Waltonchain review: Everything you need to know about Waltonchain
Huge numbers of Cryptocurrencies are finding its way in the crypto space to solve real-world problems related to the existing technology. Same is the case with Waltonchain with uses the smart Internet of things (IoT) with the extant Blockchain technology. There are a lot of technical aspects to look on for determining its true potential and knowing what actually it is.
What is Waltonchain?
Waltonchain is joint project collaboration between the Korean and Chinese Developers which aims in combining the sophisticated Blockchain technology with next-generation Radio Frequency identification (RFID) network to create a solution for managing the supply chains, gathering big data and improving retail stick management. The project was launched in November 2016 and was named after Charlie Walton, the pioneer and the inventor of RFID technology. The ultimate goal of the team at Waltonchain is to build cheap, robust and small RFIP tags for tagging different time. Each tag contains specific information which includes Unique ID for reading information logged into the Blockchain easily. As the logistics systems are proliferating and becoming more complex to involve different parties, it becomes extremely hard for the business to coordinate with each other. Along with that, individual factions can run different process further hindering the transfer of data back and forth.
The ultimate goal of Waltonchain is to integrate Blockchain and internet of things (IoT), where the physical assets can be incorporated into the Blockchain and can provide information about the development cycle of particular Cryptocurrencies in the decentralized network. The developers at Waltonchain believes that incorporating RFID technology in the Blockchain can engender a trustworthy, traceable, transparent and authentic business ecosystem where data transfer will never be an issue.
Why is Waltonchain necessary?
The prime focus of the project is very practical as it deals with storing tangible digital assets information which can be traced with the help of RFID technology. Also, the digital assets can be accessed by a wide range of populations. Like said, the main aim of the company is to combine Blockchain with the RFID system to enhance the supply chains management. Along with this, it aids in a number of ways the decentralization of the supply chains as it can offer the histories of products on the decentralized network to store, rack and access the information of the product. RFID is a minute tag which can be attached to an item and also, it does not need ‘Line of sight’ for the scanners to read the tags.
RFID is a modification over barcode as it not just easy to track, access and store the information of the product but also is extremely easy for the machines to scan and read the information. The internet of things will essentially connect to the real world by connecting the physical products to the Blockchain technology. Basically, it deals with four major concerns in the supply chains which are production, warehousing, logistics, and sales.
What are RFID tags?
RFID technology was presented by Charles Walton in 1983 where the technology utilizes electromagnetic fields to identify real-world objects with the diminutive chips or tags attached to the objects. These are very similar to barcodes but had many advantages over its predecessor. A common application of RFID technology is seen in toll booths on highways and in the retail industry for tracking of products or merchandises. The value Internet of thing proposal by Waltonchain consist of both hardware and software where the hardware consists of RFID chips and the software is the Waltonchain which is connected to the RFID tag chips.
Benefits of Value Internet of Things (VIoT)
Waltonchain uses the modified concept of value Internet of things (VIoT) where the proprietary RFID chips are combined with Blockchain technology to store, track and access data of the product easily and efficiently. The RFID tags provide with all the information required for you to know about it. This includes what the product is, where it is right now, who handles it and other significant information about the product. Using VIot has a series of benefits which are as follows:
1) Accurate access to the tracking information of the product
2) Improved security and privacy using the decentralized Blockchain technology
3) The RFID identification ensures anti-counterfeiting of the product
4) Drastic reduction in supply chains labor cost
5) Decentralization to eliminate trust issues
Walton coin (WTC)
The Walton ecosystem structure uses side chains which are parent chains and sub chains. The initial stages of the product found application in production, logistics, warehousing, and sales. The token used for the circulating and payment purpose is called Walton coin (WTC). Walton coin (WTC) is the primary currency in its ecosystem where the total creation of the blocks in fixed at 100 million WTC. Out f these, only 70 million is the total supply value and the remaining can be mined over the years. WTC was created as an ERC20 token and the total amount was entrenched. The Blocks records are made new every 60 seconds where 255 transactions can occur in a single block. Primary functions of Walton coin (WTC) are:
1) Issue sub chains
2) Operate as credit mechanism
3) Issue dividend interest
4) Distributed coin exchange
5) Decentralized exchange
6) Distributed governance and voting system
In short, WTC is a transactional coin on the Waltonchain platform which just not facilitates collaboration between sub chains but also rewards node for managing its network and monitors the byte fee. The byte fee is the price which is levied on the Waltonchain for using their platform. The accounting node can set minimal byte fee whereas the transaction node can set the maximum byte fee. When the necessary criteria are satisfied, the transaction is given to the Blockchain. The byte fee is the fee which drives the Blockchain as accounting node pays the fee amount for starting the token transaction and subchain creation. It is the accounting node which helps in obtaining the byte fee which is later paid in WTC. The sub chain can be created by anyone who is involved in the process and has the power to customize the subchain function and information of the subchain. The benefit of this system is that the parent node need not have to save subchain data which makes subchain scalable and hinders the security.
