Malta-based Gate.io, a blockchain asset exchange, has released the latest version of the GateChain test network (testnet), which features several updates such as a redesigned network module and a newly developed consensus mechanism.
This is reportedly the third version of the GateChain testnet which can process over 2,000 transactions per second (TPS) and can support more than 1,000 transaction validator nodes.
As explained in a press release shared with Crowdfund Insider:
“To support the new underlying architecture and consensus mechanism, [Gate.io] is building a single module [in order] to launch it as an independent project. It will be equipped with a one-tap chain issuance feature that [will allow] external blockchain developers to utilize GateChain’s open-source offerings governed under its intellectual property protocols.”
The company launched GateChain Testnet 1.0 on September 30, 2019. Since then, the distributed ledger technology (DLT)-focused firm has released two more versions of the software.
The new testnet versions aim to enhance GateChain’s ability to offer a reliable solution for addressing security issues, including the potential loss of private keys and digital assets being stolen, which is a major problem in the crypto and blockchain sector.
GateChain Testnet 4.0 is expected to go live next month. The company claims that the new testnet version will feature improved performance optimization engines. The GateChain main network (mainnet) 1.0 version will be launched shortly after Testnet 4.0 “around 2020 Q2,” according to Marie Tatibouet, the CMO at Gate.io.
GateChain is a public (permissionless) DLT network with unique digital asset security features and high network capacity.
As mentioned in the release, GateChain’s underlying architecture and consensus mechanism are able to offer high speed, as they can handle 2000+ TPS.
GateChain will aim to protect the security of network nodes, and intends to “lower the barriers for users to join the network, hence making the network more decentralized.”
The blockchain firm is inviting users and researchers to test its new products and offer feedback. GateChain aims to “redefine” DLT security and “promote the broader adoption of crypto assets and blockchain technology across the world.”
Earlier this year, Gate.io reached a $400 million in trading volume mark on its perpetual contracts platform, which is a new high for the firm this year.