GateChain Testnet Released - Cryptocurrency Safety Redefined
Gatechain Testnet Launch
Gate.io launches Gatechain Testnet on September 30. Gatechain creatively solves security issues such as losing private keys and asset being stolen. We are thrilled to witness this revolutionary development with our users and we believe Gatechain will redefine blockchain security and lead us to a brighter future.
We hereby invite all our users to test out the Gatechain Testnet. We welcome your valuable suggestions to help us continuously improve the blockchain, and we look forward to the launch of the Gatechain Mainnet.
How to Participate in the Gatechain Testnet Testing
Gatechain provides different types of wallets for both regular, professional and incorporated users. During the testnet phase, regular users can try out the wallets by using the Windows and Mac OS desktop versions. Professional and incorporated users can visit the testnet via full nodes or API.
Gatechain Wallet user instruction: https://www.gatechain.io/docs/cn/gatechain-wallet/
GateChain eco comprises CateChain mainnet, GateChain DEX, GateChain Token (GT), wallets, etc. Them forms a decentralized eco characterized by enterprise-grade safety and efficiency for digital asset storage, issuance and trading, presents a novel solution to blockchain transaction safety.
The main features of GateChain eco can be listed as follow:
1) Transfer/payment：Using a wallet or client-side Apps, users can send and receive GateChain Token (GT) , as well as other popular onchain assets.
2) Asset issuance： Users can issue and use their own tokens (e.g., GT) to digitalize and manager their assets. For more details, visit Asset Management。
3) Decentralized cross-chain transaction：GateChain provides support for high-performance decentralized trading among different digital currencies.
4) Asset safe storage： With a uniquely designed vault account and a clearing technology, account can have a comprehensive protection, and support revoking /clearing operations targeting abnormal transaction. For more details, visit Transaction Protection。
5) Multi-signature： Multiple signers can share ownership of one account, and get customize management over their digital assets, which best fit the enterprise demands. For more details, visit Multi-signature。
6) POS staking reward: GT works as a stable incentive for users participating in PoS staking, which safeguard the robustness of underlying blockchain.
GateChain is a novel next-generation public blockchain, focused on onchain asset safety and decentralized exchange. With unique Vault Account technology and its supporting transaction model design, GateChain has implemented a guaranteed safe clearing mechanism, creatively solved the challenging problem of asset theft and private key missing. It aslo supports decentralized trading and cross-chain transfer among other core applications. Compared with traditional blockchains, such as Bitcoin and Ethereum, GateChain focuses on on-chain asset safety. It creatively proposed a bunch of novel concepts, including Standard Account、Vault Account、Retri Account、Clearing Height、Revocable Delay Period、Address Type、Transaction Type.definition and explanation visitGateChain
GateChain DEX is a decentralized exchange based on GateChain. It has matching engines of ultra high performance and low participating cost, and thus provide users safe, quick and transparent trading experience. It also supports cross-chain transfer for multiple currencies.
Anyone who has full control over his private key to his account can exchange freely. GateChain DEX uses private own encrypted wallets or hardware wallets to safeguard users’ assets and solves the trust issue that is present for centralized exchange.
GateChain Token (GT) is the native currency of GateChain mainnet. It is used to pay transfer fee on GateChain network and works as the incentive reward for PoS staking. It is fundamental to GateChain network. In addition, it is an important eco member for Gate.io exchange.
The issue plan of GT is determined as :
GateChain initial supply 300 million GTs, all of which were given away to users in a transparent method in its initial distribution.
In 10 years, GT supply will reach 1 billion, which is its designed total supply cap. Among them,
200 million GTs will go to developing and researching, released lineally in a term of 10 years after a 12 months lockup;
100 million GTs will go to market expansion, released lineally in a term of 10 years after a 12 months lockup;
200 million GTs will go to eco building, released lineally in a term of 10 years after a 12 months lockup; and
200 million GTs will be produced as staking reward.
