What is GateToken (GT)? Everything you need to know

GateToken plays a crucial role in the Gate.io ecosystem, a leading cryptocurrency exchange worldwide. As the native token of the platform, GT provides various utilities and benefits to users, while also contributing to the strong growth of Gate.io.

To learn about GateToken and assess whether it is worth investing in this cryptocurrency, please read article by AZCoin.

What is GateToken?

GateToken is a global sponsorship project for most cryptocurrencies. Currently based in Hong Kong, the project was created to handle transactions ranging from high difficulty to very high difficulty. GateToken provides a mechanism for offsetting payment transactions to address challenges related to asset theft, attacks, and loss of personal information.

With its unique design in the Vault account, it is designed to participate in processing abnormal and highly difficult transactions. Additionally, GateToken is involved in providing a very special offset payment mechanism. This has helped solve challenges related to asset theft and personal information theft. Decentralized transactions as well as cross-chain transfers will also be supported, along with other key features.

Key features of GateToken

GateToken participates in supporting the Ethereum Virtual Machine (EVM). By supporting EVM, the project will enable any project or developer to create, build, and deploy decentralized applications (dApps) on the GateToken network. The GateToken EVM feature will provide “EVM Accounts” for developers, facilitating the process of building and developing smart contract-based applications on the GateToken network.

A unique aspect of the GateToken project is its use of the DPOS consensus mechanism. Unlike Bitcoin’s POW, this algorithm helps the system save electricity to the maximum extent possible, as well as save energy and protect the environment much more efficiently. There are two ways for users to participate in GateToken’s POS mining:

• Build and develop a full node of GateToken. Then, operate as a consensus account.
• Delegate your GT tokens to a consensus account.

GateToken’s operation mechanism

Recently emerged as a new generation public blockchain system, GateToken focuses on enhancing security and keeping on-chain assets safe. All transactions within the project are decentralized.

As a public blockchain created solely to secure assets, GateToken has introduced GT – the decentralized currency of the ecosystem. GT is widely used to pay transaction fees on the GateToken network. Participants in the project can invest in various cryptocurrencies and other blockchain products by joining the GateToken network. In other words, it is the primary trading currency of the market.

Considered the “darling” as the sole cryptocurrency asset of the Gate.io exchange, GateToken also possesses a similar logic system to BNB on the Binance exchange. GateToken currently operates on blockchain such as Bitcoin (BTC), Binance Coin (BNB), and Solana (SOL). These blockchains are specific chains of the Gate.io exchange and are known as GateChain.

The development team of GateToken

As mentioned earlier, GateChain is a project developed by the team at Gate.io. The project’s CEO is Lin Han – a talented individual in the Crypto field from China. Graduated from Beijing University with a major in computer software engineering, he also holds a Master’s degree in Applied Mathematics from Thanh Hoa University.

The project’s development team consists of 20 individuals, including highly skilled engineers and promising developers.

Overview of GT token

What is GT token?

GT token was created with the aim of becoming one of the tokens capable of paying transaction fees as well as operational costs across the network. Developers can deploy Smart Contracts and decentralized applications (dApps) on the network. They are required to hold a certain amount of GT tokens. GT token also allows participants to exchange cryptocurrencies on the Gate.io exchange to receive discounts when purchasing tokens and other exclusive privileges.

Basic information about GT coins

• Trading symbol: GT
• Platform: GateChain
• Total supply: 300,000,000 GT

Allocation of GT tokens

From the project’s launch, the development team set the initial total supply of GT tokens at 300 million. After 10 years, this number will increase by over 300% to reach 1 billion. These tokens are expected to be allocated as follows:

• 300 million GT equivalent to 30%. These tokens will be distributed to participants on the Gate.io exchange.
• 200 million GT equivalent to 20%. These tokens are used for research and development purposes.
• 100 million GT equivalent to 10%. These tokens are used to expand the market and advertise the project.
• 200 million GT equivalent to 20%. These tokens are considered ecosystem funds and participate in supporting the blockchain ecosystem industry.
• 200 million GT is equivalent to the remaining 20%. These tokens are considered as rewards for users who stake in PoS, rewards for holding tokens with a relatively low annual inflation rate (around 2.5%).

Where can you buy GT tokens?

GT tokens are developed by the Gate.io exchange. Therefore, the most beneficial option for investors looking to hold GT is to buy them on the Gate.io platform. However, if you prefer not to trade through this exchange, you can also choose other platforms such as Huobi, FTX, Hoo…

To find a suitable trading platform, take a look at the page listing the best crypto exchanges 2024.

Is it worth investing in the GT token?

So, is investing in the GT token a good plan? Let Coinviet analyze the advantages and disadvantages of this cryptocurrency before you make a decision!

Advantages of the GT token

• This project allows participants to freely issue their own tokens on the GateToken chain without any fees.
• GateToken also provides a content storage account, allowing transactions to be recovered and damaged private keys to be restored.
• The project is supported by Gate.io – one of the top 10 cryptocurrency exchanges globally. Therefore, the value of the GT token could increase with favorable policies that Gate.io offers to token holders.

Disadvantages of the GT token

• Currently, there are still few exchanges listing the GT token. Specifically, the GT coin is not allowed to trade on Binance, Coinbase – two leading cryptocurrency exchanges worldwide.
• The wallets linked to the GT token are still quite limited. Currently, the GT token faces many challenges from competing rivals.
• Additionally, the GT token is strongly influenced by the price of Bitcoin.
• The GateToken ecosystem still has very few Dapps. It only completed its mainnet in 2020, so it is still relatively young and needs more time to prove itself.

Storing GT tokens

GateToken has also taken the initiative to develop and build its own wallet for the project. However, if you prefer not to use the project’s wallet, you can consider the following 3 wallets: Metamask, Trust Wallet, or Atomic.

Summary

Due to its outstanding advantages and clear development roadmap, GateToken (GT) is highly regarded for its potential to increase in value in the future. However, investors need to conduct thorough research and risk assessment, which can be viewed on the Evaluation Process page. I hope you achieve great success and reap substantial profits in this promising market.