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Development Progress of GateChain#1 (May 2020)

2020-05-18 10:43:42Read:34498

It has been three weeks since the launch of GateChain Testnet 3.0, after which we received an abundance of feedback from our devoted users. In addition, we held the first-ever governance vote on Gate.io and scheme 2.1 ultimately passed with support of 87.06% from users. The result being, adopt GT both as platform and mainnet token without issuing GC. 30 million GT tokens will be taken from the team for staking rewards in the upcoming 10 years or more, in which GT tokens are given with PoS mining. Additionally, the protocol will be updated to halve the production within 10 years to further lower inflation.

Currently, the development progress has been as follows:

1. Optimized the verification of signature; adopted parallel computing to significantly improve the verification efficiency of trading.
2. Modified tx index strategy, after which users can set default “off state” to save usage storage.
3. Built new Devnet and tested the stability of the consensus mechanism in cross-border networks by using services distributed around mainland China and the world.
4. Ensured growth of loyalty factor, punishment mechanism and parameters, which will be included in the following PoS mechanism.
5. Improved “Heartbeat Scheme” of consensus nodes, regularly cleaning offline nodes and punishing nodes according to loyalty factor via consensus algorithm.
6. Ensured parameters of staking rewards in accordance with the governance voting result, maintaining inflation rate at 1-2% and annual interest rate of rewards at 3-6% with reasonable calculation.
7. Tested consensus problem of big blocks under extreme conditions on Devnet; solved consensus problem when two nodes that have similar stakes run in a slow network.
8. Transferred tx index to Gatemint; integration testing with APP will be performed to adapt to the original interface format.
9. Completed feature of HD derivation key; integration testing with APP wallet will be performed. (Modified signature of ED25519 and verification method will be used for integration testing. It will take some time to finish the integration testing since the signature and verification method are different from those provided by Golang database.)
10. Post-quantum (altered to 40 bits) address and feature of HD derivation have been submitted; the following testing will be performed after the launch on Devnet.
11. Regarding the problem that RewardList could not reach consensus, it has been modified and tested on Devnet for 3 days (Northern China, Tokyo and California have participated in the consensus). The error rate has been reduced to 5 times/day. Since the consensus is affected by the error sometimes, the optimization keeps going on.
12. ABCI parallel verification has been modified; the latest code is running on Devnet and observed stable.
13. Parameters of PoS mining have been submitted and are expected to complete modification next week.
14. Completed feature for consensus nodes to set handling fees and it is in the process of testing.
15. All scri-pts of the browser have been rewritten with Go to enhance efficiency.
16. Testnet V4.0 is ready to be launched; the abovementioned modifications will be included in Testnet and GC is modified to GT.
17. Sorted out Gatemint underlying architecture codebase for open source.
18. Followed up the latest cross-chain protocol and scheme and prepared for the upcoming cross-chain trading with major cryptocurrencies.

Download GateChain Testnet Wallet



Desk Top version (for Windows and Mac OS): https://www.gatechain.io/wallets
User instruction: https://www.gatechain.io/docs/cn/gatechain-wallet/

Wallet.io now also supports GateChain Testnet in both mobile app and Web.
Download Wallet.io mobile App at: https://wallet.io/download (open app and enter “GT_TEST)
Visit Wallet.io via Web: https://wallet.io/ (log in and enter “GT_TEST)


GateChain Testnet Documentation



Instructions & Dev. Doc (English): https://www.gatechain.io/docs/en/
Instructions & Dev. Doc (Chinese): https://www.gatechain.io/docs/cn/

Github (English): https://github.com/gatechain/gatechain-docs/tree/master/en
Github (Chinese): https://github.com/gatechain/gatechain-docs/blob/master/cn



GateChain Research & Lectures



1. Gate.io Research: An Overview of Blockchain Technical Challenges & GateChain’s Innovations https://www.gate.io/help/research/17166
2. GateChain Lead Architect YiXiu: Public Blockchain and its Technical Challenges (1)(in Chinese) https://www.gatecn.io/help/research/17166
3. GateChain Lead Architect YiXiu: Public Blockchain and its Technical Challenges (2) (in Chinese) https://www.gatecn.io/help/livetext/17145
4. GateChain Lead Architect YiXiu: Public Blockchain and its Technical Challenges (3) (in Chinese) https://www.gatecn.io/help/livetext/17146
5. Gate.io Live with YiXiu: Quantum Attacks on Blockchain (1) (in Chinese) https://www.gatecn.io/help/livetext/17162
6. Gate.io Live with YiXiu: Quantum Attacks on Blockchain (2) (in Chinese) https://www.gatecn.io/help/livetext/17163
7. Gate.io Live with YiXiu: Quantum Attacks on Blockchain (3) (in Chinese) https://www.gatecn.io/help/livetext/17164


