The project was officially launched on November 16, 2016. The snowy weather in China created the ideal atmosphere for this project, which aims to integrate blockchain technology with RFID (radio frequency identification). This is a Chinese initiative, an authentic, traceable and trustworthy business ecosystem that allows for unlimited data sharing.
Value of the Internet of Things
The information exchange between devices that are connected to internet networks is called IoT. The physical devices that are connected to the internet network must be checked by the IoT provider. The centralization of IoT makes it impossible to achieve autonomous collaboration and instant transactions due to the complexity of trust relationships between the stakeholders.
According to developers, RFID can be used to provide a decentralized approach to blockchain access once an IoT is hosted on the blockchain. The blockchain, which is an open-source system, records every transaction, thereby reducing the need for trust between parties.
RFID Technology
Charles Walton, (you figured it out now why they named it Waltonchain?) the person who patented RFID in 1983 imagined that technology as a simple process which uses electromagnetic fields to attach a digital identity to a real-world object by using small chips connected on some objects. Charles Walton, the inventor of RFID (now you know why they called it Waltonchain? ), envisioned the technology in 1983 as a simple method that used electromagnetic fields to attach digital identities to real-world objects by connecting small chips to certain items. RFID technology has existed since World War 2. However, RFID is now being used by many industries. Toll booths along highways, animal chips, the retail industry, pharmaceutical industries, etc.
The team behind this project
They are mainly Chinese and Korean top talents in the business, academic and investment circles. The list includes: Do Sanghyuk, Vice Chairman, China-Korea Cultural Exchange Development Committee, President of Seongnam Branch, Korea Small and Medium Enterprises Committee, Chairperson of Korea NC Technology Co., Ltd., senior reporter of IT TODAY News, senior reporter of NEWS PAPER Economic Department, director of ET NEWS… Really? What is the age of this man? This guy is younger than Xu Fangcheng.
The two biggest guys in the team are Waltonchain’s founders, Do and XU. They will be followed by the Senior Advisors Kim Sukki, Yhu Yaping, Chief experts Mo Bing, Wei Songjie and the rest of the team.
Walton Structure
Walton’s system is built on side chains or, as they say, parent chains and Subchains. Parent chains are intended to expose the entire supply chain of the apparel industry. This project uses a token called Waltoncoin, or WTC.
This Ethereum token, with a supply total of 100,000,000 WTCs was created and allocated to every account according. The block reports are updated once every 60 seconds, and up to 254 transactions can be included per block. This proves their stability. Waltonchain acts as a public ledger for Waltoncoin transaction and its Genesis block will be released in 2018. Sub Chains are created by everyone involved in the process. However, they must be managed by the parent chain. Waltonchain. Waltonchain. The Waltonchain utilizes the PoST mechanism (Proof of Stake & Trust), which allows for adjustable difficulty at each node in order to reward integrity.
The transaction node can set the maximum fee. While the accounting node will set the minimum byte fees (i.e. charges for using the network), the node that handles the transactions may also set the minimum. The transaction is sent to blockchain when the botch condition has been met.
Waltonchain Application
The first step involves applying the Walton ecosystem to the apparel industry. As items are created and produced, RFID tags for each item are generated and recorded at each node. The RFID reader is attached to each production node. This is then connected to a central node that is linked to the Internet. Simple, huh?
The whole manufacturing and transportation process uses this method. Once the product reaches its vendor, every store becomes a master node. The node will reward customers according to the amount of WTC they consume. The developers claim that by applying Waltonchain in the apparel industry, problems such as out-of-stocks, slow warehouse management and low turnover are no longer an issue.
How to purchase WTC and what are the benefits of Waltonchain?
Waltonchain, as already stated, is intended to be an ecosystem that’s transparent, trustworthy and traceable. The supply chain is expected to be complete, including production, logistics, retail stores, and sales after-sales.
How can I buy WTC, which is not available in Fiat currencies? You would need to first buy another currency, the most popular being Bitcoin or Ethereum, which can be purchased using your bank card, debit or credit, through Coinbase. Then, swap that with WTC on an exchange like Binance.
Wrap it up
Waltonchain has developed an RFID-based clothing integration system, as we have already discussed. This is Phase 1.0. BUT! The RFID chips are in mass production and will be available in retail and the logistics industries during Phase 2.0. In this phase, logistics will have access to full chain logistics data. Phase 3.0, which follows the previous two phases is where the dream comes true. This technology will also be used in the production stage, including the purchasing of raw materials and the assembly and packaging. Last phase will be the upgrading of hardware and improving data structures, necessary for all three phases of Waltonchain to succeed.
This FREE guide will help you find out more about influencers and whales.Email Subscribe
- What is the best way to purchase it?
- What to do with it?
Choose the best bitcoin exchanges for your region and buy BTC there, then trade it on an exchange. Choose the place where you want to purchase bitcoins in your area and then buy BTC from there. Then trade for VTC.
We recommend that you check to see if Coinbase has a presence in your country, and then buy BTC there. It is the most secure and safest bitcoin exchange.
Coinmama, another legitimate exchange to purchase Bitcoins, is available here.
You can buy BTC from one of these exchanges if your country’s currency isn’t available through Coinbase. Changelly allows you to instantly convert your coins into BTC.