GateChain provides various wallet applications for individual, professional and enterprise users.
At testnet phase, GateChain provides desktop wallets for Windows and Mac OS; professional users can also access and test using API.
At mainnet phase, GateChain will provide command-line wallet, mobile wallet for Android and iOS, Web wallet, multi-signature wallet, and hardware wallet, to cater to individual, professional and enterprise users.
Download the desktop wallets from https://github.com/gatechain/gatechain-docs/blob/master/en/gatechain-wallet.md
GateChain Typical Application
GateChain offers two types of accounts, Standard Account and Vault Account, to meet the efficiency demand in daily payment and safety demand in asset storage. Standard Account allows instant payment and transaction is irreversible. It does not allow restoring lost private key. similar to the features of a bitcoin address. While the onchain Vault Account, a major novel creation of GateChain, allows revocable transaction and private key restoration. By combining both types of accounts, GateChain provides complete safety features to its users.
1. Individual assets management：
GateChain provides individual user two types of accounts, a Standard Account and a Vault Account. Standard Account is used to store a tiny fraction of assets for daily use while Vault Account is used to store the majority not in immediate need. The vault account can set a transfer delay period, 2 days for example.
For every day transaction, user can use assets in the Standard Account just like he is using bitcoin: transaction is confirmed upon payment and is reversible. In the worst case when the Standard Account’s private key is lost or stolen, his loss is limited to the small portion. Risk is till under control.When the asset in the Standard Account is insufficient, he can transfer more from the Vault Account based on his plan. The transfer will be received with a 2 days (example) delay. If theft is found during the delay period, he can simply initiate a "Revoke" request. The stolen transaction will be revoked and moved to “Retri Account”.Loss is avoided.
2. Legacy or Grant auto-release:
Digital asset inheritance has been a headache to many as it can not be handled by a middle man like bank assets and real estate under the existing applicable laws. The private key of digital assets is usually kept by the holder himself for security reason. Without complicated processing procedures, digital assets will be frozen forever following the death of the holder and leave his lawful heir no way to access to his legacy. Vault Account at GateChain supports releasing digital asset at a preset future time point to predefined beneficiary, without worries about private key missing or theft during this period. As long as one can set a digital asset distribution ratio and release time when he is able to do it, his digital asset will be transferred to his named beneficiary accordingly. This asset processing method can also be used in other scenarios like scheduled fund granting. For example, if parents want to give their children some digital assets when they are 18 years old to fund their development after they have grown up. The parents can specify at their own Vault Account to send a certain amount of digital asset to their children’s when they are 18 year old.
3. Safe Storage of Bank Asset：
Bank assets storage demands an extremely high level of safety. The prevailing mechanisms in blockchain industry are cold storage and hardware wallets. But these mechanisms can not 100% guarantee the safety of blockchain asset, especially when it comes to asset risks arising from private key damage. These issues have significantly limited the possibility of blockchain asset massive adoption.
With GateChain’s Vault Account, bank can set a longer transfer delay time to significantly reduce asset storage risk. Besides, GateChain also support Vault Accounts cascading, which can exponentially reduce risks of theft.
In practice, GateChain can achieve approximate 100% safety for asset storage at a very low cost.Just like the possibility of Bitcoin being brute force attacked is close to zero in practice, though not 100% safety in principle, it is already 100% safety in practice. In addition, pocket money wallet and hardware wallet technologies can still be used to give it further protection.
GateChain Academic Research
To promote the development of blockchain technology and its applications in the real world, GateChain research focuses on studying principles and applications around onchain trading safety.
The major innovation of GateChain is：
1) Put forward and implemented an on-chain “Vault Account” . This type of account has safety features allowing revocable transaction and damaged private key restoration, thus providing a novel blockchain safety solution to individuals, enterprises and asset sensitive banks.
2) A transaction model that supports retractable logic which called RTM（Revokable Transaction Model）.
