TRON 4.0 Online Conference: Marie Tatibouet — Chief Marketing Officer of gate.io: How Can High-frequency Exchanges Deliver Upgraded Protection of Blockchain Assets Through Public Chains
Hi, everyone! I am so happy to be here with you guys today. I am the chief marketing officer at GATE.IO. I am here today to talk to you guys about GATECHAIN. We launched GATECHAIN at the end of June and I am really excited to bring all of it to you here today.
So today we are going to be covering four things. First, we’re going to talk about GATECHAIN’s roots, where we came from, talking about the GATE.IO and the original system we built around GATE.IO.
We are then going to talk about the GATECHAIN development process and how far we have come since GATECHAIN first came into the minds of the brilliant people in the technical team.
Number three, we’re going to be actually talking about the GATECHAIN and where we hope to go from here. What we hope to achieve from GATECHAIN.
So, first thing first, Let’s talk about GATE.IO and the ecosystem we have built around it. GATE.IO was established in 2013 so that makes us one of the oldest cryptocurrency exchanges in the market. What does that mean? That means that we have been through our fair share of challenges. We know what it’s like to have hackers come and knock on our door and we have fought against it and we have been able to survive it when a lot of exchanges have not.
A lot of the exchanges from 2013 are not still around but I am really glad to say that we have been able to over come those challenges and gain the loyalty of nearly 3 million users around the world. We are considered one of the top ten global digital asset trading platforms. Especially when it comes to real volume. We are known for never doing any wash trading and in fact, being able to connect with the API. To do so is actually quite difficult at GATE.IO which is how we are able to prevent this sort of behavior. We have lots of different kinds of features. We support spot trading with over 400 plus trading pairs. Big thanks for the technical team for making that possible because it is very difficult to do that. But we also have a lot of derivatives trading in wealth management products that allow people to, you know, engage in leverage trading so that they can make the most of their funds but also, for some of the more conservative users, we also have programs like huddle and earn where you can earn interest on funds that you keep in your wallet.
So you’re able to make money in that way. You’re also able to lend out to people who want to engage in margin trading. You’re able to earn funds that way as well. So as you can see, we have a host of different features. All of which are provided with one hundred percent proof of collateral. Now, what does that mean? That means that all of the funds that you have on our platform, you’re able to see where those funds are.
That’s really important because that is also the essence of what Blockchain technology is supposed to be about. It’s supposed to be about transparency and we’re able to provide that for you. I can guarantee you, if you ask, you know, any bank, a lot of different financial services and ask them, where is my money right now, they would not be able to tell you.
Most importantly, they do not want to tell you but not only do we tell you if you ask, but you’re able to access this information any time.
So you can be sure that we’re not doing anything that would go against what you want to do with your funds. What else is there to be? The GATE.IO ecosystem? So there’s GATE.IO which is our centralized trading platform with all of the features that we talked about. We also created wallet.IO because you can keep it privately. GATE.IO is centralized and we created all of the great features that I just talked about but what if you want to keep all of your own funds in your own wallet?
Well, then you use wallet.io. It’s a wallet where you can keep your funds completely safe. Your own private keys and all of that stuff. It’s connected to GATE.IO and it’s very easy to transfer the funds from the centralized platform to the decentralized platform and you can also engage in some trading on wallet.io.
Obviously, it is mainly made as a wallet and we have three different additions, the standard, the pro and the business for this. it’s easy for you to transfer your funds from maybe, engage in margin trading on one day and then trading and keeping it nice and safe in your wallet.
What else do we have? We also have developed the wallet which is a new hardware cold wallet that has a built in GATECHAIN signature algorithm. So basically, this wallet, this cold wallet is utilizing the power of GATECHAIN which I am going to be talking about in just a minute.
This is going to feature all of the great features that GATECHAIN has to offer you guys. So this is very exciting. It’s also the first hardware product that we launched. We have dealt with a computer chip before for mining software so we are familiar but you know, this is definitely the newest addition to our little ecosystem. The fact that it’s going to be supporting GATECHAIN which is a huge innovation is going to be a very big deal!
What else do we have? We also have block.info and this provides and analyzes encrypted asset data for lots of different institutions.
