Waltconchain (WTC) is a an operational IoT and blockchain-enabled RFID platform focused on optimizing supply chain management. Waltonchain’s name is derived from the inventor of RFID, Charlie Walton, and doubles as an acronym for ¨Wisdom Alters Label Trade Organization and Network.¨ Waltonchain was created to facilitate data and sensor communications between IoT devices throughout supply-chains providing a method for logistics, traceability, warehousing, authentication, quality assurance, and fraud prevention mechanics where traditionally there has been a severe lack of interoperability between these IoT device and hardware manufacturers. Waltonchain has designed and patented, through their technical subsidiary company IOT Technology CO., their own self-integrity-verifying RFID chips to be used alongside their platform . Their RFID chips are capable of automatic time-stamp extraction from their sensor data with the ability to read and write directly to the blockchain via on-board hash-and-signature capabilities reducing both manual operations and the processing workload. The RFID chips utilize electromagnetic signature verification technology to help verify the correct processing of products throughout a supply chain´s entire circulation process. A cryptocurrency is necessary for Waltonchain because it incentives network supporters who in turn contribute to network security and validity. Waltonchain is within Scow’s Supply Chain Economics sector; the Global Supply Chain market is projected to reach $32.9bn by 2026 .
The Waltonchain team has no shortage of talent. Its founding members, Do Sanghyuk and Xu Fangcheng, have extremely notable backgrounds and influential contacts within Asia. Do Sanghyuk is Vice Chairman of the China-Korea Cultural Exchange Development Committee and Director of the Korea Standard Products Association. Xu Fangcheng is the former Director for Septwolves Group Ltd., the current Director of Shenzen and Ziamen Silicon, and Chairman of the Board at Quanzhou Silicon. CEO Mo Bing is a Senior Member of the Chinese Society of Micro-Nano technology, a member of the IEEE, and an IoT and integrated circuits expert who has personally filed for over 16 patents. The Core Team consists of 11 members with a heavy emphasis on integrated circuits specialists .
Open Source: Yes
Github Repositories: 7
Github Commits: 32
Facebook: 1,200 likes and 1,335 followers
Blog: High Activity
UTILITY & INCENTIVES
Waltonchain tokens (WTC) act as the utility-rights mechanism for Waltonchain’s RFID blockchain and as a unit-of-value for their decentralized-network supporters: Miners, Nodes, GuardianMasterNodes, and SuperMasterNodes. Current and future token utility includes issuing sub chains, dividend interest rights, distributed asset exchanges, and distributed voting rights.
The WPoC consensus method is a hybrid 3-part algorithm combining Proof of Work (PoW), Proof of Stake (PoS) and Proof of Labor (PoL). PoW is the most common verification algorithm wherein network supporters compete to find a hash-solution while simultaneously securing transaction validity and block-generation via compute power, making it extremely difficult and often cost-ineffective to attempt a 51% attack. In opposition to PoW, PoS verifies transactions and secures block generation predominately by random selection with respect to “age-of-coins” and quantity of coins in a node. PoL is a new concept developed by Waltonchain; in PoL, network rewards are based on the actual contribution of data submitted to and between the operating chains on the network. If one RFID scanner uploaded 10,000 data tags, or one supply database was queried by 10 child chains, they would be compensated for their contributions, while simultaneously building upon in-network trust.
All transactions on Waltonchain are payed in its native token; child-chains may issue their own tokens but the transaction fees for their operations on the network will still be paid in WTC. The major benefit to a child chain platform is its ability to tremendously increase transactions throughput while minimizing parent chain transaction fees.
On August 27th 2017, the Waltonchain Initial Coin Offering reached its hard cap of $10,000,000 dispersing 70,000,000 tokens. The ICO was tiered and included a pre-sale. The average price per coin was approximately 0.0106013 ETH. WTC is listed on various exchanges including Binance, LATOKEN, BIthumb, and OKEx. See the chart below for the distribution of WTC tokens.
Waltonchain aims to disrupt the Global Supply Chain market, which is projected to reach $32.9 billion by 2026 . The market is prime for blockchain disruption as it is a very data-sensitive and data-intense sector: Real-time Logistics, Anti-theft Mechanics, Origin Authentication, Quality Assurance, Insurance Liability. Though widespread global adoption is the end goal, Waltonchain is currently expanding their foothold mainly in the Asian markets and has garnered support from the Chinese Government on various projects. Waltonchain’s notable traditional competitors include SAP, Oracle, JDA Software, and Infor Global Solutions. The greatest cryptocurrency competitors include VeChain, Modum, Ambrosus, and Tael. Waltonchain’s primary advantage over its blockchain rivals is RFID technology .
Current status & Roadmap
To date, Waltonchain has completed four of the five original roadmap goals:
1. “Parent-chain+token distribution”
2. “Multi-industry data circulation through child-chain initiatives”
3. “Cross-chain architecture”
4. “Customer-specific customized (child-chain) services”
Furthermore, Waltonchain has deployed 3 child-chains: Moneynet, Freyrchain, and FashionET. Completion of the fifth goal - “Full child-child child-parent interoperability” - will mark the completion of the original Waltonchain roadmap and a huge step forward in the capabilities of the platform. Short-term-growth-opportunities will rely heavily on further onboarding of child-chain businesses and continued enterprise adoption of the platform. The accumulation of data interoperability and global adoption will be a slow-moving long-term growth vector with a potentially enormous area of effect. Waltonchain’s biggest hurdle will be competition with existing trusted and tried supply-chain management companies, as well as it’s behemoth rival VeChainThor. Scaling adoption while retaining performance may pose as a future dilemma for Waltonchain as it has yet to be tested. Today, WTC can be staked for returns, held for dividends, or used to facilitate specialized child-chains. Waltonchain has multiple patents, produces its own cost effective RFID hardware, and is continuously expanding its cooperation agreements alongside its growing child-chain adoption. A blockchain-enabled RFID supply chain management platform has great potential in the global market, and Waltonchain is among the most developed platforms in the blockchain space.