Proof of stake and trust (PoST)
Walton uses its own Proof of stake and trust (PoST) consensus mechanism for the ecosystem which is an updated version of the proof of stake algorithm. The Proof of stake and trust (PoST) is a modified mechanism which includes “a node reputation evaluation system”. This protects the adjustable difficult of each and every node by rewarding the honest nodes and enriching the security if the system. Furthermore, the flexible structure of the Walton system fosters side chains to manipulate their own consensus mechanism thus maintaining an optimal application effect of Waltonchain. The node reputation mechanism is used to further reward the token holders with WTC dividends along with high quality and honest nodes. This means that you will receive WTC token in your wallet by simply holding the WTC tokens in your wallet.
Who is behind Waltonchain?
Most members of the team at Waltonchain has many years of experience in Supply chains. The co-founders Do Sanghyuk and Xu Fangcheng have worked for Supply chains management companies. Do Sanghyuk has a past experience previously as the Director of Korean Products association while Xu Fangcheng was involved as the Director in the supply chains management of Septwolves Group Ltd. The team has few honorable and pioneering minds which include the Chief Scientist – Kim Sukku, who served as the former Vice president of Samsung.
Application of Waltonchain
Phase 1.0 was the period of using the Walton ecosystem to the Textile industry. In this tenure, the products were manufactured and a unique RFID tag was generated for each product. This RFID tag was noted by the production nodes (child nodes) at each and every development stage. The child node has RFID reader which is connected to the master node which is in turn, connected to the internet and is responsible for connecting to other master nodes. This creates a production Block which keeps track of all the information of the product. This is for the production stage. Now, for the warehousing stage, the child nodes for that part will be sued to get necessary information like storage location and warehouse in and out inspection. The RFID reader is utilized to gather all the information for the warehousing Block and is connected with the production block.
While traveling from one node to another, logistics nodes come into the picture. This child node provides information about the status of the product while the transportation process and the information forms the logistics block and is connected with both production and warehousing block. When the product reaches the vendor, it utilizes and records the information and status of the product along with customer information. The vendor is a master node which can reward customers for the consumption of the products. The information for the transaction is stored in the Blockchain including the customer’s details.
According to the Walton developer, the problems in supply chains like product specification, warehousing management, labor cost, regularity in eradicating out of stock will be a thing of past. This technology can inform about the popularity of the product and allows the production team to react to the situation. This is like a Flow control system where the supply is as per the demand making the entire process efficient and cost-effective.
How and Where to Buy Walton coin (WTC)?
Until today, you are not able to buy Walton coin with fiat currency and have to first purchase Bitcoin or Ether and then exchange it for Walton coin (WTC). The best you can do is to go for popular exchanges like Coinbase and Binance. You can Buy Bitcoin or Ether at Coin base and later exchange it for WTC at Binance. Check exchanges where to buy Waltonchain :
Coinbase is a popular and reliable US-based cryptocurrency exchange which allows you to trade in multiple coins at a great rate. First, you have to register on the platform, verify yourself by uploading government-issued documents and then buy Bitcoin or Ether with a Credit card or Bank transfer. The price for using Coinbase ranges from 1.49% to 3.99% where wire transfer is on lower edge and credit card on upper side. But credit card payments are instantaneous, unlike Wire transfer which may even take more than a day. Once, you have the BTC or ETH coins you can head to Binance for exchanging it for WTC.
Binance is one of the best cryptocurrency platforms for both beginners and professional as the features are endless. You can create an account here by a valid Email address, verify with some government issued card and progress with buying Bitcoin or Ether. With the bought coins, you can easily buy WTC by exchanging it on the platform. Binance is another cost-effective solution for buying ETC. Binance is on of 3 places where to buy Waltonchain.
The sleek and intuitive website of HitBTC can make the process of exchanging simple and straightforward even if you are new to the crypto world. The beginner-friendly website allows you to check down the price and buy it using Bitcoin or Ether. However, the price of buying crypto coins on HitBTC is relatively higher but the coins selection and the ease of trading compensate for it. HitBTC is the second exchange where you can buy Waltonchain.
How to store Walton coin (WTC)?
As Walton Coin (WTC) is an ERC20 token, storing WTC will not be a problem. You can use any wallet for storing WTC which is compatible with ERC20 tokens. Here is the list of best wallets which you can use for storing WTC.
Walton coin is an innovative problem to deal with real problems in the supply chains management. With a dedicated and experienced team of more than 20 members, massive partnerships with government bodies and big private ventures, the company progress looks quite manifest. The WTC coins are more popular and reputed than its competitors like VeChain as it has a series of innovation and the blooming revolutionary concept lined up.
Website – https://www.waltonchain.org/