GateChain offers two types of accounts, either a Normal or a Vault Account, enabling users to seamlessly navigate through the digital era without any safety concerns. Normal Accounts can pay instantly and transactions are irreversible. Private keys cannot be restored, similar to how a bitcoin address functions. The Vault Account though, GateChain's innovations, features revocable transactions and private key restoration. By combining both types of accounts, GateChain provides total safety to its users.
Individual asset management
A Normal Account is used to store a fraction of assets for daily use while a Vault Account is used to store the majority, not in immediate need. The Vault Account can set a predetermined transfer delay period, (e.g. 2 days).
For everyday transactions, users can use assets in the Normal Account just like they would on a bitcoin address: a transaction is confirmed upon payment and is irreversible. In the case of a Normal Account's private key loss/theft, the loss is limited to that "daily allowance". Risk is still under control. A Normal Account can be topped up by transfering from the Vault Account and the amount will be received after the revocable delay period that's been set. If a private key theft/loss is found during this period, a "Revoke" request can be initiated from the Vault Account. The transaction will be revoked and moved to the “Retrieval Account”. Funds are safe.
Legacy or Grant Auto-Release
Digital asset inheritance has been a point of concern for many as it can not be executed similar to bank assets and real estate under the existing applicable laws. The private keys of digital assets are usually kept by the holder himself for security reasons. Without elaborate planning, digital assets can be forever frozen following the death of the holder and leave his lawful heirs no way to access to his legacy. GateChain's Vault Accounts support the release of digital assets at a predetermined time to a beneficiary, without having to worry about private keys loss/theft.
As long as one is able to set his digital asset distribution ratio and release date, his digital asset will be transferred to his named beneficiary accordingly. This feature can also be used in any scenario where a future release of funds at predetermined time is required. (E.g. After a child's 18th birthday, university fund and so on)
Asset storage demands an extremely high level of safety. The prevailing mechanisms in the blockchain industry are cold storage and hardware wallets. Even these mechanisms, though, cannot guarantee the assets' safety when it comes to asset risks arising from private key loss/theft. Safety concerns have significantly hindred the massive adoption of blockchain assets.
With GateChain’s Vault Account, revocable delay periods can be set to significantly reduce asset storage risk. Vault Accounts cascading is also supported, exponentially reducing risks of theft.
In practice, GateChain can achieve complete asset safety at a very low cost. In addition, our hardware wallet with touch-id will be there to help you safeguard your assets!