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.
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. Confident in our existing internet and IoTs devices? I encourage you to look into the The Mirai Botnet..aka.. Dyn Attack. It was a massive ddos attack that exploited vulnerabilities in IoTs devices. It crashed a large part of the internet. Twitter, the Guardian, Netflix, Reddit, and CNN.
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.
"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."
Hey isn't that a little centralised. Unequally weighted master nodes doesn't sit well with the proto-hipster we all keep locked inside. I think that malicious behaviour is still at the determent of nodes in the system. To become a master node you need to stake more than 5 thousand WTC. The longer you hold your WTC the higher your reputation and the larger your master node ROI for accounting.
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
This doesn't mean that Waltonchain is better or worse than VeChain. Waltonchain has better authentication and custom build RFID chips, but this is still early days for this technology and it is too early to say who is going to come out on top, or if the market is big enough for both of them.
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.