With blockchain technology still considered by many to be in its infant stage, there is one company that plans to apply it to real-world usage in a hugely efficient and invaluable way, possibly much sooner than we think.
The Waltonchain AMA on October 1st was a serious success that had its supporters smiling from ear to ear. 10 questions were chosen from the Reddit community, and with that a lot of speculation that shrouded WTC in mystery was clarified with satisfying detail. If you’ve participated in this AMA session, or read the recent response, then you have to be satisfied with how eloquent and professionally the team handled it.
So in summation, here is what we’ve learned.
When asked of their strategy to communicate with their Western audience, the WTC team assured us that they aim to be a truly international company and would further improve their delivery by focusing on western platforms. Outside of crypto enthusiasts, the West probably has no idea Waltonchain even exists. But that didn’t stop this coin from enjoying a 5x increase over the last week and a half. Translators are being hired and a maintenance and operations team is being built. Operation centers in Hong Kong and Korea have also been established to facilitate global management. This, coupled with an enthusiastic community of WTC supporters, will push to make WTC a worldwide phenomenon.
“Bearing in mind our initial ambition to become one of the greatest global currencies, we are working hard and continue to contribute to the development of the global blockchain industry.”
Perhaps the most satisfying part of the AMA included the reveal of several companies that are already integrating Waltonchain’s blockchain into their business. Notably, since integration, their distribution efficiency has improved by nearly 100%, and the inventory efficiency has supposedly tripled. This will undoubtedly help companies save millions and generate more revenue. We can rest assured that new companies will jump on board once they recognize this massive leap forward in efficiency thanks to the combination of blockchain and RFID technology. The companies confirmed to be integrating Waltonchain’s RFID system are:
Septwolves: http://www.septwolves.com
JOEONE: http://www.jiumuwang.com
Tries: http://www.cntries.com
SMEN: http://www.smenxm.com
Kehua: http://www.kehua.com.cn
Xiangyu group: http://www.xiangyu-group.com
Lipson plastic: http://www.lipsoncorp.com
One often speculated aspect of the project is the master node, which we now know requires 5,000 WTC. Depending on the count of tokens and time held, rewards will increase, and master nodes will receive extra rewards for bookkeeping. In this section of the AMA, they also reminded us that their official wallet is on track to be released this month. Whether this is deliberate to imply that token holders will be able to start generating rewards upon the release of this wallet remains to be seen. The percent of dividends expected also remains to be seen.
In terms of scalability, some more light was shed on how WTC would go about handling large transaction volumes. This will be achieved using a combination of child chains and parent chains.
“The parent chain of WTC is responsible for the circulation and creation of child chains, while the implementation of various applications will be completed via various child chains.”
In this way, the parent chain does not need to store all the data, keeping it from bloating and slowing down the verification speed of transactions. Meanwhile, the child chains will adapt in accordance of specific application scenarios to improve TPS (transactions per second). This will be achieved using various consensus methods, depending on different forms of the child chains (public chains, private chains, alliance chains). What’s also of note is that the parent chains will be using a hybrid of PoST and POW to sustain a significant transaction volume. With an already very capable blockchain team, it would appear that WTC’s design is already highly scalable.
Overall, WTC’s willingness to be a transparent company and coordinate with the Reddit community to deliver a high quality AMA really showed us their dedication. Although 10 questions may not feel like a lot, several other smaller inquiries that were seemingly left out (such as subsidiary companies like Quanzhou Silicone, the technology backup of WTC in China) were also incorporated into the answers. A lot of ground was covered. As I’m writing this article the value of WTC seems to have risen by 28% in the last 24 hours, and there is no doubt in my mind that this AMA is the sole contributing factor. Other ICOs, and even established crypto companies should take heed, as a successful AMA can be extremely beneficial in terms of bringing confidence to the community.
To read the full AMA click here:
https://www.reddit.com/r/waltonchain/comments/73j7z4/waltonchain_first_ama_questions_answers/
by Eli Karadsheh
https://twitter.com/eli_karadsheh