Please refer to GateChain Academic Research for more detail: https://github.com/gatechain/gatechain-docs/blob/master/en/gatechain-research.md
As an innovative public chain focusing on on-chain asset security, GateChain introduces a number of new concepts. GateChain hopes to help users understand GateChain sercurity logic more comprehensively by providing the deion of the concepts. Also, for the consideration of transaction security, GateChain innovatively put forward the identification of address type and transaction type to facilitate the user to effectively identify different account type and transfer type, to avoid user misoperation.
GateChain Basic Concepts
GateChain is a novel public chain. Its principle research has introduced many novel concepts which form the principle fundamental for building complete self-consistence in assets safety.
Standard Account：Account similar to a Bitcion address that can store asset and is suitable for daily use.Asset in this type of account can be sent instantly and is irreversible once confirmed in blockchain. Lost privatekey can not be restored.
Vault Account：GateChain’s novel creation. This is a new type of account that allows revocable transaction in the case of theft and private key restoration in the case of lost or damaged private key. Transfer asset in this type of account have to wait for a preset period of time. It is suitable for storing and protecting large amount of asset that is not for immediate use.
Revocable Delay Period ：The time duration within which transaction transfer from vault account is revocable. During this time of period (calculated by blocks), recovery of transaction is possible by initiating a "revoke" operation to return the transaction to “Retri Account’.
Retri Account：the preset account bound to a Vault Account. When a transaction in vault account is revoked, the transaction asset will be moved to this account.
Clearing Height：it is a future time. At the time when this future block height is hit, the asset in the account will allow clearing.
Revoke: When the transaction initiated from Vault Account is still in the revocable delay period, “revoke” operation can be initiated to return the asset to “Retri Account’.
Revocable Transaction：any transaction initiated from Vault Account is revocable transaction, which allows for revoking to move the asset to “Retri Account” during the revocable delay period. After the revocable period, transaction can not be revoked.
Irrevocable Transaction：Transactions initiated from Standard Account. It is irreversible once it is confirmed by blockchain.
GateChain Address Types
GateChain have two main account types, Standard Account and Vault Account, with different identifier at the start in their addresses.
Standard Account：start with “gt’’. “gt1” indicates a single- signature Standard Account, and “gt2” indicates a multi- signature Standard Account.
Vault Account：start with “vault’.“vault 1” indicates a single- signature Vault Account, and “ vault2” indicates a multi- signature Vault Account.
With the address identifier mechanism invented by GateChain, the recipient account can easily identify the sending account's type and set confirmation requirement accordingly.If it is from a Vault Account, confirmation is safe only after revocable delay period.
## GateChain Transaction Types
GateChain has many transaction types. To identify different transaction types efficiently, GateChain creatively provides transaction type identifier.
Below are identifiers different transaction types start with:
Account Set： “ACCOUNTSET-”
GateChain desktop wallet instruction at https://github.com/gatechain/gatechain-docs/blob/master/en/gatechain-wallet.md
Visit GateChain testnet explorer at https://explorer.gatechain.io
GateChain Full Node
Full Node and Local Testnet： Any one can build a full node and run his testnet. A full node has all the functions GateChain has. Detailed installation visit Install and Deploy.
Join Testnet： A full node can connect to public testnet (use the same version of testnet )）to monitor and broadcast transaction and block update and other tasks in real time in the network.
##GateChain Command Line Interface
Command Line Interface： Besides wallets, we also provide client programs, which can interact with GateChain using command line. Many operations can be done to onchain account using a command line interface, including account management, transaction management, and asset management. In addition,simple inquiry to onchain data is also allowed using a command line interface, such as inquiry of account balance, and transaction details. More Details visit Command Line Interface Reference。
REST API：GateChain node provides advanced API interface service, related API information visit REST API List https://github.com/gatechain/gatechain-docs/blob/master/en/gatechain-api.md
Note: We sincerely appreciate Tendermint and Cosmos's contributions in blockchain protocol and cross-chain eco.
Sep. 30, 2019