What is Waltonchain and Walton Coin?
Waltonchain is a Chinese project that merges the blockchain technology and the next-generation radio-frequency identification, also known as RFID, to create a management system in the supply chain. Walton also stands for Wisdom, Alters Label, Trade, Organization, and Network and aims to combine blockchain technology and Internet of Things (IoT) to create an ecosystem of interconnectivity which they refer to as the Value Internet of Things (VIoT).
The main objective of VIoT is to promote decentralization. Through the blockchain, transactions are easily stored and track. Data entered through VIoT is tamper-resistant and undeletable. The Waltonchain project is named after the inventor of RFID technology, Charlie Walton.
*As mentioned in previous articles, this is no investment advice!*
Next-Generation RFID Technology
The primary function of Waltonchain is to gather data through RFID tags and store the information on the blockchain. RFID tags can communicate with objects up to 10m distance without any mechanical or physical contact. RFID tags are embedded on objects and cannot be recognized easily because of its mini size.
There are two types of RFID tags:
- Passive tags – uses electromagnetic field and does not require batteries
- Active tags – the tag itself automatically send radio waves
In the recent years, RFID technology has been in the industry to track merchandise in a retail supply chain. It has been used to do accurate inventory in the pharmaceutical industry and identify counterfeit products.
The RFID technology uses electromagnetic fields through the use of small chips to digitally attach an identity to a product. An RFID tag contains a unique ID that is stored and is commonly used in inventory tracking of merchandise. Since products are tracked through RFID technology, both manufacturers and consumers will obtain a high degree of security by keeping a close watch on the movement of their products. Waltonchain’s RFID tags also guarantee authenticity.
Value Internet of Things (VIoT)
Communication and exchange of information are done through a centralized network, and since blockchain is open sourced, physical devices connected to the network can exchange information transparently and safely. VIoT has technical advantages such as:
- High-level of security
- Accurate tracking of product from the main source
- Achieving anti-counterfeiting goals
- Trustless decentralization
- Reduced labor cost
The Importance of a Smart Contract
A smart contract is a self-executing contract with the terms of the agreement by two parties. In the Waltonchain structure, the smart contract is executed when the transaction is made in a smart contract address. With blockchain technology, business transactions are now transparent and allow the users to keep track of the operations of their respective businesses in real-time. Also read “What are smart contracts?”.
The Waltonchain Structure and Subchains
The Walton system is comprised of a parent chain and sub chains. Waltonchain is the core parent chain in the system. Considered as the main chain, the parent chain starts from the Walton Genesis Block. The function of the parent chain includes tracking of Walton Coin (WTC) transactions, management of sub chains, and execution of smart contracts.
- The Parent chain act as the public ledger and records all transactions from one block to the other.
- Anyone from the Walton system can create an infinite number of sub chains after the parent chain.
- The parent chain is separated from the sub chain.
- Subchains are not tied to the network activities of the parent chain.
- Subchains are allowed to customize their blockchain according to the needs of their business.
- Major data is stored in a sub chain; thus, issues under the sub chain won’t affect the entire network.
- Subchains may use their customized tokens in all their transactions.
- Any subchain transaction that uses WTC tokens will be recorded in the parent chain.
What is a Walton Coin (WTC)?
Walton Coin is the token circulated as payment within the Walton ecosystem. WTC’s primary functions are as follows:
- Distribution of dividends
- Credit and mortgage system
- Distributed asset exchange
- Issue subchains
- Decentralized exchange
- Distributed voting and governance system
In the Walton ecosystem, WTC is used as a reward node. It also facilitates the collaboration of subchains and enables subchains to perform activities off of the parent chain.
Waltonchain’s Consensus Mechanism
The Waltonchain utilizes a Proof of Stake & Trust (PoST) consensus mechanism. Similar to Proof of Stake (PoS), token holders are rewarded with dividend payments from WTC by following the node reputation evaluation system. With Walton’s flexible structure, subchains are allowed to determine their own consensus mechanism.
What’s in store for Waltonchain in the Future?
Waltonchain is a solid platform that provides the solution for any inefficiency in the business industry. Just thinking of the innovative idea of using a blockchain is one of a kind. The company has already established substantial partnerships with both, the government and the private sector, and it is considered as one of the strongest teams in the cryptocurrencies sector.
With the successful implementation of blockchain technology, Waltonchain will change the way businesses operate. With the idea of Value Internet of Things and the next-generation RFID technology, Waltonchain will surely create a bright future to look forward to.
Where can you buy Walton Coin?
Purchasing WTC is not possible if you are using fiat currency. You need to buy another currency. You can purchase Bitcoin or Ethereum. Buying, selling, and trading WTC is easy because it is already listed on cryptocurrency exchanges like: