What is Waltonchain (WTC) and how can I buy it?

 

Price and capitalization of Waltonchain

You Please find below the main information regarding the price and the capitalization of the WTC with in particular:

  • the price: in dollars and in bitcoin , as well as the price variation over the last 24 hours
  • the rank: world ranking of the WTC compared to other crypto-currencies (the ranking is carried out according to the market cap of each cryptoasset)
  • the market cap: it represents the capitalization of the Waltonchain in dollars, that is to say the cumulative value of the ‘all the tokens in circulation
  • the volume: it corresponds to the total value of the WTC tokens exchanged over the last 24 hours res (in dollars)

What is Waltonchain?

Waltonchain (WTC) is a one-of-a-kind project that attempts to combine blockchain with Internet of Things (Internet of Things – IoT). Its main objective is to set up a system that allows manage the logistics of these connected objects thanks to the power of the blockchain.
To achieve its goal, Waltonchain will use a technology called RFID, which stands for “ Radio Frequency Identification” .

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A Waltonchain RFID chip will allow a product to be tracked during each phase from its production to its launch on the market. We will be able to follow all the steps from the creation of the product to its arrival on the shelves, knowing precisely the places through which the product has passed, and on what dates. In order to guarantee the authenticity of this data, it will be stored on a decentralized blockchain, which will make it tamper-proof .

The project is called Waltonchain in tribute to the inventor of RFID chips who was named Charlie Walton.

How does Walton Chain work?

To describe its operation, Waltonchain decided to introduce the concept of Value Internet of Things (VIoT) , which is a fusion of the principles of IoT and blockchain.

Waltonchain will have the following features:

  • Use of RFID chips.
  • Concept of VIoT.
  • Use of a main chain called Waltonchain which will be above all those set up by their customers, called child chains , or child chains. The Walton chain will be the parent chain of the system as a whole.
  • Creation of the WTC token which will be used to operate the ecosystem as a means of payment.
  • Specific consensus related to the project: the Waltochain Proof of Contribution.

Let’s go through these different points one by one and see in more detail how it all works.

Radio Frenquency Identification (RFID) technology

RFID technology, patented by Charles Walton, is at the heart of the Waltonchain project and it is on it that lies in the future success of the WTC.

RFID technology uses an electromagnetic field to give an object a digital identity . To do this, the object must be in possession of a special chip, which can store this digital identity. RFID chips work much like a bar code , except that you do not have to pass them in front of a machine to be able to read them. They can be scanned by being at a certain distance, unlike the bar code which must be about ten centimeters from the machine.

For the VIoT to work, it will therefore be necessary to develop a system made up of RFID chips and a reader which will allow these chips to be identified. The reader making it possible to identify the data must then be able to communicate it to the blockchain to transfer the retrieved data to it. We can say that the reader works like a node on a classic blockchain.

The data stored on the RFID chip may contain the following informationes:

  • All technical details of the product (type, weight, color, etc.)
  • Its traceability (place of production, list of carriers, list of warehouses where it stayed, dates, etc.)
  • The list of people who handled it (worker responsible for production, name of delivery person, etc.)

The advantages of using such a system are:

  • Improved safety computer science.
  • Precise tracking of the path.
  • Fight against counterfeiting.
  • Impossibility of falsifying data.
  • Reduced labor costs thanks to the economies of scale that this system allows (in particular by the unification of the programs used from one company to another).

Concept of the Value Internet of Things (VIoT)

The Internet of Things (IoT) refers to the exchange of information that can occur between physical objects being connected to each other on the internet. Unfortunately, such an exchange of information can only occur for objects that trust the same network. To communicate with each other, these objects must therefore be connected to the same IoT service provider. Because of this concern, we come back to a system which risks becoming too centralized and which can therefore cause collusion which would impact the reliability of the data.

To solve this problem, Waltonchain therefore decided to invent the concept of Value Internet of Things (VIoT) . The principle is simple: it is to create an IoT system that exists only on the main blockchain of Waltonchain, which is designed to be decentralized. The reliability of the data can no longer be questioned . The interest is to allow connected objects to communicate without fear of being diverted from their initial purpose, or of being “ripped off”, if we can say of a machine that it is being ripped off.

The different levels of blockchain

The Waltonchain project operates on a multi-level blockchain system . First, the parent blockchain, which is simply called Waltonchain , takes care of handling the following:

Users can create lower level blockchains with the following possibilities:

  • Creating their own tokens.
  • Ability to implement their own consensus.
  • Customization of the blockchain to match the specific needs of each user.

The activities taking place on the child chains will not influence the operation of Waltonchain in any way , which will allow the network as a whole to operate efficiently.

Waltonchain’s WTC token

The WTC token was originally an ERC-20  token, but today it has its own blockchain.

There is a maximum of 100 million tokens in total which are distributed as follows:

  • 35 million for users during the ICO.
  • 30 million which will have to be mined.
  • 20 million for the Waltonchain foundation.
  • 10 million for the team.
  • 5 million for angel investors .

Tokens can be used to perform the following actions:

  • Creating a child chain.
  • Receive dividends.
  • Using the internal loan and credit system.
  • Participate in the governance of the system.
  • The use of the decentralized exchange internal to the system.
  • Facilitate the exchange of information between the daughter channels.
  • Reward the people managing the nodes of the network.
  • Pay the transaction fees on the network.

The Waltonchain Proof of Contribution consensus

The consensus Waltonchain Proof of Contribution (WPoC) is based on 3 consensus:

  • The Proof of Work (PoW) . Used primarily for security.
  • The Proof of Stake (PoS) . Mainly used for energy efficiency.
  • The Proof of Labor (PoL). A new consensus system, the technical aspect of which is not described by the Waltonchain team.

