Waltonchain Coin Guide

/Waltonchain Coin Guide

Waltonchain Coin Guide 2018-05-22T14:50:44+00:00
Waltonchain Coin Guide

Waltonchain Full Coin Review

Quick inner navigation:

  1. What is Waltonchain?
  2. How Waltonchain execute transactions using PoST and VIoT?
  3. Differences between Waltonchain and Bitcoin
  4. Waltonchain Mining
  5. How to Buy Waltonchain?
  6. Waltonchain Wallets

Cryptocurrencies are simply a digital currency which can be used for the transaction on several blockchain platforms. It is not regarded as legal tender like fiat currency which is backed by physical commodities. On the other hand, it is a complete decentralized system which is largely used in the digital world. It is not owned or controlled by banking or government institutions. Cryptocurrency is unlike regular money which is not used in a global manner.

With the cryptocurrency, the blockchain platforms are emerging which have solutions for the user’s problems in several fields. The blockchain is slowly replacing the existing technologies because it is reliable, safe, and secure than those ones. Both the blockchain and cryptocurrency are the revolutionizing concepts which acquire the great potential of restructuring the economy.

On the other side, Waltonchain is known to be a supply chain solution platform which is built on the blockchain technology. The Waltonchain platform offers decentralized product tracking system that tracks product during production by scanning the RFID and QR codes with the help of blockchain technology.

What is Waltonchain?

Waltonchain is a blockchain technology-enabled RFID (Radio Frequency Identification) platform. It has hastened the process of supply-chain management. The decentralized platform transactions are well and swiftly executed than the centrally administered ones. Moreover, the information can be stored and retrieved in a meaningful manner with the blockchain.

Waltonchain uses the Proof-of-Stake & Trust (PoST) mechanism which provides the flexibility and integrity of the platform. It ensures the security of every node. It also enables the usage of one application in different aspects.

When something is launched in the market and its naming is done, there is always a hidden reason or behind its name or logo. Waltonchain also carries a considerable meaning in terms of its naming. WALTON stands for Wisdom, Alerts, Label (RFID Label), Trade, Organization (Decentralized Autonomous Organization), and Network (peer-to-peer networking).

Waltonchain and Value Internet of Things (VIoT)

The ‘Value Internet of Things’ is altogether a new concept introduced by Waltonchain. In this concept, RFID chips and blockchain technology are integrated together using which physical goods can be stored on the blockchain. RFID is a technology uses the concept of electromagnetic field to identify the items and purposefully used in libraries, retail stores etc. With Waltonchain, it has been simpler and now lots of information can be retrieved about the goods.

VIoT is thus used in the logistic processes which will improve the security and anti-counterfeiting measures. It even facilitates for the user to know about the product in detail i.e. its origin, packaging, and manufacturing date etc.

The core features of Waltonchain

Waltonchain has integrated the RFID with the blockchain technology and its tokens are also issued in the market to capitalize the platform. RFID tags are mainly used to provide distinctive identification to every item.

Thus, integration of both Waltonchain and RFID has not considerably reduced the costs in various fields such as, logistics, retailing, and storing etc. It even permits the user to know the source of the goods and services. RFID and blockchain have captured the market in terms of generating the tamper-proof and unique keys.

Waltonchain Team

Waltonchain is also named after the famous scientist, ‘Charlie Walton’ who invented RFID technology which is widely used for executing payment transactions. It was founded by ‘Do Sanghyuk’ and launched on 30th November 2016.

Waltonchain is inherently supported by dedicated team of software developers, advisors and blockchain technology experts. ‘Kim Sukki’, an Electronic Engineer has worked with Waltonchain and is associated with the integration of Waltonchain and the VIoT. Blockchain expert ‘Zhu Yanping’ has also worked along with the Waltonchain team to develop the base systems.

As far as the chief experts are concerned, Mo Bing is heading the command for IoT and Wei Songjie is heading for issues related to blockchain technology.

Waltonchain Partnerships

Waltonchain has established its partnership and alliances with the Chinese government and also the Fujian government has given a project to Waltonchain team in developing smart maritime incubator. On a different note, Waltonchain has made collaborations with Jinhu administration for developing air purifiers and monitors.

Waltonchain has also made agreements with the private firms like Silictec, NHTECH, Mobius, LOCI, Tanyu, Freyrchain, and Lalabobo etc. There is an endless list of the collaborating teams who are associated with the Waltonchain.

How Waltonchain execute transactions using PoST and VIoT?

As per the developers of Waltonchain, the technological up-gradation through VIoT will help in making the transaction more trustworthy, authentic, traceable and transparent. The application of artificial intelligence and machine learning will help in the creation of complete supply chain that will further help in improving services like stores, sales, logistics, and production.