GateChain Ecos ystem



GateChain eco comprises GateChain mainnet, GateChain DEX, GateChain Token (GT), wallets, etc. They form a decentralized eco characterized by enterprise-grade safety and efficiency for digital asset storage, issuance, and trading, presenting a novel solution to blockchain transaction safety.

The main features of GateChain eco can be listed as follows:

1) Transfer/payment:Using a wallet or client-side App, users can send and receive GateChain Token (GT), as well as other popular on-chain assets.
2) Asset issuance: Users can issue and use their own tokens (e.g.GT) to digitalize and manage 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, an account can have comprehensive protection and support revoking /clearing operations targeting abnormal transactions. For more details, visit Transaction Protection。
5) Multi-signature: Multiple signers can share ownership of one account, and get customized 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 safeguards the robustness of underlying blockchain.


GateChain Public Blockchain



GateChain is a novel next-generation public blockchain, focused on on-chain asset safety and decentralized exchange. With a 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 missing private keys. It also supports decentralized trading and cross-chain transfers among other core applications. Compared with traditional blockchains, such as Bitcoin and Ethereum, GateChain focuses on on-chain asset safety. It creatively proposes several novel concepts, including Standard Account,Vault Account, Retrievable Account, Clearing Height, Revocable Delay Period, Address Type, Transaction Type, etc.


GateChain DEX



GateChain DEX is a decentralized exchange based on GateChain. It has matching engines of ultra-high performance and incurs a low participating cost - thus providing users with a safe, quick, and transparent trading experience. It also supports cross-chain transfers for multiple currencies.

Anyone who has full control over their private key of their account can exchange freely. GateChain DEX uses private encrypted wallets or hardware wallets to safeguard users’ assets and offers an alternative for the trust issue that is currently present with centralized exchanges.

Learn more about GateChain DEX at: https://www.gatechain.io/docs/cn/gatechain-dex/


GateChain Coin & Token



GateChain Token(GT) is the native currency of the GateChain mainnet. It is used to pay transfer fees on GateChain’s network and works as the incentive reward for PoS staking. It is fundamental to GateChain’s network. GateChain Token (GT) is an important eco member for the Gate.io exchange. The value of GT increases based on a deflationary model which includes buy-backs and token burning etc.


GateChain Typical Application



GateChain offers two types of accounts, Standard Account and Vault Account, to meet the efficiency demand in daily payments and safety demand in asset storage. Standard Account allows instant payment and transaction is irreversible. It does not allow restoring lost private keys, similar to the features of a bitcoin address. The on-chain Vault Account, a major novel creation of GateChain, allows revocable transactions and private key restoration. By combining both types of accounts, GateChain provides all-round safety features to its users.

1. Individual assets management:

GateChain provides individual users with 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 which doesn’t need to be accessed immediately. The vault account can set a transfer delay period, 2 days for example.

For everyday transactions, users can use assets in the Standard Account just as if they were 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, their loss is limited to a small portion. Risk is still under control. When the asset in the Standard Account is insufficient, the user can transfer more from the Vault Account based on his plan and intent. The transfer will be received with a 2 days (example) delay. If theft is concluded during the delay period, the user can simply initiate a "Revoke" request. The stolen transaction will be revoked and moved to “Retrievable Account” so that the loss can be avoided altogether.

2. Legacy or Grant auto-release:

Digital asset inheritance has been a headache for many as it cannot 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 themselves for security reasons. 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 their legacy. Vault Account at GateChain supports releasing digital assets at a preset future time point to a predefined beneficiary, without worries about private keys missing or theft during this period. As long as one can set a digital asset distribution ratio and release time when they are able to do so, their digital asset will be transferred to their 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 assets to their children when they are 18 years old.

3. Safe Storage of Bank Asset:

Bank asset storage demands an extremely high level of safety. The prevailing mechanisms in the blockchain industry are cold storage and hardware wallets. But these mechanisms can not 100% guarantee the safety of blockchain assets, especially when it comes to asset risks arising from private key damage. These issues have significantly limited the possibility of massive blockchain asset adoption.

