How Waltonchain got their name?
Waltonchain is derived from Charlie Walton’s name who was the inventor of RFID (Radio-frequency identification) technology and was responsible for creating a new era of RFID. Died on November 30, 2011, Charlie Walton devoted his whole life to the development of RFID technology and made outstanding contributions to it. Today the RFID technology is used in various applications all over the world, from clothing tags, mobile payment to freeway billing, credit card payment and identification we can see RFID everywhere.
What is RFID
It is a tag that can be attached to objects. It’s better than barcodes because it doesn’t require line of sight to be read by a sensor, making it is easier for machines to read them. As mentioned earlier it has many applications such as auto pay at toll booths, tracking animals, inventory management, tracking shipping and so on.
Now coming to Waltonchain, a project founded on Charlie Walton's fifth death anniversary, to carry forward his invention. This technology is mainly used in a concept called IoT (Internet of Things). “Internet of Things” is basically based on the physical objects linking to the internet.
Explanation of IOT in 2 minutes:
However one drawback of current IoT models is that it is not a completely open system meaning interactions on the network only occurs backed with verified and pre-approved parties.
What is Waltonchain?
A block chain project established on November 30, 2016, Walton Chain has driven its inspiration from Charlie Walton. Currently headquartered in located in Xiamen, one of four of China’s first international economic hubs, Walton Chain is comprised of some of the elite minds from both China and Korea.
Waltonchain is both a blockchain project and a cryptocurrency exchanging under the handle of Walton Coin or WTC.
The main aim of the Walton Chain is to combine both RFID and blockchain technology to help manage supply chains. What it basically does is to decentralize the supply chain, providing information on the product’s history, and decentralizing the network to access and store this information.
It will build upon IoT by incorporating blockchain tech, the RFID reader chips and RFID tag chips are utilized in Walton Chain. The RFID reader is basically a node on the chain, while RFID tag is the device that is to be connected to the chain. The RFID hardware system is what makes WALTON CHAIN a great business model as it will prevent bottle necking in commercial applications on the blockchain.
It also has many other technical advantages such as high security, possibility to truly trace back to its source, possible to achieve the anti-counterfeiting goal, realize the decentralization with less demanding requirements for credence, and reduce labor costs.
The Walton Chain
Waltonchain is the most core parent chain in the Walton ecosystem, the Walton software consists of the Walton protocol, the Walton Chain software system, and the Walton Coin (WTC). Walton Coin is the token used for payment and circulation, in Walton’s ecosystem it’s the most important digital token, there are a total of 100 million WTC’s, set and created in the Genesis Block. This is a constant number as no more tokens will be issued.
The Walton Coin (WTC)
Walton Coin’s Main Functions includes Issuing sub chains, Credit and mortgage system, Dividend interest, Distributed asset exchange, Decentralized exchange and Distributed voting and governance system.
How does Waltonchain work?
In each step of the process information can be stored to the WaltonChain via the RFID. This information is in the child chains storage and later can merge with the master chain. The child chain aids in increasing the speed and encryption process due to the strain associated with the master nodes.
The Walton Parent Chain is the main chain of the Walton blockchain, starting
from the Walton Genesis Block, which provides a wealth of functions including but not limited to Walton Coin (WTC) transaction management, sub chain management, smart contract, alias and account control, etc.
As steps are completed the child and master nodes reach a consensus on the related information stored in the chain via the RFID that can recall and verify data it moves along from production to purchase.
Using the RFID and WaltonChain can not only drastically reduce the data costs associated with production, warehousing, inspection, shipping, and retail but can also help consumers find the source of the products they are consuming.
The blockchain is the ultimate trustless system, and in this day and age, the consumer should never have to question where a locally sourced product originated.
Tags automatically generate random public keys and private keys, to ensure the security of Internet of Things applications, to ensure that the tag is unique, non-forgery and tamper-proof.
WTC is the cost paid by the transaction initiation node to the Accounting node. The accounting node can set the minimum price that can be accepted, and the transaction initiation node can set the maximum cost to be paid; when both conditions are met, the transaction will be successfully written to the block chain. These criteria are set to prevent spam, bloat, and bad actors from using the network as well as overseeing the fees associated with the technologies overhead.
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.
This project is strongly supported and boosted by senior block chain developers , renowned investment institutions, prestigious attorneys, finance experts , world-class chip design experts and senior management of China’s top tech companies and clothing businesses.