Altcoin Spotlight: What is Gate Token? (GT)

Everyday new altcoin projects launch, while others go defunct. With so many companies operating in the space, it can be difficult to keep track of each one.

Here at Mintdice.com, we care about your education, which is why we prepare blog articles on any altcoin to come within the top 60 on CoinMarketCap.com. This week’s article is about a lesser known token called Gate Token. Keep reading to learn more.

What is Gate Token?

Gate Token is the native token of a blockchain by the name of GateChain better known as Gate.io. GateChain was specifically designed for trading cryptocurrencies and moving cryptocurrency assets. It is built on EVM and smart contracts can also be employed on the blockchain.

GateChain was created to be a low cost alternative to other exchange blockchain platforms. It also set out to maintain a high level of service, with an estimated block time of just 4 seconds and the capability to validate up to 2,745 transactions per second.

While GateChain is mostly an exchange for now, there are options to expand in the future as developers can deploy their own smart contracts on the network. Currently, there are some smart contracts already built on the platform which include a payment platform, meme creation area, and more. There is also a lab portion for those looking for guidance to build their own smart contract.

How Does GateChain Work?

GateChain is built on a proof of stake consensus mechanism, matching the EVM machine that it runs on. Those holding Gate Token can stake their tokens in order to receive a portion of each transaction fee paid on the platform.

GateChain is almost fully decentralized, but unlike other similar platforms in the space, they have uniquely designed smart contracts which boost overall security and assist with account recovery in the case of private key loss. GateChain is a unique bridge-the-gap solution meant to provide easy-to-use functionality for those new to crypto, while still providing a DeFi solution.

Something else incredibly unique about Gate.io is that they provide proof of 100% reserve held for every transaction on the platform. This is a unique form of transparency typically not found on exchange platforms.

What is GT?

GT is the trading symbol for Gate Token, the utility token behind GateChain. If you wish to transact on Gate.io, you will need to purchase some Gate Token. Currently there are over 97 million tokens in circulation, with a maximum ceiling of 300 million planned.

Gate.io, the exchange built on GateToken, can be downloaded in most app stores (Apple and Google Play included) or can be accessed using a web browser.

Who Created Gate Token?

Gate Token was launched by Gate.io, which is owned by Dr. Lin Han who is also listed as the founder of the platform. We are unsure if he is still involved in the project currently or if he is simply a founder.

Gate.io was originally born in China in 2013, though the founder was forced to flee when cryptocurrency became illegal. Gate Token was launched in 2018.

The company is currently headquartered in Georgetown, Cayman Islands, though the website states that there is no physical address there. We found conflicting information which also stated the headquarters were in Istanbul, Turkey.

Gate.io is well known for its many backers. Currently, some of the most famous include Oracle, Red Bull, and Formula 1 racing.

Should You Buy Gate Token?

Comparatively, Gate Token isn’t the sketchiest token we have featured in our altcoin spotlight. That being said, it certainly isn’t the best either.

Let us explain. If you plan to use Gate.io as an exchange, then, by all means purchase some Gate Token. It is necessary for platform use, especially if you wish to stake your Gate Token to perhaps receive more. Plus, unlike some of the other decentralized tokens available, this one does seem user friendly to those who aren’t familiar with crypto. In addition, it appears that the platform is far more transparent in terms of reserves when compared to most other DeFi platforms.

All in all, though, we aren’t sure we trust this project.

During the research of this article, we found conflicting information about the project, who was in charge of it, and where it was based. This always raises a red flag in our minds when it comes to cryptocurrency. But, they did have a decent website, a whitepaper, and other information which did quell some of our fears.

So, while we are reasonable sure this isn’t a scam, we can’t be 100% certain. We also aren’t sure if Gate.io is strong enough to rise above the fierce competition in the space, namely Binance. Therefore, while its likely not a scam, we aren’t sure that it’s a sound investment either.

At the end of the day, it is your choice whether or not you invest in Gate Token—especially if you use the exchange regularly. Just be sure to do your own research and discuss a possible investment with someone you trust before making it.

Where Can You Buy Gate Token?

Gate Token is becoming increasingly popular and can be purchased on a number of cryptocurrency exchanges. As always, it is best to use a platform you are familiar with when purchasing Gate.io. Below are the main exchanges it can be found on, though we were unable to list all of the options here.

·      Gate.io

·      Huoni

·      LBank

·      Bitfinex

·      Coinbase

·      LATOKEN

Remember, this isn’t an exhaustive list, so it is always worth checking if your trusted exchange allows Gate Token trading pairs before opening a new account on a platform you don’t trust.

As always, how and where you choose to invest your money is an extremely personal decision. While we can provide you some of the information here, we always recommend looking into projects on your own before placing your hard earned dollars at risk. Keep in mind that you should never invest more than you can afford to lose, especially when cryptocurrency is at play.