GateChain Testnet 4.0 Launch

gateIssued on 2020/05/27 17:44    Content based on the original text . Link

About GateChain Testnet4.0 launched GateChain Testnet 1.0 on September 30th, 2019 when the concept of blockchain Vault Account was born for the first time. GateChain creatively presents a solution for security issues such as loss of private keys and assets being stolen. After the launch of the Testnet, we received constructive feedback from users and we upgraded the network accordingly. Testnet 2.0 and Testnet 3.0 were launched on December 24, 2019 and April 25, 2020 respectively. On May 13th, 2020, started GateChain's First-Ever Governance Voting. According to the result, solution 2.1 was exercised: adopt GT both as platform and mainnet tokens without issuing GC; 30 million GT tokens from the team will be used for staking rewards through PoS mining.

Today, we are happy to announce the final important upgrade and performance optimizations of GateChain’s Testnet before the launch of GateChain’s Mainnet: GateChain Testnet 4.0 launch! The improvements include:
-Staking rewards for PoS mining from solution 2.1
-Added feature of post-quantum to fight against quantum computer breaking private keys
-Growth of loyalty factor improves the security of PoS mechanism; meanwhile it brings double benefits to loyalty nodes.
-Additionally, there are highly decentralized and fully open ways for nodes to join GateChain Testnet 4.0, which do not require users to apply. In other words, everyone can join and become a PoS mining node at any time that suits them. Users who do not want to build their nodes can have their GT proxy managed in public nodes to receive rewards for PoS mining. To encourage more decentralized nodes against node conspiracy, GateChain Testnet 4 has applied an innovative regulating mechanism where nodes with smaller stake ratios can receive higher earnings.

The newly released GateChain Testnet 4.0 boasts the most appealing features and performance ever since the introduction of Testnet. A 2000+ TPS (Transactions per Second) is reached amid the testing environment and tens of hundreds consensus nodes are supported. With GateChain Testnet 4.0, every miner can become a supernode to participate in PoS mining. Grover and Shor quantum algorithms are adopted to make it non-vulnerable to quantum computing attacks. Double earnings for loyal nodes ensures PoS security and the innovative regulating mechanism prevents the network from becoming centralized.

We believe there is no shortcut to innovation, except for the presence of grit, communal efforts, and the pursuit of technological advancement. We invite more users to join us to witness and experience the development of GateChain, and we welcome experts and researchers to join us the GateChain development team. We believe GateChain will redefine blockchain security and promote the broader adoption of crypto assets and blockchain technology!

Changelog of GateChain Testnet 4.0

1. Adopted GT as the mainnet token of GateChain
1) GT now serves as the only token for PoS mining reward and handling fee.
2) NANOGT is speculated as the on-chain token unit
2. Supported HD derivative wallets
(1 GT = 1 * 10^9 NANOGT)
1) Thanks to the ED25519-based private key derivative method, wallets on the main chain can now be compatible with third-party wallets.
2)Open source of code is available at 5th Round of 7 th-Anniversary ETH Lock-up & Earn, Sold Out in 2 Hour
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