GateToken (GT) - a cryptocurrency that allows you to reverse transactions

With the development of blockchain technology, innovative projects appear that change the word "impossible" to "with us". One of them is the GateChain chain and its utility token GateToken (GT)that allow you to cancel your transaction. Will it be a milestone in increasing the security of cryptocurrencies? We check.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced, and also the most controversial cryptocurrency projects around the world. Today it's time to network GateChain and her token GateToken (GT)who want to be a revolution in the cryptocurrency market.

What is GateChain and GateToken

The GateChain network is a decentralized ecosystem that consists of the GateChain main network, GateChain DEX, GT, cryptocurrency wallets and other add-ons that allow for the efficient and safe storage, trading and emission of digital assets.

What GateChain allows:

• Through the system you can, among others make payments using your wallet or app, sending and receiving GateTokens GT, as well as popular on-chain resources. 
• Users can also issue their own tokens to digitize and manage their assets. 
• It allows the account to be shared by many people, which allows you to adjust its management to the needs of the company or family.
• Thanks to the designed settlement mechanism, the account can be 100% safe - the system secures it by recognizing unusual transactions.
• Assets can be stacked and income derived from it, thanks to the mechanism Proof of Stake. 

How the GateChain blockchain works

The creators of the project argue that this is an absolutely new generation work, ahead of its time. GateChain encourages you with a never-before-seen billing mechanism that solves the tough problems of asset theft and private key loss.

GateChain offers two types of accounts, allowing users to seamlessly navigate the digital age without any security concerns. Regular accounts can pay instantly and transactions are irreversible. Private keys cannot be restored, nor can other networks. But the Vault account, which is a GateChain innovation, already allows revocable transactions and private key restoration. By combining both types of accounts, GateChain provides its users with complete security.

A regular account is used to store some assets for everyday use, while a Vault account is used to store larger savings that we don't need to have on hand. It can be set to a predetermined period of transfer delay (e.g. 2 days).

Thanks to this, we use a regular account in everyday payments, on which we control our funds, and transactions are confirmed immediately and automatically. Even in the case of the theft of the private key, we can lose as much as was on this account. The rest of our resources are completely safe. 

Cryptocurrency inheritance

An interesting solution has been prepared for those who want to pass their resources on to their loved ones - during life or after death. Until now, private keys were tied to one person. After her death, they most often remained frozen, with no possibility for the heirs to use them. Vault GateChain accounts support sharing digital assets with the beneficiary at a predetermined time without worrying about the loss / theft of private keys. 

So you can not only save cryptocurrencies in the decline, but also introduce a function that will, for example, be made available to a child on his 18th birthday or after graduation.

Cryptocurrency GateToken (GT)

The GateToken (GT) cryptocurrency can currently be traded on five cryptocurrency exchanges from around the world. As of September 9, 2022, 108 of the planned 263 tokens are in circulation. Each of them costs $ 842, which translates into a capitalization of over $ 300 million. The peak of trading was on May 000, 000, when each GT token was valued at $ 4,21.