Waltonchain : IoTs for Logistics and Supply Chain Management
Waltonchain is an IOTs blockchain solution trying to improve logistics and supply chain management using in-house RFID technology. Through radio frequency identification (RFID) technology Waltonchain want to collate valuable information and upload it to a peer to peer blockchain network to monitor, track and troubleshoot supply chains on an industry wide scale.
The internet of things connects any item to the internet for information exchange and communication. Industries like healthcare, transportation and retail could recoup billions - trillions in wasted time, damaged produce, fuel, double orders, and other countless unnecessary expenses if they could treat every item in their inventory like an account based node in a network.
(WTC)
Waltonchain
Price
24H Change
7 Days Change
Market Cap
Why Does IoTs Need A Blockchain?
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 100% 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.
Waltonchain Consensus Protocol (PoST)
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.
How is Waltonchain different to Vechain?
Vechain is also a chinese blockchain solution for IoTs devices and RFID tags. The main difference is the layer at which consensus is implemented. "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." - Reddit User thelatemercutio
What is Waltonchain Coin?
To incentive participation and transfer value in the Waltonchain ecosystem the Waltoncoin token is used. Currently, WTC is an ERC20 token awaiting the release of the main net. 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 consume WTCs to issue their own subchains on the network. The consumed WTCs are allocated to the accounting node wallet to support the parent chain. This is how the PoST mechanism is realized. "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" Whitepaper.Waltonchain Twitter Controversy?
In the depths of a bear market Waltonchain won their own contest.
