With so many news coming forth ever so often, it may be difficult to learn everything about Waltonchain. This article aims to be a quick summary to what Waltonchain is, along with its features and current partnerships. More detailed insights are hyperlinked below in the respective sections.
What is Waltonchain?
Waltonchain is the only truly decentralized platform that combines software, which includes its own blockchain and Waltoncoin, with hardware via Radio-Frequency ID (RFID) chips technology, to create a Value Internet of Things (VIoT). It builds its own patented RFID chips that are able to write directly to the blockchain, thus creating a genuine, trustworthy, and traceable business ecosystem, with complete data sharing and absolute information transparency.
RFID
Its RFID chips has many patented features and advantages:
¤Anti-collision logic (to prevent skipping)
¤High security (uses a core asymmetric encryption algorithm)
¤Low minute movement detection (optimized noise suppression technology to improve the noise figure)
¤Tamper-resistant (dedicated storage space is integrated into the tag chip)
¤Full compatibility with its blockchain technology (chips are designed to be compatible with Waltonchain's blockchain)
¤Low-energy usage (long-lasting for around 20 years)
¤Low cost (cost only 5 cents per chip compared to 20 cents for a typical standard chip)
Parent-Child chains
Waltonchain uses a dual-blockchain system protocol which consists of a parent chain (WTC) and child chains (sub-chains). The child chains runs independently from the parent chain, as the state of child chains has no effect on the completeness and safety of the parent chain. This means that Waltonchain is very scalable because the number of child chains will not have any impact on the size of the parent chain, as congestion is isolated to each child chains.
The advantages of the child chains system are that they are able to be customized to support all the functional features of the parent chain, or can be limited to certain functional features to achieve the customization of the appropriate features. Partners or entities can request for a customized child-chain with features such as a different consensus algorithm from the parent chain, being a private or public chain, or having hierarchical chains (child chains within child chains). ICOs can also be hosted off these child chains, which supports different programming languages such as Solidity, C++, Java, Python etc. Lastly, each child chains will require a certain percentage of WTC for transacting and communicating with the parent chain. This will lead to a lower supply of WTCs with every child chain being created, leading to an increment in value per WTC. The child chains may also 'airdrop' and issue their own tokens to existing WTC holders. Hence, the more child chains there are, the greater the benefits.
There are about 10 child chains current in development or operational status. There is one that is already launched, Freyrchain. Freyrchain is the first blockchain-based collection authentication platform worldwide. This platform intends to create a decentralized digital repository platform of culture and art works for art enthusiasts to help their growth.
Proof of Stake + Trust (PoST)
Waltonchain uses the PoST consensus mechanism, which is an updated version based on the Proof of Stake (PoS) consensus mechanism. The PoST consensus mechanism brings two positive effects:
Firstly, based on the commercial credit link of a combination of Waltonchain blockchain and RFID, it can further promote and train the integrity behaviors 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.
Secondly, it provides an upgraded selection mechanism to choose more honest “high quality” nodes as coinage nodes, improving the security of the blockchain.
Team
The Waltonchain team is composed of a group of pioneers specializing in the integration of block chain, Internet of things, and RFID technology. The team members include Chinese and Korean elite talents from the circles of business, academy and investment. They endeavor to extend the block chain technology to the Internet of Things, with strong commitment to leading the tides of technology in the rapidly-changing times.
More information about each team members can be found here. The organisational chart of team can be seen as below:
Mining Rewards
There are two different classes of nodes in Waltonchain. The first is Guardian Master Nodes (GMNs), whereby at least 5000 WTCs are held at any one time in a traceable wallet since 10 December 2017. No further GMNs can be acquired ever since. The second is Master Nodes (MNs), which requires the mining wallet to hold 5000 WTC to obtain mining reward benefits.
Waltonchain's mining rewards are separated into three reward pools.
- Proof-of-Work (PoW) Mining Reward with a pool of 25 million WTCs
- GMN with a pool of 4 million WTCs
- Proof-of Stake (PoS) with a pool of 1 million WTCs.
The specific reward program scheme can be found here, with the PoS reward details to be released soon.