While the Proof of Stake & Trust technology will reward WTC dividends to the token holders for the creation of a smooth ecosystem. However, in order to reward more honest and higher quality notes, Waltonchain will additionally add a node reputation mechanism.

The WaltonChain main focus is to connect everything to each other making use of RFID technology.

Waltonchain aims to get it done using a new, transparent, safer and more trustworthy version of IoT(Internet of Things) called VIoT(Value internet of things).

The idea is to be able to track the processes a product goes through right from manufacturing till it gets to the final customer. What this will do is to reduce or totally nullify the chances of buying counterfeit goods. So instead of having the product data stored on an IoT network which is centralized and easily accessed, Waltonchain created a decentralized version of this by storing the Data on blockchain network which is more transparent and less prone to tampering. This network is referred to as the VIoT.

Waltonchain technology has also gone beyond supply chain management as data stored on the VIoT can be accessed and used by other devices on the network. This is evident in the case of self-driving cars, whereby cars with data on the VIoT will be able to communicate with each other which will lead to a more effective driving experience.

Waltonchain, unlike most blockchain technology, makes use of proof of Stake and Trust (PoST) consensus mechanism. The PoST combines the use of Proof of stake (PoS), and Proof of work (PoW) approaches to add new blocks to the blockchain and rewards token holder with coins as a form of dividends. This means anyone with token get dividends and also you are allowed to mine or own Waltonchain coins or do both.

A WaltonChain token holder is referred to as a (Nodes). The system gives reputation point to each node. The rewards and dividends given are based on the level of reputation a node has. The higher the reputation, the higher the dividends expected upon new block creation. This reputation point is usually based on the size of the stake and how old the wallet is.

Differences between Waltonchain and Bitcoin

Bitcoin is a cryptocurrency which is widely accepted while Waltonchain was recently established. That’s why sometimes people understand cryptocurrency in terms of Bitcoins in a better way. Bitcoins have no association with the RFID tags.

Bitcoin (BTC) is a digital currency that is used to pay for day to day transactions both online and offline that aims to substitute regular FIAT. WaltonChain coin (WTC) on the other hand is a digital “currency” that is aimed specifically at a particular industry namely the Supply chain industry

WTC is an emerging technology while BTC, on the other hand, is quite established and has gone through several stages to prove its viability.

WTC also allows the use of Subchains which will further make the process of scaling quite easy and very comfortable for users and also prevent the main chain from being overloaded. Bitcoin, on the other hand, doesn’t allow the use of subchain.

The Waltonchain Coin (WTC)

Waltonchain Coin is a token which is of ERC-20 standard and of the utility type. The Waltonchain coins are easily available on wallets and several currency exchange platforms especially, those which are compliant with ERC-20. Even it supports ERC-223 standard which allows the reprocessing of tokens and execution within a single transaction. The tokens are mainly issued to get the information from those platforms which don’t acquire any direct connection with the Waltonchain platform.

The Waltonchain coin (WTC) will be used to create smart contracts and also used for transactional purposed on the VloT blockchain network. The coin will be a form of reward to Waltonchain Nodes (miners and stakeholders).

The coin supply is capped at 100,000,000WTC. Currently, about 30% of this coin is in circulation, and the rest are being disturbed to each node using a reputation model set by the system itself.

So upon mining of new coins, wallet with a high level of reputation gets the larger shares followed by others.

Purpose: With Waltonchain, it is possible to store the physical goods on blockchain and tokens will now enable the buying or selling of different goods.

Its core functions are-

  • Helps in issuing Walton’s sub chains.
  • Paying the dividends to token-holders.
  • Exchanging assets.
  • Voting mechanism.
  • Mortgaging System.

WTC Supply

  • Total Tokens: 100,000,000
  • Tokens in Circulation: 70,000,000

Waltonchain Mining

The mining process is defined as the mechanism of verifying and evaluating the transactions and further integrating them with the public ledger i.e. blockchain and release of new coins. The whole process can be explained in a way that all the transactions will be compiled at one node and then use the standard algorithms and protocols the problems will be solved computationally.

There are no clear guidelines for the Waltonchain mining process. Even the developers have not revealed the information about the presence of ASIC resistance mechanism. Now the only information available is that GPU mining is the necessity of Waltonchain platform. There are some major issues with the coin mining that it creates the situation of monopoly and inflation. As of now, the only Waltonchain mining method that works for WTC is CPU mining.

Here you need to visit, Waltonchain.org to download the wallet needed to start mining. Upon download, copy the wallet address that was created and select the mining tab on the left sidebar.

After this, you need to enter the wallet address the “receive wallet address” box and select the “start mining” option. More details about this can be found on the official Walton chain page.

