Launched in November 2016, Waltonchain This innovative initiative is a collaboration between Chinese and Korean teams, combining blockchain and RFID for optimized supply chain management, with an ambitious goal to merge blockchain technology with the Internet of Things. By integrating physical assets on a decentralized network, the developers of Waltonchain aim to ensure seamless and decentralized tracking, which endorses an authentic and transparent business environment.
The Value Internet of Things
The Internet of Things The Internet of Things (IoT) is about connecting diverse physical gadgets through the internet to enable data exchange and interaction. However, Waltonchain developers highlight a problem: current IoT frameworks need devices to be within a strict trust network, leading to barriers when the devices communicate outside their provider's environment.
As per the Waltonchain team, centralized IoT frameworks impede effective collaboration and transactions because of the tangled trust issues among unrelated stakeholders. That's why they advocate for the 'Value Internet of Things' (VIoT), leveraging blockchain to host IoT networks. This way, RFID-driven multiple devices can securely access the blockchain, bypassing trust issues, and creating a safer transaction ecosystem.
RFID Technology
RFID, an invention by Charles Walton in 1983 — who notably inspired the Waltonchain name — employs electromagnetic fields to attribute digital identities to physical objects through attached chips. Unlike barcodes, RFID chips don't require direct line-of-sight for identification by their readers.
Although this tech has its roots in WWII, today's cost-effective RFID hardware has galvanized adoption across industries. For instance, it's deployed in highway toll booths and for animal ID 'chips,' while in retail, it tracks merchandise, enhancing inventory precision, and spotting counterfeit drugs in the pharmaceutical sector.
VIoT, as envisioned by the Waltonchain creators, integrates hardware like RFID tag chips and readers to link with the blockchain. Tag chips become part of the blockchain, while readers act as nodes, all orchestrated by Waltonchain software.
Structure of the Waltonchain
Within the Walton ecosystem, parent chains like Waltonchain and their subchains (or child chains) form its foundational structure. The project’s initial phase, Waltonchain 1.0, is setting up a comprehensive supply chain system targeting the clothing industry, covering production through sales. Waltoncoin (WTC) is the standard token used across the network.
Introduced as an Ethereum ERC20 token during its ICO, Waltonchain's WTC coin saw 100 million tokens distributed, fixed in number. Waltonchain's blockchain records are refreshed every minute, with up to 255 transactions per block, facilitating subchain creation, offering dividends, and serving as a credit tool. The genesis block is slated for an early 2018 launch.
Participants in the Waltonchain ecosystem can design subchains to their specifications, yet overall governance lies with Waltonchain itself. WTC transactions within subchains exclusively register on the parent chain, remaining independent, ensuring security and scalability as per the developers.
Waltonchain employs a Proof of Stake & Trust (PoST) consensus model, an enhanced PoS system that incorporates node reputation assessments to reward integrity and strengthen the network. Subchains, however, can tailor their consensus mechanisms for optimal outcomes in varied scenarios.
Transactions on Waltonchain incur a byte fee, a cost determined by the accounting and transaction nodes. This fee fuels the blockchain's operations, where the accounting node calculates blocks, verifies consensus, and is compensated with the byte fee, exclusively payable with WTC tokens. As subchain networks expand, so does WTC demand for these fees.
Application of the Waltonchain
The initial stage of Waltonchain's rollout zeroes in on the clothing sector, where unique RFID tags track products from manufacturing to sale. Production nodes equipped with RFID readers register each stage, linking to a master node, thus building a comprehensive production block.
During storage, warehousing nodes engage in inventory checks, manage location data, and record dispatch, with each movement documented via RFID readers, connecting seamlessly with preceding production data blocks.
In transit, logistics nodes capture product status, compiling a detailed logistics block for seamless integration with the Waltonchain.
Upon retail arrival, each store acts as a master node tracking product info and customer history. Reward schemes utilizing WTC provide incentives, with all transactions on the blockchain preserving comprehensive customer records.
Implementing Waltonchain in apparel promises to transform supply chains, eliminating stock mismanagement, reducing dependency on personnel, and preventing shortages. Retailers can evolve into 'smart stores,' pinpointing product appeal and reacting swiftly to trends, conserving resources and cutting costs. Consumers benefit by tracing products' origins, ensuring authenticity.