A to Z list of Waltonchain's partnerships and development
A:
¤Alibaba Cloud smart cities partnership Link
B:
¤Beidou Navigation Satellite Network. Waltonchain's subsidiary Citylink is awarded the Best Application Solution Award for its project “Smart sanitation management system based on NB & Beidou technologies” Link
C:
¤Citylink- Smart Environment Sanitation System Solution Link
¤China Mobile IoT Alliance Link and Link2
¤China Telecoms- Smart Community Pilot Project Link Partnership Link
¤Card Cube- Shenzhen Card Cube Group is specialized in the production of contact IC card, contactless IC card and RFID tag products (low frequency, high frequency, UHF), smart card reader manufacturers. Theirproducts are widely used in public transportation, highways, schools, telecommunications, Internet cafes, shopping malls, logistics and other consumer and security, identification. Link
¤Coinlink, Coinnest- Partnership with Korean Exchanges Link
D:
¤Direct Delivery- partnership to change all their 1100 stores to automated, unmanned retail stores Link
¤Dr. Wei Song Jie- CTO of waltonchain. Speech at 2018 China Internet of Things CEO Thousand Conference Link. LEO satellite network Link
E:
¤Expansion- expansion into Brazilian market, and establishment of Waltonchain Japanese and Russian communities Link
F:
¤Fujian Province- core area of OBOR Link, working with Zhangzhou Municipal Government Link
¤Freyrchain Link
¤Fuyao Glass Industry Group Co. Ltd- partnership Link
G:
¤Government-backed projects Link
¤GMN Airdrop- Largest of any kind Link
H:
¤Huodull partnership Link
I:
¤ISHIJAH partnership Link
J:
¤JU&KE Creative Design- Rebranding of Waltonchain Link
¤JoeOne- is a Chinese fashion brand with a 1.3-billion-dollar market cap. WTC worked with them on SEVERAL RFID projects and will use WTC in all their already deployed RFID projects. Link
K:
¤Korean IoT Research Center- is a group of South Korean companies with a cooperative agreement to develop and share Internet of Things technology. Link
¤Kaltendin- "During the Walton Project 1.0 stage, the team has developed a clothing system integration solution based on RFID technology which has been applied in several pilots such as Tries, SMEN and Kaltendin. Now we are ready for large-scale promotion and need to lay a solid customer base." Link
¤Kehua- is an energy company specializing in batteries and solar panels. They are a publicly traded multinational company with a 1.36-billion-dollar market cap. They have 40 subsidiaries, 50 different offices, and over 3000 employees.
¤Kediheng- Leading communication solutions provider Link
L:
¤Loci strategic partnership Link
¤Lipson Plastic- Lipson Plastics international is a Chinese based PVC pipe manufacturer with plants in China and Indonesia. WTC will be used in all of Lipson's already developed projects. Link
M:
¤Mobius strategic partnership Link
N:
¤NIDS Sensor Technology- "NIDS is a partner of Waltonchain for Smart City technology. NIDS is a leader in Smart City sensor technologies, such as air and water detection. We cooperate with NIDS on Smart City projects and this will promote the development of Waltonchain in smart cities." Link
¤NHTech- is a manufacturing enterprise of large-scale industrial equipment, which was established in 2012. It mainly produces heaters, heating modules, electromagnetic stoves, inspection equipment, engineering equipment and so on Link
O:
¤One-Belt One-Road (OBOR) Link
¤Outstanding Blockchain Company award Link
P:
¤Partnerships- Waltonchain has 52 current partnerships, with more believed to be under non-disclosure agreement.
Q:
¤Quanzhou Silicon Technology- joined the Agreement Signing Ceremony to become part of the First Batch of Government Approved Projects to be Registered within the Fujian Integrated Circuit Industrial Park Link
R:
¤RFID chips- mass production in Q3/4 2018.
S:
¤Silicon- Smart store solution and the smart heated insoles Link
¤Silitec- SiliconElectronic Technology Co., Ltd. is a high-tech enterprise specialized in R D and industrialization of core chips, modules and solutions of photoelectric sensors and has now acquired more than 20 independent intellectual property rights.
¤Septwolves- Fujian Septwolves is a 7.3 billion dollar company and household label in China. One of the owner of Waltonchain is a former Director for Supply Chain Management of Septwolves Link
¤SMEN Link
¤SwftCoin- Strategic Agreement Link
T:
¤Taiwan Cloud Service Association- working with Zhangzhou Municipal Government Link, Strategic Cooperation Agreement Link
¤TANYU- The COO of Waltonchain founded and owns Tanyu Garment Company. They have contracts to supply companies such as Burberry, Joeoone, Hugo Boss, Guess and more.
U:
¤Unmanned Retail Store Link
V:
¤Vice-President of the Fujian Province IoT Industry Association Link
W:
¤Waste Management System- tailored to be implemented through mobile communication networks and BeiDou Location Tracking technology. Link
X:
¤Xiamen Zhongchuan IoT Research Institute- Waltonchain's subsidiary working together with Alibaba Cloud in building smart city solutions and blockchain application schemes. Link
¤Xiamen City Link
¤Xiangyu Group- Both the Waltonchain and their RFID tags are being used in Xiangyu's warehouses, with massive efficiency improvements being reported by Xiangyu.
Y:
¤Yunnan Province- Waltonchain spoke to delegates of Yuxi City, Yunnan Province (core part of OBOR route), about the smart sanitation system Link
Z:
¤Zlink- Established by one of Waltonchain's founders in 2015. Extensive list of partnerships and awards Link Link
Conclusion
The scope of what Waltonchain does is way beyond expectations, as the team rapidly expands and are involved in many different industries. The partnerships are much more valuable than what we see at present, due to them being inter-linked and even connected to the Chinese Government. The China Mobile IoT Alliance, and the OBOR Initiative will be really huge in the near future, and Waltonchain will be right in the middle of it.
Credits
https://www.reddit.com/r/waltonchain/comments/7o7lue/waltonchain_allinone_thread/
https://medium.com/@thelatemercutio/waltonchains-bigger-picture-obor-b02ae47826d5
The subreddit of waltonchain https://www.reddit.com/r/waltonchain
WTC community members (Twitter,Reddit,Medium,Hackernoon): thelatemercutio , and dragonballaf