We are able to investigate and track illegal fund flows. We have already collaborated on certain occasions and we have been able to find the faulty parties for the greater good. So this is something that we have been working on and I think this is important to make sure that cryptocurrencies and Blockchain technology is used in a way that is going to be beneficial for all of humankind.
And finally, of course, what you are here to hear about GATECHAIN, what is GATECHAIN exactly? It is an innovative public chain that focuses on the safe storage and value exchange of Blockchain assets. It mainly solves the problems of private key destruction, of loss, of digital asset theft and of other industry pain points. I will go into more detail about this but let’s just talk about what GATECHAIN has been doing exactly.
So beginning in 2018, we started exploring the decentralized asset security solutions. Back then, there were already some decentralized exchanges, for example but none of them worked very smoothly. So it was at this point where we saw that there was a huge potential there and I think there is huge potential there but decentralized exchanges and in general, decentralized asset security solutions have been difficult to create while still maintaining ease of use for the users and this is especially important because bitcoin and cryptocurrencies, they are not mainstream yet.
The difference between someone taking twenty seconds and something taking 25 seconds is huge regarding the huge amount of attention that is being solicited from everywhere from consumers and users nowadays. It’s very important to really focus on that ease of use. So we started thinking about it back in the very beginning of 2018. And at the end of 2018, we had done sufficient analysis of the market and we were able to try different things out and the revocable transaction and clearing model was created and most importantly, successfully verified on the Blockchain fundamental structure.
Now, I’m going to go into what the revocable transaction and clearing model is in just a second, but this is a very important point. We did start working on it at the end of 2018 and we then reiterated different test nets to be able to keep working on it.
It was through trial and error in the beginning of 2019 that we were able to successfully apply the account model and we were able to finally create the concept of the vault account. So following that in 2019, we released GATECHAIN and that’s when we launched GT and we started really talking to our community about what GATECHAIN is going to be like and you know, what they thought about it.
Because we always take a lot of time to interact with our users and our community. Following that, sprinkled, you know, throughout last year and this year, we reiterated a lot of different testnets because we wanted to be sure that the GATECHAIN launch was going to have, you know, going to be very stable and going to be the best that it could be.
I think we could have launched it, you know, instead of going through four different test nets and we wanted to be sure and incorporate the feedback we got from users to make sure that the mainmet launch is going to be everything that you guys wanted it to be.
So it did take a while for us to launch the GATE.IO mainnet but we have been through a lot of transformations and we have been able to really synchronize the progress of the GATECHAIN research and development always.
So we’re very excited to have launched the GATECHAIN mainnet. So what main problems does GATECHAIN solve?
We’re able and very happy to say that we are able to solve two of the biggest industry issues. Private key loss and asset theft. How are we able to do that? Why is it important?
Obviously, we have heard a lot about hackers. Every week, I know because I do a weekly crypto show called crypto flavors and every week there is one or two or usually three of the top stories which is, you know, there has been another issue with hacks.
This is because hackers have become incredibly smart and also really focused on cryptocurrency as a way to rich themselves and let’s be honest, why wouldn’t they?
Why wouldn’t they? Because there’s so many funds available on all of the different platforms that it is definitely worthwhile for them to engage in that way. Another issue that we have seen is that there is an enormous amount of private key loss. Especially back in the day when people were mining and perhaps, bitcoin wasn’t as expensive or, you know, had as much value as it has now.
People seem to be prone to forgetting things and losing things and all of that and so, we’re able to help you prevent from your own user error and recover the private keys so that you do not lose your funds.
There is a lot of ways that this is really useful but these are the two main things. These are the two main issues that we’re solving. So I guess your question must be, how are we solving it?
The way that we’re solving it is by creating an irrevocable transaction model. This is very simple. This is available live on GATECHAIN.IO explore. We have seen it.
We have created a standard account and a vault account. On the standard, it works the way any Blockchain would which is you cannot revoke the trade, you cannot retrieve the assets when the private keys are lost. You are able to make quick payments and just the same way that you would be able to work with any other cryptocurrency.
Whereas, in the vault account where you might want to keep the majority of your funds, especially if you’re keeping, you can recover your stolen funds and you can recover your private keys, thus making the issue of being hacked and the issue of losing your private keys, just totally nullifying those issues, you know?
