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GATE Community Update

12 November 2021 by In News

Dear GATE Community,

Firstly I would like to give a big welcome to our newest community members that have joined us, thank you for your interest and support in our vision! Below is an update on some of the recent developments for the GSX Group and GATENet. 

Staking Update

Our Dev team along with our CTO have been working around the clock on finalising our in-house staking platform. We are due to go live imminently, aiming to finish final elements that need testing and launching in around two weeks time (this is an estimated timeframe, as slippage can occur even with best efforts).

When we do go-live with the staking platform, we will have a full staking guide for you, and an FAQ on GATENet – we’re currently building out the document centre now, which you can see here – get ready to stake!

Staking Daily Loyalty Rewards – 36.5 Million GATE tokens

We will be transmitting a 100,000 GATE token loyalty reward EVERY DAY FOR A YEAR (365 days) shared proportionally between everyone that stakes.  

The daily loyalty reward is in addition to any GATE tokens transmitted relating to GATENet fees as set out in Part E of the GATENet Whitepaper.  Any such GATE token staking rewards will be transmitted to stakers in addition to the daily loyalty rewards when GATENet goes live!

Staking Loyalty Bonus – 6.4%

Earlier in the year we announced the staking loyalty bonus to our community; for those who stake GATE the loyalty bonus award will be backdated to 1 April 2021 at 0.8% per month.  The staking loyalty bonus will run for 30 days following the opening of our staking platform; everyone who stakes during the 30 day period will be awarded the GATE staking loyalty bonus.  Under the assumption we will go-live with our staking platform this month the staking loyalty bonus will be 6.4%…so you must STAKE to TAKE (see what I did there?)

GATE Burning

With the advent of our staking platform launch, we have burnt the first GATE token as a symbolic gesture, to kick start the reduction of global supply. The burnt GATE token was transmitted to a “Black Hole” and as a result the reduction in GATE token supply set out in the GATENet Whitepaper has started; global circulating supply is now 899,999,999 GATE tokens!

GSX Option

Some of the newer members of our Community may not have seen the news relating to GSX granting an option to Valereum Blockchain PLC (AQSE: VLRM). You can read the full announcement from the regulatory news service (RNS) here.

Hong Kong Fintech Week

GSX Group’s business development team supported the CSX team who held a virtual booth at the Hong Kong Fintech Week, showcasing the future of the CSX exchange in Hong Kong. You can read about the CSX tie up between Coinstreet Partners and GSX Group here

Tech Dev Expansion Prospects 

GSX Group hosted Carsten Munk, the CTO of Zippie, along with his team who visited Gibraltar for a week-long workshop on GATENet’s Digital FMI. The purpose was to scope out the development of remaining elements on blockchain integrations, onboarding and payment rails. This tie up with GSX Group and Zippie will bolster the development resources available, with Carsten and Daryl leading the development charge to get ready for supporting our exchange partners and their go-live aspirations (hopefully as early as Q1 2022). More news on this to be released soon!

Zippie is an application platform for transparent and programmable Payments, enabling businesses to send and receive programmable payments with money and other digital assets. Find out more here

GATENet Video and Whitepaper

Some of you that are new may not have seen our GATENet explainer video, or our GATENet Whitepaper, so here are the links for both:

Video

GATENET Whitepaper

The next 6 to 12 months is going to be a key time for us – we expect significant progress will be made regarding our technology development including it being deployed into a live market(s) for the first time, as per our phase 1 objectives in the WP; as you are aware, we are helping a number of partners seek exchange licenses across the world and we expect to announce further tie ups during this period thus growing a network of partners using our GATENet technology, which we will be working to enhance and develop over the next few years – exciting times indeed.  

Until next time! 

Nick