Exploring the Advantages of Waltonchain and VIOT
Fusing blockchain with IoT crafts a genuine, accountable, and visible business framework, capitalizing on RFID and Waltonchain integration. When enhanced with AI and machine learning, it aims to establish a total supply ecosystem, spanning production, distribution, retail, and service.
How to Buy Walton WTC
WTC isn’t directly available with 'fiat' currencies. Instead, acquire Bitcoin or Ethereum, easily done on Coinbase with bank transfers or card payments, then proceed to swap those for WTC on platforms like Binance.
Register at Coinbase
If you're stepping into the realm of cryptocurrency for the first time, Coinbase might just be the perfect launchpad for you. Known for its user-friendly interface and robust security mechanism, being US government-regulated adds an extra layer of trust. Whether you want to dive into Bitcoin, Litecoin, or Ethereum, Coinbase facilitates these purchases easily. They accept credit, debit cards, or even a direct bank transfer. Do note, opting for card payments may come with higher fees, but on the flip side, instant access to your digital currency is guaranteed.
Part of the setup process involves confirming your identity, which is mandatory due to stringent financial regulations they follow. Be prepared for a bit of paperwork here. our link to signup Here's a little perk: a $10 bonus in bitcoin awaits you when you dip your toes in with an initial purchase worth $100.
Kick off this exhilarating crypto journey by tapping the “Sign up” button. It'll lead you to a straightforward form where your basic information, like name and email, is needed alongside a secure password you’ll choose.
To ensure everything's above board, Coinbase will shoot an email your way so you can verify your account. A simple click confirms your email, and next, you’ll land on a page to finish verification. This includes your phone number and a photo ID—choices like a passport or driver's license work here. Upfront payment details are a necessary evil, whether it's a bank account or a credit/debit card you're comfortable with. Once everything checks out, poof, you're all set to make that first digital purchase.
Purchase Ethereum or Bitcoin
For this tutorial, Ethereum is our cryptocurrency of preference. It boasts lower transaction fees than Bitcoin and completes trades faster. Jump into Coinbase again, this time hit up the “Buy / Sell” menu. Locate Ethereum from the options, select how you'd like to pay, and decide the investment size—either in US Dollars or Ether.
You'll see a prompt to confirm your transaction details. If using a card, your bank might pitch in with a verification. When all goes as planned, boom, your Ethereum lands safely in your wallet.
Purchase WTC at Binance
You can now send your Ether over to Binance To proceed with getting WTC, take a glance at our detailed guide. review of Binance here Make sure you know how to sign up and proceed with purchases on the necessary exchange to make your WTC acquisition.
Safeguard your freshly acquired Walton Chain tokens by promptly moving them out of the exchange into your secure wallet. Ethereum wallet The Walton team has an ambitious roadmap to evolve Waltonchain through four distinct phases. It all starts from laying down the initial infrastructure, moving onto expansion across retail and logistics, right up to working hand in hand with manufacturers.
Understanding the Development Phases of Waltonchain
Reflecting on what’s been laid out, in the initial 1.0 phase, the Waltonchain crew has achieved a noteworthy feat by integrating RFID tech to streamline clothing systems under various trial initiatives. The upcoming phase aims to craft specialized RFID chips, relying on asymmetric encryption, pivotal to Walton’s vision.
Progressing to phase 2.0, the goal is large-scale RFID chip production tailored for retail and logistics. Envisage a smart credit system, empowering consumers to pay, manage, assess, trace, and handle trades throughout supply operations. Developers anticipate logistics seamlessly integrating from storage to client delivery.
Phase 3.0 is where the magic unfolds in manufacturing—emphasizing adaptable smart packaging with full traceability. This stretch covers all production facets; from sourcing to construction, assembly, and packaging, aiming to root out any counterfeiting risks.
Concluding phase 4.0 means tech advancements with hardware upgrades and better data alignment. By then, Waltonchain is expected to attain global traction, delivering:
“a revolutionary, smart, and reliable environment for everyone, plus rewarding gains for Waltonchain backers.”
Oliver Dale, helming Blockonomi as Editor-in-Chief and the brain behind Kooc Media, a UK-centric online media venture. A staunch advocate for Open-Source Software, Blockchain Exploration & a universally Free and Open Internet.
