GateChain – Everything You Need To Know

Let's look at the features and advantages of GateChain and the GateChain Ecosystem

GateChain is a next-gen public blockchain that builds an enterprise-class secure and efficient decentralized digital asset storage, distribution, and trading ecosystem. Founded by Gate.io – one of the oldest and biggest exchanges in the world – the core idea is to build a secure and scalable blockchain that's EVM-compatible.

Looking Into The GateChain

The GateChain ecosystem includes elements like the GateChain mainnet, GateChain DEX, GT, wallets, and more. The main features of GateChain are as follows:

• GateToken (GT): GT is used for paying transaction fees and for staking purposes within the network. Users can also send and receive GT as a pure payment token.
• PoS: The GateChain uses the proof-of-stake (PoS) consensus mechanism to maintain network health.
• Asset Issuance: Users can use GateChain to issue their own tokens.
• Multi-Sig: An account can be shared by multiple individuals. This is suitable for both enterprise and family use.
• Asset Safe Storage: The vault account system and clearing mechanism ensure 100% security from asset theft, private key loss, and abnormal transactions.
• EVM Compatibility: GateChain is compatible with Ethereum Virtual Machine (EVM). This ensures that developers can easily port their Ethereum dApps on GateChain. Additionally, GateChain users have account support for both Ethereum and GateChain assets.

What Are The Advantages Of GateChain?

There are multiple advantages of using the GateChain:

• Ultra-low transaction fees: GateChain charts just $0.0001 per transaction, significantly less than its competitors – Ethereum, Polygon, BSC, and Avalanche
• Transaction speed: With 2,745 transactions per second, the GateChain is almost 200X faster than Ethereum.
• Security: The vault account system allows users to set a withdrawal waiting time to conduct delayed transactions. The vault account also provides a clearing mechanism to prevent private key loss and a revocable transaction feature to prevent private theft.
• Decentralization: The public and open PoS mechanism ensure that the GateChain ecosystem is fully decentralized.
• Leveraging Gate.io: GateChain is built by Gate.io. Developers can leverage Gate.io's 10 million+ user base to tap into a ready-made audience.
• Cross-chain capabilities: GateChain provides a decentralized trading platform that bridges all the smart chains in the market.
• Wallet diversity: GateChain provides various wallet applications ranging from personal to professional use cases. These include –  command-line interface wallet, mobile wallet (Android/iOS), web wallet, multi-signature wallet, and hardware wallet.
• Diverse ecosystem: The GateChain already hosts both HipoDeFi and NFT Magic Box – giving developers a rich DeFi and NFT platform to tap into. More on this in the next section.

The GateChain Ecosystem – DeFi + NFT

#1 HipoDeFi

HipoDeFi is your one-stop-shop for all your DeFi needs. It collates real-time data on every DeFi project, allowing users to compare exchange ratios, yields, loans, and their interest rates. The three main features of HipoDeFi are:

• Swap: Compatible with most mainstream DEX aggregators, users can easily swap between different chains and platforms.
• Asset Bridge: The GateBridge is an asset bridge between the most popular EVM-compatible blockchains. It enables fast and safe asset transfer.
• Farming: Provide liquidity and earn rewards via transaction fee distribution. Plus, stake your LP tokens and get more rewards.

Furthermore, Gatechain 2.0 allows users to explore DeFi and experience the hottest products easily.

#2 Magic Box

Launched in 2021, the NFT Magic Box is an NFT marketplace built on top of the GateChain. The core features of the magic box are as follows:

• No minting fees: Minting NFTs on the Magic Box costs nothing. This ensures that artists can focus on creating instead of other factors.
• Low fees: Being built on the GateCahin makes the platform very affordable.
• High-quality works: NFT Magic Box has partnered with the likes of Bored Ape Yacht Club (BAYC) and NBA legend Allen Iverson. 
• Artist-first: The Magic Box has already minted over 300,000 NFTs and offers INO (Initial NFT Offering) for promising artists looking for funding.

What Are Gate Grants?

Gate.io is actively populating the GateChain through its Grants program to enable developers to create their applications. It must be noted that developers can qualify for the Grants regardless of whether they are developing on the GateChain or not. The resources provided by the program are:

• $10K-$100K seed funding round to kickstart the idea.
• Receive additional funding from the likes of Gate.io Labs, Gate.io Startup, and industry-leading VCs.
• Dedicated marketing and HR activities.
• Priority listing on Gate.io
  Access to Gate.io's technical support team
• Strategic partnership opportunities with over 100 projects

The following types of applications would receive funding from the Gate Grants on a priority basis:

• Decentralized Exchange (DEX)
• Loan providers.
• Derivatives platform.
• Yield aggregator
• Cross-Chain Assets
• Oracles.

Conclusion

The GateChain was created to solve the complex problems of inefficient blockchain operations without compromising decentralization. The GateChain empowers developers to create applications that fulfill a wide range of use cases through its deep yet diverse ecosystem.