With GateChain’s Vault Account, banks can set a longer transfer delay time to significantly reduce asset storage risk. Besides, GateChain also supports Vault Accounts cascading, which can exponentially reduce the risk of theft.

In practice, GateChain can achieve approximately 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% safe in principle, it already facilitates 100% safety in practice. In addition, pocket money wallet and hardware wallet technologies can still be used to give it further protection (layers).

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 on-chain trading safety.

The major innovation of GateChain is:

1) It puts forward and has implemented an on-chain “Vault Account”. This type of account has safety features allowing revocable transactions 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 is called RTM (Revocable Transaction Model).

Please refer to GateChain Academic Research for more detail: https://www.gatechain.io/docs/en/gatechain-research.html


GateChain Terms


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 security logic more comprehensively by providing the definition of the concepts. Also, for the consideration of transaction security, GateChain innovatively puts forward the identification of address type and transaction type to facilitate the user to effectively identify different account types and transfer types, to avoid user misoperation.

GateChain Basic Concepts

GateChain is a novel public chain. Its principle research has introduced many novel concepts that form the principle fundamentals for facilitating complete self-consistency in assets safety.

Standard Account:Account similar to a Bitcoin address that can store assets and is suitable for daily use. Assets in this type of account can be sent instantly and the transaction is irreversible once confirmed on the blockchain. Lost private keys cannot be restored.
Vault Account:GateChain’s novel creation. This is a new type of account that allows revocable transactions in case of theft and private key restoration in the case of lost or damaged private keys. The transfer of assets in this type of account has to wait for a preset period of time. It is suitable for storing and protecting a large amount of assets that are not meant to be accessed immediately.
Revocable Delay Period :The time duration within which transaction transfer from the 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 the Vault account is revoked, the transaction asset will be moved to this account.
Clearing Height:Referencing 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 the Vault Account is still in the revocable delay period, the “revoke” operation can be initiated to return the asset to “Retri Account’.
Revocable Transaction:Any transaction initiated from the Vault Account is a potential revocable transaction, which allows for revoking to move the asset to “Retri Account” during the revocable delay period. After the revocable period, the transaction can not be revoked.
Irrevocable Transaction:Transaction initiated from Standard Account. It is irreversible once it is confirmed on the blockchain.

GateChain Address Types

GateChain has two main account types, Standard Account and Vault Account, with different identifiers at the start in their addresses.
Standard Account:starts with “gt’’. “gt1” indicates a single- signature Standard Account, and “gt2” indicates a multi-signature Standard Account.
Vault Account:starts 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 requirements accordingly. If it is from a Vault Account, confirmation is safe only after the revocable delay period.

GateChain Transaction Types

GateChain has many transaction types. To identify different transaction types efficiently, GateChain creatively provides a transaction type identifier.

Below are identifiers of which the different transaction types start with:

Irrevocable Pay:“IRREVOCABLEPAY-”
Revocable Pay:“REVOCABLEPAY-”
Account Set: “ACCOUNTSET-”
Vault Create:“VAULTCREATE-”
Revoke: “REVOKE-”
Vault Clear:“VAULTCLEAR-”
Untitled: “BASIC-”


Quick Start


GateChain desktop wallet instruction at https://www.gatechain.io/docs/en/gatechain-wallet.html
Visit GateChain testnet explorer at https://explorer.gatechain.io


GateChain Full Node
Full Node and Local Testnet: Anyone can build a full node and run their testnet. A full node has all the functions GateChain has. Detailed installation visit Install and Deploy.
Join Testnet: A full node can connect to the public testnet (use the same version of testnet ))to monitor and broadcast transactions and block updates 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 a command line. Many operations can be done to an on-chain account using a command line interface, including account management, transaction management, and asset management. In addition, a simple inquiry into on-chain data is also allowed using a command line interface, such as the inquiry of account balance, and other transaction details. For more details visit Command Line Interface Reference.

GateChain API
API:GateChain node provides API interface service, related API information visit 'API' at https://www.gatechain.io/docs/en/API/

Note: We sincerely appreciate Tendermint and Cosmos's contributions in blockchain protocol and cross-chain eco.

GateChain Team
May 18, 2020



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