on the chain of Web3 applications and users' self-control of their assets can solve the trust problem of blockchain services. Gate.io has a deep accumulation in the underlying technology of Web3 and will actively support and embrace the development of Web3. The year 2023 will be the Web3 year of GateChain. We will vigorously develop the Web3 ecosystem on the public chain of GateChain, build rich Web3 services, including high-quality products such as Wallet, Trading, Earn, Crypto Mining, NFTs, and SocialFi, and provide users with high-performance and low-cost Web3 solutions with the help of GateChain's solid underlying advantages. The transaction transfer on GateChain will become busier.

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**About the Burning of Gate Token (GT)**

As the utility token and  gas token on Gatechain, GT supports the underlying transfer system of Gatechain. Since the launch of GateChain in 2019, GT has been burnt continuously, and its total number has been reduced by about 50% from the original 300 million to 150 million and is still shrinking. In 2023, we will continue to implement the GT burning policy in a legal and compliant manner. Before the actual circulation of GT is less than 100 million, we will regularly enter the GT into the burning site. Currently, 4404758.025013 GT will enter the burning address for destruction (from 2705497.0255349 GT in 2022/Q3 and from 1699260.9994781 GT in 2022/Q4), and the on-chain destruction link is https://etherscan.io/tx/0x29794dfa2021765462ca85b5287ff6bb7ace1db64cc05fb70227f1d788b669f2. So far, 159 million GT have been burnt, and about 120 million are in circulation. Meanwhile, for the underlying protocol, in 2023, we will use Ethereum's on-chain burning mechanism for reference to introduce the on-chain automatic burning mechanism for Gatechain. With the busy on-chain transfer, GT tokens supported by the underlying gas fee will be burnt more.

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Gate.io Team
February 22nd, 2023

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