Project Manual

  • Initial Phase: In this stage, developers have only integrated the clothing industry with the RFID. The system has been implemented on various platforms and the team looked for the integration of IOT, RFID, and blockchain together. Many of the cryptographic algorithms are used.
  • Second Phase: At this stage, the mass production of RFID tags will be implemented. This stage allows the users to buy or sell the products through the supply chain. The main focus is on the logistics industry.
  • Third Phase: It is the time to do the packaging of the products in a smart way. This stage is comprised of many processes and operations such as the production, assembling, warehousing, and marketing etc. It doesn’t create the possibility of counterfeiting.
  • Fourth Phase: The last phase includes the up gradation of the hardware devices and better assessment of the data structures. At the last stage, it is predicted that Waltonchain would be widely used cryptocurrency.

What are future prospects of Waltonchain?

Its future seems very bright and currently, there is a 23% increment in its value. And, its forecast data says that if the increment goes this way, then its price will reach $40 per coin which now is $31.5 per coin.

Who can compete with Waltonchain in Future

The prime competitor of Waltonchain is VeChain whose operations and functions are analogous to Waltonchain. Both are useful for supply-chain management. The only difference between them is of their technicalities. In technical terms, Waltonchain is based on RFID while VeChain also focuses on QR codes and NFC. In fact, their structure is different from each other as VeChain builds dApps on the platform.

In the context of usage, Waltonchain is used in the clothing industry while VeChain has been established for luxurious products.

How to Buy Waltonchain?

There are many exchange platforms which allow the trading of Waltonchain token money-

Binance >> Binance is the leading currency exchange platform as it is reliable, stable and secure to exchange the currency. Moreover, its code is in sync with many speaking languages such as Japanese, Chinese, and German etc which make its interface even more interactive. Another amazing feature of the website is that it doesn’t charge a high transaction fee.

Gemini >> This exchange has started its functioning in two countries i.e. U.K. and Canada. In fact, it is considered to be the first licensed exchange which legalizes the transactions in cryptocurrency, mainly in Ether. It accepts payments from all types of modes. But it doesn’t directly trade in WTC coins. One needs to first buy BTC or ETH on Gemini and then WTC tokens can be bought via Binance.

CoinSpot >> It’s a multi cryptocurrency wallet that allows users to buy, sell and store cryptocurrencies. To attract users to trade and store currencies on their portal, it offers competitive affiliate programs. Users can store different coins such as Dash, Bitcoin, Litecoin, and Dogecoin etc.

Bitfinex >> It is a crypto-currency exchange and storage platform which is operated and owned by iFinex Inc. It holds the largest percentage of cryptocurrency trading in Bitcoins. Founded in 2012, the headquarters of the firm is situated in Hong Kong. One cannot directly trade or store Walton coins on Bitfinex. To do so one has to exchange the currency either to Bitcoin or Ethereum.

Coinnest: It is mainly considered to be country-oriented currency exchange platform. Coinnest is South-Korean exchanges which charge only 0.1% fees. Even the integration with GAS and KRW has expanded the platform’s viability. It also accepts the payment from banks. The Waltonchain team has already established the partnership with Coinnest.

Waltonchain Wallets

A cryptocurrency wallet is said to be a secure digital wallet that is used to send, store, and receive digital currency such as Bitcoins, Litecoins, and Ethereum etc. The wallets to store Waltonchain coins which also permit to trade Waltonchain coins include:-

MyEtherWallet >>

 MyEtherWallet is an open-source system and considered to be a software wallet which mainly allows buying and selling ERC-20 tokens. Its characteristics are that it is two-factor authentication key and multi-signature enabled which are the primary factors to keep the wallet secure and safe.

Trezor >>

Trezor mainly allows executing payment transactions in Bitcoins. It is a transparent and hardware wallet. Thus, absolutely free from cyber-attacks. This wallet is approachable via desktop Windows or Linux operating system. But the drawback of using this wallet is that it is very expensive and thus, cannot be afforded by everyone. Its cost limits its scope and reach.

Ledger Nano S >>

Ledger Nano S is a two-factor security or multi-signature trait enabled wallet. This wallet can be accessed without any direct connection to any of the computing device. Thus, many users prefer this. It is also not expensive and provides the user’s fund a security by facilitating multiple security layers. The only drawback associated with the wallet is that it cannot be integrated with the technical advancements.

In a Nutshell

Waltonchain has the rising future as the ‘Internet of Things’ is creating its position in the market. Internet of Things (IoT) is defined as linking the everyday objects like refrigerators, lights etc. with the internet for automation purposes. The finance experts, blockchain developers etc. strongly support Waltonchain and talk about its positives.

Waltonchain will soon be integrated with many everyday operations such as in building the smart cities, smart districts, smart communities, anti-counterfeiting, and source tracing etc.

Waltonchain is a trending cryptocurrency these days. The exponential rise of Waltonchain prices proves this fact. Hope you are satisfied with the information and it answers your entire question list.

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