Named after the inventor of radio frequency identification (RFID) technology, Charlie Walton, Waltonchain is blockchain solution for products.
Waltonchain aims to overcome complexities in logistics systems by tracking products at each stage of their productoin and distribution.
Stored on the blockchain, the immutable nature of this data means that Waltonchain, through RFID, can help drive the development IoT by identifying and tagging products in ways that cannot be reversed.
From the cradle to the grave, a simple scan using Waltonchain can reveal the entire life of a product. This could be something as simple as a library book with all data pertaining to it stored on the blockchain: when it was published, when and where it was bought, whether it has been recategorised, who has borrowed it, and so on.
This is just one example of how Waltonchain can be implemented in the real world.
WTC is the blockchain's proprietary token which can be bought and sold on crypto exchanges.
According to the Waltonchain whitepaper, "It is difficult for the Internet of things under the current central structure to accomplish the real autonomous cooperation and effective transactions, because the relevant parties of such cooperation and transactions often belong to different stakeholders with complex and uncertain trust relationship. Therefore, the collaboration and transactions of the current Internet of Things devices can only be carried out under the same trust domain, the devices to collaborate and trade must be provided or verified by the same Internet of Things service provider, which significantly reduces the true commercial value of the Internet of Things applications."
So when you are explaining your Waltonchain investment, and that random blockchain sceptic pops up and asks 'why can't IoTs information just be uploaded to the regular internet?' remember that it absolutely can.
Waltonchain and the hundreds of millions of dollars that have been invested into this coin represent the collective scientific hunch that blockchain can probably do it better.
The internet of things problem isn't limited to inefficiency. There are also massive security issues with connecting lots of devices to a single network. Blockchain tech is final. It is hard to rewrite history when it is buried in a 1000 blocks all collectively repeating its state, or in Bitcoin's case, its UTXOs.
The Waltonchain parent chain conducts block consensus and validation based on the Proof of Stake & Trust (PoST) consensus mechanism.
Rather than treat all stakers and master nodes equally, Waltonchain evaluates the reputation of every node to adjust the difficulty of coinage. It is most profitable to be a trusted node on the network. This is thought to incentivize behaviour that agrees with the node reputation mechanisms.
Based on the commercial credit link of a combination of Waltonchain blockchain and RFID, it (the consensus algorithm) can further promote and train the integrity behaviours of the involved nodes through the information evaluation mechanism, for example, keeping good credit record in credit mortgage and other transactions, to cultivate a healthy business ecology; second, it provides an upgraded selection mechanism to choose more honest “high quality” nodes as coinage nodes, improving the security of the blockchain.
Vechain is also a chinese blockchain solution for IoTs devices and RFID tags. The main difference is the layer at which consensus is implemented.
One expert says: "Walton has patents on the txID-reading RFID chips with memory, which allows the blockchain to be implemented in the foundational level through the RFIDs. They are world leaders in chip technology, and make their own chips.
"VeChain does not make their own chips. They outsource the hardware, and have the hardware made compatible with their blockchain via API. So their blockchain is implemented several layers up in the application layer, through business-centralised control. So, VeChain is inherently less decentralised and less secure."
To incentivise participation and transfer value in the Waltonchain ecosystem, the Waltoncoin token (WTC) is used.
There were 100 million WTC created and in the Genesis Block. This number is constant, and no more tokens will be issued.
WTC is also used for issuing subchains. Any Waltonchain ecosystem user can use their tokens to issue their own subchains on the network. These are allocated to the accounting node wallet to support the parent chain. This is how the PoST mechanism is realized.
From the whitepaper: In order to ensure the robustness of the subchains and the parent chain at the same time, the allocation mechanism regarding the consumed fees needs some innovative adjustments. The majority (e.g. 90%) is assigned to the accounting node wallet of the subchains, and the minority (e.g. 10%) is assigned to the accounting node wallet of the parent chain.
IoT is a fast-growing industry. One need look no further than the success of IOTA. Waltonchain might not have a DAG but, short term, in a logical market Waltonchain's PoST would be considered the safest technology.
True, the consensus is a little centralised, but the master nodes have no incentive for malicious behaviour. Child chains and expected fast throughput of the Waltonchain network will make it possible for this cryptocurrency to scale.
Even if Waltonchain manages to dominate the emerging IoT industry it does not store all data on the parent chain. Instead, Waltonchain adopts a combination of the parent and child chains in accordance with the specific application scenarios.
Based on the needs of different applications, the design of child chains can be different, ranging from public chains and alliance chains to private chains, and various consensus mechanisms can also be adopted. Additionally, the size of a single block can be enlarged within a reasonable scale to improve the TPS (transactions per second).