Role of Governance Token (GT):
GT token holders' voting power is proportional to their holdings, and the system supports delegated voting, allowing users to delegate their voting rights to professional representatives to improve decision-making efficiency.
Node Election Mechanism:
GateChain adopts a Tendermint-based consensus framework, combined with Algorand's VRF (Verifiable Random Function) algorithm to optimize node election process, ensuring high security and decentralization. The mainnet supports hundreds of consensus nodes, which must stake GT tokens to participate in block generation and validation.
Node Incentive Mechanism:
Consensus nodes earn rewards through block generation rewards and transaction fee sharing, while being responsible for maintaining network security. Malicious behavior will result in staked token slashing.
GT Deflationary Mechanism:
GT token maintains deflation through transaction fee burning mechanism (partial fees from each transaction are destroyed) and periodic buyback-and-burn, enhancing token value and governance participation incentives.
Revocable Transaction Model (RTM):
To address governance attacks or operational errors, GateChain supports revocable transaction logic, allowing the reversal of abnormal proposals or malicious operations within a certain timeframe.
Multi-signature and Auditing:
Critical governance operations require multi-signature wallet execution, with regular third-party security audits of code and fund flows to ensure transparency and attack resistance.