How does it work? So we created this RTM trading model. This is a translataction by the vault account and this transaction is revocable. Users are able to initiate a revoke request within the revocable delayed period. The stolen transaction will then be revoked and removed to a retry account. So the way that it works is that of course, you have to go through the entire set up in the beginning but you go on to the vault account and you put your funds and then you say, maybe if I haven’t accessed this account for, you know, X number of days, or years, then I want you to automatically transfer these funds to the retry account.
You can also get a prompt if there are any transfers that are being made and then you can say, I didn’t authorize this transaction to be made and you can decide to revoke it. So let’s be clear, when you decide to revoke this transaction, it is not sent back to the original address but instead, sent to another address or what we call the retry account.
So we’re going to make the force transaction and this is all put into the code. Yeah, this is how we’re able to make sure that if any unsavory party has decided to take their funds away, we’re able to take the funds away from the unsavory party and if you forget your password, we can automatically transfer the funds from your vault account address to the retry account.
We obviously, the main issue that a lot of people have asked us is, oh, what if people start making transactions from the vault account to standard accounts and then this doesn’t solve the double spending issue?
So people can then, maybe, decide to make a transaction and then, you know, tell people, okay, sorry, tell the algorithm, actually, I didn’t need to make that transaction so please retrieve it.
So as a way to circumvent this, we have written in the tax ID, revocable pay or irrevocable pay.
It’s written in there, in the account address that is the vault account or the standard account so you’re able to not use it maliciously. This is important, of course, in general. We recommend that the vault account be used for only personal transactions so you know, if you’re going to make a transaction with a third party, then you would transfer your funds from your false account and then to your standard account and then make the interaction with the third party.
So why is this so important? We have created a way for people to use the assets when it has been lost —
>> Sorry, sorry for the interruption, we only have one minute left.
>> Marie Tatibouet: Okay, no problem. I think I covered most of the revocable transaction model. I will talking about a few over the safety features. Obviously the RTM model is the most innovative feature of the GATECHAIN ecosystem but we have created an account management, hardware wallet and enabled you to back up your private keys so we can achieve asset security through these safety features.
So as an example, you use GATECHAIN for individual asset management and also for the safe storage of banking assets, for example. Or if you automatically want to leave funds for your children or as a legacy or a grant, it can also be auto released in that way.
We also have POS mining through proxy and this is going to be very decentralized with over one thousand nodes and it’s going to be available POS proxy manning with one tap to participate feature.
It will be very easy and you’re going to be able to really profit from these loyalty nodes. We’re also going to be able to do 2 thousand transactions per second which is a huge amount. Right now, GATE.IO has a 10,000 transaction per second but we only have probably only about one thousand, so two thousand is a huge amount.
It enables us to 170 million transactions per day and this is provided with a four second long block confirmation.
Through GT, right now on GATE.IO, you can get a high VIP level, you’re able to get discounts and you’re able to have voting rights for what is going to be listed on GATE.IO. You get priority access for the earn programs and we often do frequent GT to make sure that we’re controlling the inflation.
But the most exciting part of GT is what is going to be happening on the GATECHAIN mainnet and it’s going to be used as payment for network charges and mining bonus and for the issuance of test coins to mortgage GT.
So I am almost done, I swear. Really, GATECHAIN is about Blockchain optimization. We’re really automatically going to be preventing empty blocks. We’re automatically going to be adjusting handling fees and we’re really going to have an enhancement resistance to rover’s algorithm.
We will have a desktop mobile version, web version, and hardware wallet and we encourage all different kinds of wallets to, you know, go and integrate GATECHAIN and we will feature all of the ones that are most stable for our web sites and give them our support.
So we will have the implementation of a one tap chain issuance feature. Like I said, we have a high speed cross chain so we will be working very hard to resolve the challenge of cross chain assets between GATECHAIN and other mainstreams —
>> Irene: I’m so sorry. Time is up. We still have the next session, sorry about that.
>> So thank you guys so much! And I will see you guys very shortly for the fireside chat. I’m really looking forward to it. Of course, you guys can contact us on GATE.IO or GATECHAIN.IO or go and check us out on the social channels. We will be more than happy to answer any of your questions, thank you!