What Is Gatehub (ETH)?
Gatehub ETH is a token issued by Gatehub on the XRP ledger. Ethereum, which was pioneered by Vitalik Buterin, marked a significant milestone in the cryptocurrency world as the first to introduce smart contracts. Ethereum is a decentralized, open-source blockchain system that boasts its native cryptocurrency, Ether (ETH). ETH serves as a foundation for various other cryptocurrencies and serves as a platform for executing decentralized smart contracts.
The concept of Ethereum was initially outlined in a 2013 whitepaper authored by Vitalik Buterin. Buterin, alongside fellow co-founders, garnered funding for the project through a public online crowdfunding event in the summer of 2014. During this initial coin offering (ICO), the project team managed to raise $18.3 million in Bitcoin, selling over 60 million Ether at a price of $0.311. When considering Ethereum's current price, this translates to a remarkable annualized return on investment (ROI) of over 270%, effectively quadrupling the investment every year since the summer of 2014.
The Ethereum Foundation officially launched the blockchain on July 30, 2015, operating under the prototype codenamed "Frontier." Since then, the network has undergone several updates, including "Constantinople" on Feb. 28, 2019, "Istanbul" on Dec. 8, 2019, "Muir Glacier" on Jan. 2, 2020, "Berlin" on April 14, 2021, and most recently, the "London" hard fork on Aug. 5, 2021.
Ethereum's overarching objective is to evolve into a global platform for decentralized applications, enabling users worldwide to create and operate software that is resistant to censorship, downtime, and fraud. Gatehub ETH is a pegged representation of the original Ethereum by Vitalik Buterin on the XRP Ledger. These issuances, including Gatehub ETH, are tokens that can be exchanged for fungible assets such as USD, EUR, GBP, gold, or cryptocurrencies on their respective networks.
Although anyone can issue a crypto asset, it's essential for individuals or organizations to trust that the issuer can redeem it for the underlying asset if they want to accept payment in that asset. GateHub is one such organization that has been operating since 2014 and has gained the trust of its users.
Gatehub ETH and other XRPL tokens that are pegged provide a valuable means of gaining exposure to the asset, as well as a decentralized blockchain-based tool for the transfer of value.
Who Are the Founders of Gatehub?
Enej Pungerčar is the founder and CEO of Gatehub. GateHub is a platform for the Internet of Value, built on XRP Ledger protocol. It allows everyone to send, receive, trade and manage any type of assets.
What Makes Gatehub Unique?
Gatehub is a decentralized exchange running on top of the XRP ledger that offers various innovative features, including wallet protection and stablecoin issuance. Its user-friendly interface is easy to understand, enabling users to send money through email and even international wire transfers.
The Gatehub wallet provides support for not only XRP and over 100+ XRPL IOU tokens but also has multi-currency capabilities, enabling users to send and receive payments from any supported network. With the ability to instantly exchange assets using the best rates provided by multiple sources, Gatehub ensures the best possible exchange for its users.
Wallet Protect is a service provided by GateHub, a cryptocurrency wallet and exchange platform. It is a yearly paid subscription that provides protection for cryptocurrency stored in a user's wallet by making the wallet a "multisignature" or "multisig" wallet. Transactions are signed by multiple keys, increasing security and allowing for easy recovery in case of emergency. Wallet Protect also includes Fraud Shield, which scans destination addresses through fraud checks to help prevent losses of funds, and Theft Cover provided by Coincover, which provides up to $100k of coverage in case of theft. Wallet Protect users also receive a personalized certificate confirming their coverage level and protection.
GateHub on July 19, 2019, addresses a cyber attack on the platform. The security team concluded a forensic investigation and identified the accounts that were targeted and the information that was compromised. They believe the perpetrator gained unauthorized access to a database holding valid access tokens of customers and used them to access 18,473 encrypted customer accounts, which was a small fraction of their total user base. The perpetrator was able to access email addresses, hashed passwords, hashed recovery keys, encrypted XRP ledger wallets secret keys, first names, and last names of the affected customers.
GateHub disabled all access tokens to block the perpetrator from accessing more accounts. They also decided to take additional steps to safeguard accounts, such as generating new encryption keys and re-encrypting all sensitive information on all accounts upon next sign-in. GateHub is also taking other precautions behind the scenes. They are working closely with law enforcement agencies from different jurisdictions to identify the criminal hackers responsible for the theft and freezing the stolen funds before they are cashed out. Once legal procedures are completed, the customers will know the exact amount of funds they will be able to retrieve. GateHub requests customers to remain patient and report any suspected losses to their local law enforcement agencies if they haven’t already done so.
Gatehub Transfer Fee
Gatehub's current policy on ETH tokens on the XRP ledger includes a transfer fee of 0.3%. This indicates that whenever ETH tokens are moved on the XRPL, a fee of 0.3% is charged on the transferred amount.
Read more about: Gatehub
Learn more about: Gatehub Ecosystem.
How Many Gatehub ETH Are There in Circulation?
There is an initial maximum supply of 8,434.52 ETH tokens, of which an estimated 6,199.80 ETH are currently in circulation as of March 2023. Check out Gatehub.net to learn more.
Where Can You Buy Gatehub ETH?
Gatehub ETH is a token trading on the XRP ledger DEX, the most straight forward way to acquire ETH tokens would be to purchase them through XRPL DEX.
If you are looking for alternative exchanges where you can purchase Gatehub ETH, Bitrue is a good choice. Keep in mind that investing in cryptocurrency can be risky, just like investing in any other type of asset.
How to stay tuned for further updates?
If you wish to receive more updates about the Gatehub ecosystem and any upcoming events, we suggest you follow @GateHub on Twitter.