What is Waltoncoin (WTC)?
Outside observers have expressed on occasion that the Waltonchain concept doesn’t seem to bring more than a little ease to the world of logistics. When looking at the project objectively, this would appear to be a false perception, however, as Waltonchain’s blockchain reach brings a comprehensive infallibility to supply chains.
Factoring in the rise of the IoT, Waltonchain has built a networked supply chain management system named after American Charlie Walton, a major pioneer and patent holder in the RFID technology arena.
Radio-Frequency Identification (RFID) uses radio waves to read, capture and identify data. Identifying objects, animals and people, RFID reads information that is stored on a tag attached to the object in question. Waltonchain has married RFID, blockchain and the IoT to revolutionize logistics systems. In a hitherto unimaginable stroke of relevance, Waltonchain has streamlined the future of logistics.
As shipping lines, agents and buyers look to blockchain to finally jettison often centuries-old inefficiencies, the company is establishing itself as a definitive offer.
A glimpse of the ambition and caliber of Waltonchain is seen in their Chief Scientific Advisor, Kim Sukki, a previous Samsung VP. The company is already branching out from logistics, partnering with the Chinese coastal province Fujan’s authorities to develop a smart system of maritime logistics. Elsewhere in the country, Waltonchain is working with the Jinhu County government on improved air purification and air monitoring systems.
All The Knowledge, All Of The Time, With Waltonchain
Most consumers have but a glimpse of logistics systems. They are inevitably convoluted and also typically involve several parties.
A perpetually difficult scenario emerges as a logistics system grows. Various parties within the same vertical find coordination increasingly complex and challenging. Individual processes and priorities further hamper brisk, correct data transfer.
A basic tenet of Waltonchain is the employment of RFID technology to track products. Data is captured during each phase of development and stored on the immutable blockchain. This ensures that, from inception, every product is known, cataloged, anticipated and distributed, based on real-time intel, without errors. No matter where in the production or distribution cycle an item might be, comms is eased and obstacles removed.
Besides being a tribute to the intense work Walton did on RFID technology, Waltonchain has been given as an acronym for Wisdom Alters Label, Trade, Organization, and Network. Although this seems a little contrived, it fits, and does actually describe Waltonchain’s net effect aptly.
The Value Internet of Things (VIoT)
Waltonchain has pioneered the idea of the “Value Internet of Things” to depict their marriage of proprietary RFID chip technology with blockchain. By employing RFID tags wherever needed, users can now capture data representing any object on earth on the Waltonchain blockchain.
Current uses of RFID identification tags include any inventory or library network, as well as retail product tracking. RFID is a major component in the success of the Redbox kiosks taking the US by storm. Indeed, Redbox is currently alarming online dispensers like Netflix and Blockbuster with its cheap and convenient movie offer.
RFID makes use of electromagnetic fields to identify objects. Adding that clear and easy identification to the simplicity and incorruptible ledger that is blockchain is a stroke of genius. With a decentralized ledger behind a simple tag scan, any user can know what it is, where it comes from, where it’s been and who’s handled it thus far. The concept of VIoT applied to logistical management systems has many benefits.
While it might be presumed that security needs to be watertight in logistics, this is equally true for any other industry, and with Waltonchain tight security is a given. Through applying blockchain technology, users can accurately track a product’s provenance. Moreover, there is no chance of counterfeiting, without counterfeiting tags themselves, something that will show as an immediate error on the system.
Parties can now also simply engage with or without a history of trust established. The decentralization smart contracting of blockchain eliminates the need for any party to be a known, trusted entity. Other benefits like a reduction in labor and other input costs come with VIoT. Enhanced clarity and thus ultimate speed of transacting also come with the package.
Waltonchain And Its Sub-chains
Waltonchain is the “parent chain” of the Walton ecosystem. It tracks Waltoncoin (WTC) transactions, the system token. It also manages sub chains and generates smart contracts.
Users can build their own sub-chain and also mint their own tokens. They can even opt for a different consensus algorithm from the Walton(parent)chain. This means that each business unit is free to pursue an app that best suits their model and desired outcomes. They can do this without losing the ability to seamlessly blend with the parent chain.
The chain/sub-chain model is also a good hedge against an issue that has plagued the cryptosphere: scalability. Put simply, a sub-chain’s data and activity won’t impede the parent chain’s transactability. The entire network isn’t stymied by a sub-user’s activity, as most of the data is resident on the business’ sub-chain. A poignant moment arose for the Ethereum platform with the popularity of CryptoKitties.
The Ethereum network doesn’t employ sub-chains, but each dapp created on the platform impacts the entire network. Thus, in the hysterical rise of CryptoKitties, serious network congestion ensued and transactions were delayed and fees rose in that moment. A sub-chain build would have greatly eased if not eliminated this quagmire.
The Waltonchain Difference
Waltonchain is unique, but not alone in pitching for solutions to logistic networks and VeChain is probably Waltonchain’s closest competitor in this emerging realm. Currently rebranding as VeChain Thor, that company also applies blockchain technology solutions to the supply chain community. VeChain allows users to build dapps on their network, akin to Watonchain’s sub-chains. There are important differences, however.
Waltonchain is exclusively concerned with RFID chip. VeChain includes QR and NFC codes. Although providing a solution to many of the same issues, the basic architecture of Waltonchain looks set to prove superior as a real-world app solution. Any solution for logistics that is infallible, easy and blockchain-secured will be welcome. Avoiding scaling issues in that imagining is priceless.
Waltonchain WTC Conclusion
Waltonchain [Waltonchain.org] employs their own “Proof of Stake & Trust” (PoST) protocol. It is similar to Proof of Stake (PoS), as it rewards nodes (token holders) through WTC dividends. Waltonchain also employs a “node reputation” protocol that pays additional dividends to more honest, higher quality nodes. In a buoyant system, this translates into token holders earning rewards simply by owning the tokens.
Apart from many Chinese and Korean big hitters from the fintech, AI and other industries, Waltonchain also has Do Sanghyuk on the team. He was previously the Director of the Korean Standard Association. Another co-founder, Xu Fangcheng was employed as the director of Supply Chain Management Director at Septwolves Group Ltd., a prominent clothing and tobacco company.
Looking at the technology at play, the areas of focus and the expertise on board, Waltonchain is set to become a major purveyor of valuable solutions not only to Chinese but global business interests. As outlined in their original whitepaper and validated in case study after study, the Waltonchain vision of VIoT is already here. And it seems that Waltonchain is just the kind of committed, sophisticated and responsive outfit to entrench it.