#GT# What is GateToken (GT)?

GT (GateToken) is the native asset of GateChain and also the utility token of gate. The value of GT is closely related to the development of gate and the GateChain ecosystem.
What is GateChain?
GateChain was born in 2018 and is the next generation of high-performance public chain launched by Gate.io. GateChain focuses on safeguarding the security of on-chain assets and providing convenient Decentralization trading services. GateChain aims to build an efficient and secure enterprise-level Decentralization digital asset storage, distribution, and trading ecosystem.
GateChain has a unique online hot storage account system and liquidation guarantee system, which innovatively solves basic problems such as user digital asset loss and Private Key loss.
GateChain adopts the Proof of Stake Consensus Mechanism and introduces the VRF algorithm to select Consensus Nodes in real time, ensuring a good balance of power and efficiency. Currently, GateChain has 160 Consensus Nodes distributed worldwide to maintain the stable operation of GateChain.
The original intention of the new generation GateChain, a high-performance public chain, is to ensure the security of users' assets in Decentralization trading. After 4 years of research and development, they have successfully built GateChain into a high-speed blockchain that can support high-frequency Smart Contract transactions.
In terms of performance, GateChain's Block creation time is 4 seconds, with a high TPS of 2.745 transactions per second, and the Gas fee for each transaction is as low as $0.0001. In contrast, the TPS of Ethereum is only about 15, and transactions take at least 12-14 seconds to confirm.
Seamless connection with the ETH ecosystem is key to the sustainable development of public chains. GateChain is compatible with the Ethereum Virtual Machine (EVM), so any smart contract based on Ethereum can be easily deployed and run on GateChain. Users and developers familiar with Ethereum can smoothly access the GateChain ecosystem, and excellent Decentralized Finance projects can also easily join the GateChain ecosystem.
Meanwhile, in order to be more user-friendly, GateChain has expanded its account system and added an "EVM-Account" account type to support developers in migrating Decentralization applications from Ethereum to GateChain at a lower cost. In addition, GateChain supports 0xAddress from Ethereum, allowing users to manage assets on Ethereum and GateChain without creating a new account on GateChain.
The GateChain ecosystem overview GateChain mainly focuses on Decentralized Finance, Non-fungible Token, and infrastructure. HipoDecentralized Finance and Non-fungible Token BOX are the two major projects on GateChain.
HipoDecentralized Finance on hipo.com is a comprehensive Decentralized Finance center on GateChain, which is used to organize real-time data for large-scale Decentralized Finance projects, allowing users to compare exchange rates, yields, and other data. HipoDecentralized Finance has two main functions:
Swap: Cross-Chain Interaction Decentralized Finance is a comprehensive tool that is compatible with most mainstream DEX, allowing users to easily trade between various chains and platforms.
Asset bridge: GateBridge is a bridge that supports Cross-Chain Interaction assets, supporting most smart public chains, including Ethereum, BTC and HECO, allowing assets to be transferred quickly and safely. In addition, GateChain has also invented the "Cross-Chain InteractionLiquidity mining" mechanism, bringing more value to users.
Mining: Users can obtain transaction fee dividends by providing Liquidity and mortgaging assets.
Non-fungible Token Box was launched in 2021, it is a Non-fungible Token market built on GateChain. The Non-fungible Token Box portal has the following features:
No minting fee: Minting non-fungible tokens on the Non-fungible Token Box does not require any fees, allowing artists to focus more on their work.
Low transaction fees: Non-fungible Token Box is built on GateChain, with extremely low transaction fees. High quality: Non-fungible Token Box collaborates with Bored Ape Yacht Club (BAYC) and NBA legendary figure Allen Iverson to provide you with the highest quality Non-fungible Token collections.
The first artist: Non-fungible Token Box has minted over 300,000 Non-fungible Tokens. They will also provide INO (Initial Non-fungible Token Offering) in the form of a development fund for promising artists.
The GateToken function serves as the basic asset on GateChain, and GT is the support platform of GateChain Mainnet. The main on-chain functions of GT include:
Online payment remittance fees. GateChain supports users to send and receive GT and on-chain assets using Wallet and other applications.
GT is the PoS Mining reward of GateChain. To ensure the stability of the blockchain, GateChain encourages users to participate in PoS Mining to earn GT rewards as stable income.
GateChain allows users to issuance their own Token as digital asset, and use GT as a tool to manage their digital asset.
In addition, as a practical Token of gate, GT has many application scenarios, including currency trading, Over-the-counter Trading, Margin Trading, futures contracts, and other Derivatives, such as leveraged lending, P2P lending, asset management, etc. Users holding GT can also enjoy VIP level upgrades, drop fees, participate in welfare activities, and other applications.
Gate is gradually expanding the application of GT and enhancing the Intrinsic Value of GT.
GTToken's tokenomics information does not have ICO, private sale, or institutional investment participating in the first issuance of GT.
GT was issued in 2019 and officially upgraded to gate's utility Token on March 2, 2020. The initial total supply was 1 billion, and 700 million were subsequently destroyed, leaving a circulating supply of 300 million. Users can directly purchase GT on the Spot market of the gate platform, or use it as a Consensus Node on GateChain for Mining, or obtain GT through delegated POS Mining.
Since the launch of GateChain Mainnet, the PoS yield has greatly exceeded the amount of GT destroyed, and the total supply of GT is decreasing.
The burning mechanism of GT Token, as a practical Token of gate, is closely linked to the development of gate. gate ensures the value of GT by repurchasing and destroying GT in the market.
On August 27, 2019, gate first destroyed 19,467,230 GT, and GT has been publicly destroyed since then.
In order to better protect the rights and interests of investors, Gate.io will use 15% of the profits from the Secondary Market repurchase of circulating GT from currency/leverage/Contract Trading (and future new major trading products) starting from September 2020. In addition, 5% of the repurchase profits will be used for the research and development, marketing, and ecological promotion of GT. These GT will never flow back to the market. The repurchase ratio totals up to 20%. The repurchase ratio of GT will be adjusted every four years according to market and industry conditions.
As one of the largest exchanges in the Electronic Money industry for nearly 10 years, Gate provides a diverse range of investment products and Financial Services. Gate has always been committed to providing investors with secure, reliable, convenient, and fast trading services. GateChain and GT are key components of the plan.
GateChain is a developing system. We will continue to optimize the GateChain mechanism and provide new features for it. With the continuous development of GateChain and gate, the value of GT will also be guaranteed in the long term.