IoT or Internet of Things is creating a brand new ecosystem and Walton Chain is connected IoT with the Blockchain to bring forth a new digital era. Acronym for Wisdom Alters Label Trade Organization and Network, Walton Chain basically combines the RFID technology with the blockchain to create a management system for the supply chains.
RFID technology was invented in 20th century by a scientist Charlie Walton, that plays a major role in a wide array of applications such as it can be used for identification, mobile payments, retail and about anything.
What is Walton Chain (WTC)?
In 2016, the developers from South Korea and China joined forces to launch Walton Chain or WTC. Named after the inventor of RFID, this project aims to improve the efficiency of the supply chain by developing innovative management system.
The Logistics system is complex and involves various parties that make it hard for business to coordinate with each other that belongs to the same vertical as the system grows. WTC manages the supply chain by combining RFID technologies with blockchain with an objective to create a trustworthy and transparent business ecosystem.
Walton Chain (WTC) ICO
When the ICO of Walton Chain was launched, about 100 million coins have been issued for the price of 1ETH = 680 WTC ~ 0.001471 ETH. Out of the total coins, 70 million coins are currently in supply and the remaining will be mined over the years, though no more coin will be created now.
These coins are primarily used to issue sub chains, distribute asset exchange, dividend interest, decentralized exchange and distributed voting and governance system. Currently, the total market cap of WTC is $442,560,134 USD with a value of $17.77 USD.
Where to Buy/Sell Walton coin
When it comes to trade, buy or sell the WTC, it is extremely easy as the coin is listed on a number of cryptocurrency exchanges including some big names viz. Binance, Kucoin, OKEx, Coinnest, HitBTC, Coinlink, COSS, Coinrail and Allcoin.
The Sub Chains of Walton Chain
In the Walton ecosystem, Walton Chain is the parent chain that manages sub chains, track transactions and execute the smart contracts. The sub chains in WTC can be created by anyone through Walton Chain technology that has their own tokens.
Each of these chains focuses on particular industries and can even elect for a consensus algorithm different from that of parent chain.
A few benefits of having the sub chain separate from WTC network are:
- Customized blockchain to suit specific business needs
- No connection with the network activity or protocol of parent chain
- The issues in sub chain won’t sink the entire network as the majority of data resides in the sub chain of a business
How does Walton Chain work?
IoT basically integrates the data collected from the web-enabled devices in surrounding environments to send and act on that data. The IoT platforms are so powerful that it pinpoints exactly which information is useful and which one can be ignored.
However, being a centralized network, IoT requires approval to connect the devices. Here, Walton Chain comes with an approach to secure a decentralized access by implementing Value Internet of Things (VIot).
- It has its own RFID chip, scanners, and trackers
- The value of its coin depends on the number of sub chains it has
- Enables the tracking of retail items from beginning to end
- Have a real-world usage that helps in increasing the efficiency of companies
- The token owners do not have any share in the company
- Its Masternode earn tokens either when tokens are moved from sub chains to the main chain or between the sub chains meaning lower masternode returns
A Strong Team
The team of Walton Chain has a lot of experience with the supply chain. Xu Fangcheng, its founder has also founded a men’s apparel company that worth around $7 billion. Co-founder Do Sanghyuk has previously worked as a director of the Korean Standard Products Association.
Chief Scientist, Kim Sukki is also a member of the team who is a former Samsung VP. Another member of this 40 people team, Wei Songjie who is a blockchain engineer with a working experience at Qualcomm and Google.
Walton Chain is more than just a supply chain platform, it is a technology that enables people to create their own sub chain. A popular project in the market right now, Walton Chain has the potential to transform the business space.
What are your views on Walton Chain? Let us know your thoughts and queries below in comments.
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.