Pow and PoS are used on the parent chain, the Waltonchain, to transmit data. Thanks to the interaction of these two consensuses, we obtain a secure system, guaranteeing the authenticity of the data while making it possible to avoid the industrialized energy waste, as it’s the case with Bitcoin .

PoL is the new consensus developed by Waltonchain for the transmission of data and the exchange of tokens between the parent blockchain and the daughter blockchains.

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RFID chips

The team behind the project plans to manage itself the creation of RFID chips necessary for the proper functioning of the project. For this, the team in charge of development will also be in charge of managing a factory allowing the creation of these chips.

From the white paper , these chips would be relatively cheap to produce. As a result, many industries will be able to benefit from the technology implemented by Waltonchain.

Rfid photo

We will then be able to see in the long term a whole range of companies evolving from very different fields using this system to ensure a complete logistic follow-up of their goods.

 

 

Team and partners

To carry out their project, the team behind Waltonchain is made up of competent people in both logistics and the blockchain. Here are some members of the project team:

  • Do Sanghyuk: Founder and initiator of the project in South Korea.
  • Xu Fangcheng: Founder and initiator of the project in China.
  • 2 Senior Advisors: Kim Sukki for the Internet of Things and Zhu Yanping for the blockchain component.
  • 2 Expert Executives: Mo Bing for the Internet of Things and Wei Songjie for the blockchain component.
  • 10 senior members.
  • Angel Investors.
  • 7 Councillors.

To learn more about the team members, please visit their website: Waltonchain Development Team

Waltonchain has also entered into numerous partnerships with well-known companies in Asia:

  • JU&KE: design agency.
  • Huodull: transport company.
  • chainfor: a company specializing in blockchain technology.
  • Silictec: a company specializing in the research and development of microchips.
  • NHTECH: a company specializing in the sale of industrial equipment.
  • Sensor Technology (NIDS): a company specializing in the manufacture of microchips, some of which are dedicated to IoT (Internet of Things).
  • KALTENDIN Clothing: designer of men’s clothing.
  • Card Cube: a company specializing in the production of RFID chips.
  • C-TOP: a company specializing in the creation of wireless communication objects.

 

Benefits

  • Functional technology.
  • Patents established on their RFID chips and their devices to scan these chips.
  • Has a concrete use in everyday life and can be a valuable help to improve the logistical follow-up of a company.
  • The team behind the project is experienced.
  • The value of the WTC token is indexed to the popularity of the product. If the project works and large companies use it, then the WTC can be hugely valuable.
  • Interesting financial incentives for those caring for network nodes.
  • Costs of RFID chips paltry compared to the benefits that this allows to obtain.
  • All product data will be obtained in seconds by a simple scan.
  • Securing the IoT system via their Value Internet of Things (VIoT) system.
  • The Waltonchain Proof of Contribution (WPoC) consensus, which takes the best of the PoW and PoS consensus and mitigates their disadvantages.
  • Lower-level blockchains will be able to decide how they operate in order to fully match the company’s needs.

 

Disadvantages

  • Token holders do not, strictly speaking, own any part in society.
  • It is sometimes difficult to get information about the project.
  • The distribution of tokens is not optimal, 30% of them go to the team and the Waltonchain Foundation. Even if some chips are blocked for 2 years, this is still too large a part of the total amount

 

How do I buy Waltonchain (WTC)?

To buy WTC, you have to go to Binance. It is also possible to buy WTC on HitBTC or KuCoin.

It is also possible to buy WTC on other more exotic exchanges, but we advise edgy of doing so.

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Before you can buy WTC on another exchange, you’ll have to start by buying Bitcoin on Coinbase. It is a reputable, secure and easy-to-use platform. Once your bitcoins are in your pocket, you can send them to another exchange site and use them to buy Waltonchain.

 

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It is possible to buy WTC on Binance, a very reputable platform that has a fluid and ergonomic interface.

How do I store my WTCs?

The safest way to store Waltonchain tokens is to use a hardware wallet. These are electronic wallets in the form of USB sticks. 

Since the Waltonchain is no longer an ERC-20 token, it is no longer possible to store your WTCs on wallets such as MyEtherWallet (MEW).

There are also 3 storage wallets created by Waltonchain to get your tokens safe on them:

  • Android
  • Ios
  • Pc

To download these wallets to store your WTC, please visit this page of their official website: Wallet

Conclusion about Waltonchain (WTC)

Waltonchain is an innovative project that can really improve logistics for some companies. Its concept of RFID chips combined with the blockchain for automated logistics management is innovative and will allow companies to have better traceability of their goods while reducing their operating costs.

If Waltonchain develops its project properly and becomes an important player in the industry, the company may even be able to impose its RFID chip standard as the new standard, which would lead to excessive growth in the company and the token.

The value of the WTC token is materialized by something concrete in everyday life: the use of the service offered by Waltonchain to facilitate the tracking of goods around the world. The more the service is used, the greater the value of the token. At present, many crypto-assets have a purely speculative value, which is not the case with the WTC.

In addition, the service offered by Waltonchain allows us to do what is not yet possible to do today: guarantee the authenticity of a product in an irrefutable way. Thus, the problems of counterfeiting suffered by certain major brands are expected to decrease significantly.

We regret, however, that Waltonchain’s token distribution is so unfair. Only 70% of the tokens will go to users, 30% of which can only be obtained after mining.

Excluding this distribution of tokens, we can nevertheless say that WTC stands out compared to other projects. We believe that the project has enormous potential, and a bright future.

 

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