What Is Walton Coin (WTC) | A Blockchain Integrated IoT
WTC Coin Price
What is Walton Coin? | A Quick Overview
WaltonChain aims to create a value-based Internet of Things (IoT) by combining RFID technology and the blockchain.
This creates a new standard and value-based internet of things with believable, and traceable business models that are entirely transparent/shared.
The History of WaltonChain
Waltonchain launched in 2016 as a joint project between Chinese and Korean developers.
Walton coin began with an ICO where each coin was around $.3 which has seen significant growth as of today.
Although, after launching their ICO, in China, the ICO crackdown began, so WTC went on a period of offering ICO refunds to those in China.
Since then WTC coin has been developing partnerships and aiming to expand their product.
The project has four phases:
Phase 1: Developing a Clothing Schemed RFID System
This is where the development and research of the RFID will be practiced.
Using an asymmetric cryptographic algorithm, they hypothesize that this will help create the perfect combination of IoT and blockchain combination.
This will be the demonstration template for future phases.
Phase 2: Mass Production of The RFID Beacon Chip
During this phase, they will mass produce their RFID chip which will be used in clothing, B2C retail, and logistics.
Utilizing these chips, they will be able to build a safe and reliable point-to-point logistics information channel for customers. It will also allow a business automation information platform for logistics.
Making it much easier to avoid lost, delayed, and wrong orders on a systemic basis.
Phase 3: Traceable Customization of Intelligent Packaging
Based on RFID identity verification and code written into the blockchain, it will allow complete transparency of products by manufacturers.
“All processes will be covered, including material purchasing, production, assembly operation, packaging and inventory management; the material source and production quality can be verified and the quality problem source can be tracked(1)”
This low-cost data will help achieve intelligent management.
Phase 4: Upgrades and Iterations
With Walton Chain and Walton coin being used in the real world, this is where solving for issues will come into play.
No system is perfect, but using the ease and traceability of waltonchain errors will be resolved.
The WTC Coin Founders:
Vice chairman of the China-Korea Cultural Exchange Development Committee.
Xu Fangcheng - Bio
Supply chain Managment Director of Septwolves Group Ltd.
The Purpose of Walton (WTC)
Waltonchain aims to connect RFID (radio frequency identification) technology with blockchain technology for a seamless IoT.
This would mainly be the supply chain side of the business, and helping to advance all businesses with the development of the internet of things.
With a decentralized network storing assets and providing data on development and consumption.
Businesses will be able to create child chains for tracking and subsequently over time raise the price of WTC coin.
Total Coin Supply
Walton coin is currently an ERC-20 coin.
There is a max supply of 100,000,000, but a total supply of 70,000,000.
When the waltonchain is created in early 2018, they will start to record transactions of the child chains within the WTC blockchain.
The Features of Walton Cryptocurrency
Proof of Stake and Trust (PoST)
Proof of stake is the ability to stake coins to verify other transactions and create a value bump in the coin itself (read our full article here.)
Although, Walton claims to improve that process by adding trust in “node reputation evaluation systems.”
While each child chain can create their consensus mechanisms, this node reputation evaluation will keep nodes that are honest and performing well achieving better rewards from the parent chain.
Smart RFID Technology
Similar to Vechain, Waltonchain utilizes a smart RFID chip that helps important data to their blockchain.
These radio-frequency Identification chips can transmit a host of real-time data that helps consumers and producers see the full production of the assets.
This is also where the name “waltonchain” comes from the creator of the RFID chip Charles Walton.
On Waltonchain, groups and manufacturers can create child chains that branch off from the main chain.
These can have their consensus models and function separately but within the Walton blockchain.
Using WTC as transaction costs, this will help provide industries with WTC ready and adaptable child chains, to not slow down transactions.
What Do We Think of Walton Coin?
Walton coin is an interesting coin for the long-term.
Anything that helps to increase the potential of creating the Internet of things, especially through the product supply chain side, is something we encourage.
We currently do not hold any Waltonchain.
Keep in mind there will be competitors in the area, one of which is Vechain, but in this new free market, competition will improve overall products.
If you liked this review and want to help support the academy donate some Walton Coin below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is Modum Coin (MOD)? MOD Coin Price What is Modum | A Quick Overview Utilizing IoT sensors and blockchain technology, Modum was created to bring supply chain onto the blockchain instilling data integrity within the supply chain industry. They offer a passive monitoring solution for transactions involving physical products to streamline supply chain process…
What is Rchain (RHOC Coin)? RHOC Coin Price What is Rchain? A Quick Overview Rchain is a blockchain decentralized application (Dapp) platform aiming at achieving the scalability of Facebook and transaction speeds of Visa. They are a smart, versatile blockchain that scales with use by using a programming language called Rholang; utilizing the Rho-Virtual machine.…
What is Bytecoin (BCN Coin)? BCN Coin Price What is Bytecoin? | A Quick Overview Bytecoin is the first private untraceable cryptocurrency. Created in 2012 this open-source, decentralized cryptocurrency is meant for global use. The History of BCN Coin On July 4th, 2012 BCN coin was created. Being the first private, untraceable currency, drew a…