What Is WaltonChain? Introduction to WTC
Waltonchain is a joint project established in November 2016 between Chinese and Korean developers which aim to use blockchain technology and radio-frequency identification (RFID) to aid supply chain management, pushing forward to integrate blockchain and the Internet of Things.
Waltonchain was developed to incorporate physical assets into the blockchain by providing a decentralized network that can store and provide information regarding assets from all stages of their developmental process. Because of this decentralization, the developers thought of using RFID technology in Waltonchain to build an authentic, trustworthy, traceable, and transparent business ecosystem with data that can be completely shared.
The project was named after Charlie Walton, who was the developer of RFID tags. Since their creation in the 1960s, these tags have implemented on a global scale within diverse industries such as medicine, geo-positioning, and retail.
Two of the main components of Waltonchain are the RFID reader chips and RFID reader tags. The tags are physical devices that carry information such as the electronic product code (EPC). This code can be linked to traceable items such as medicines, electronic products, clothing and other types of goods.
The reader chip or the UHF recognizer is used to extract the coded data from the tags.
How Waltonchain Works
While the RFID readers are considered to function as nodes within the ecosystem, the tags are linked to products which are distributed within the supply chain. The linked data, which can be dispatch details as well as delivery info, is stored on the Waltonchain blockchain through the RFID system.
Small data sets that contain an item’s geo-position or weight are recorded in “child chains” which over time are collected and merged with the “master chain.” This lest the blockchain perform at a higher speed when it comes to data distribution as well as having a higher encryption level.
Another important feature of the platform is the Walton Genesis Block— which is the service module that facilitates a variety of functions ranging from WTC token management, internal monetary regulation, subchain management, smart contract deployment, etc.
Seeing as Waltonchain can track and authenticate the circulation of products within an extensive global network, it can drastically reduce financial expenses derived from product production, storage, auditing, and shipping. It also allows consumers to monitor the movement of their purchased items.
Moreover, the tags have been created to generate randomized public and private keys to ensure the safety of IoT applications and that product forgery or tampering does not occur.
Waltconchain tags can also be used to decrease the possibility of theft as well as provide a precise estimate of theft through the supply chain.
Can You Mine Waltonchain?
Waltonchain is not a coin that can be obtained through mining. Waltonchain employs a proprietary Proof of Stake & Trust (PoST) consensus within its blockchain. PoST works similarly to Proof of Stake (PoS) by rewarding token holders (nodes) with WTC payments.
Waltonchain also features a node reputation mechanism to reward quality and honesty in nodes.
How Can You Earn Waltonchain?
WTC is earned by staking. In order to start staking, you will be required to set up a Waltconchain native wallet. Then you will have to buy the coin from an exchange and send them to your wallet address. Once your coins have been transferred to your account the staking process can commence.
This means that just by being a WTC token holder, you’ll automatically receive dividends in your wallet.
Where Can You Buy Waltonchain?
Waltonchain trading is supported of a few crypto exchanges: Allbit, Binance, Bithumb, Bitrue, Cobinhood, Coindirect, COSS, Coinnest, Cress24, DragonEX, Ethfinex, HitBTC, Huobi, LATOKEN, Kucoin, OKEx. The most common trading pairs are those that are against BTC and ETH.
Waltonchain promises to revolutionize the supply chain management of many industries and help eliminate frauds as well as counterfeiting.
The token is currently ranked 59th on CoinMarketCap, trading at a price of $3.13 USD, with a market cap of $126,456,089 USD.
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