Review of Waltonchain (WTC): Is Worth Investing In?

Waltonchain (WTC)

What is Waltonchain (WTC)?

Waltonchain (WTC) came to life in 2016; when a group of developers from China and South Korea came together in order to establish the project. Waltonchain utilizes IoT technology, RFID, and the blockchain to create a management system for supply chains.

This unique mixture of technology allows the team behind the project to track products during each step of the production and distribution processes. This is made possible via the use of RFID technology, while the data associated with each item is stored on a blockchain that ensures accuracy and allows the information to be instantly verifiable.

The project is named after Charlie Walton, the inventor of RFID technology and also acts as an acronym for Wisdom Alters Label Trade Organization and Network. RFID technology can be used by a wide range of applications and use cases include identification, verification, and payment validation as well as tracking a variety of processes.

The team behind Waltonchain is academically distinguished and has amassed plenty of experience dealing with supply chains across Asia. Co-founder Do Sanghyuk has held the positions of Vice Chairman of the China – Korea Cultural Exchange Development Committee, Director of the Korea Standard Products Association, and Chairman of Korea NC Technology Co., Ltd.

Co-founder Xu Fangcheng, is a former Director for Supply Chain Management of Septwolves Group Ltd., and is currently the Director of Shenzhen Silicon, Xiamen Silicon and the Board Chairman of Quanzhou Silicon.

How does Walton Chain work?

The Waltonchain (WTC) team has developed the Value Internet of Things concept to help describe their method of blending proprietary RFID chips with blockchain technology, and the merger allows blockchains to store data representations of physical items on-chain via RFID tags.

RFID tags make use of electromagnetic fields to identify objects and scanning an RFID tag provides the user with all the available information. This can include the product’s starting location, where it is presently located, and who has handled it, in addition to other important data.

RFID tags can be attached to any object, and work more efficiently than barcodes as they can be read by machines without having to scan the direct code. RFID can be used in inventory/luggage tracking, toll collections, product kiosks, library systems, and the verification of travel documents.

In addition, RFID can also be used for access management, contactless payments, and smartdust, which is a system of microsensors that can detect light, temperature, chemicals, and even vibration or magnetism.

Parent and Sub Chains

The Walton Chain acts as the parent chain that manages various sub chains, tracks transactions and executes smart contracts. The token used for circulation and payment on the parent chain is Waltoncoin (WTC). WTC can be used to trade data, perform various transactions on the parent chain, and to create sub-chains that utilize their own tokens, similar to how Ethereum facilitates the creation and use of ERC20 tokens. Sub-chain tokens can also be traded on the decentralized exchange hosted on the parent chain, and WTC is used as the intermediary currency.

The sub chains can be created by anyone using Waltonchain technology and can also elect to use a consensus algorithm different from the Proof of Stake & Trust (PoST) consensus used on the parent chain. PoST is similar to Proof of Stake (PoS) and rewards token holders or nodes with dividend payments made in WTC. PoST also contains a node reputation mechanism that facilitates additional rewards to higher quality and more honest nodes. As a result, WTC token holders can receive dividends by holding tokens in their wallets.

How viable is the Project?

Waltonchain (WTC) is one of the most viable projects on the market to date, in that it aims to serve industries that are in need of utilizing RFID technology backed by the blockchain. RFID tags currently cost about $0.1 per unit and are affordable and widely used.

Wal-Mart began implementing the technology in its supply chain in 2003, and the US Department of Defence states that all military supplies have had to use RFID tags since 2005. The US Food and Drug Administration (FDA) has also recommended that pharmaceutical companies use RFID to trace their products since 2006.

Waltonchain acts as a supply chain platform and a technology that enables anyone to create their own sub chains. Waltonchain is a popular project that has the potential to transform how firms operate their businesses.

Waltonchain’s Value internet of Things system has a number of clear benefits, which include:

  • Reliable anti-counterfeiting via RFID identification
  • Accurate product tracking and verification
  • Improved security as a result of immutable blockchain technology
  • Decentralization trustless mechanisms
  • Streamlined supply chain processes

Waltonchain also has an impressive array of partnerships, and many are with Chinese provincial governments. There is a project backed by the Fujian government to create a smart maritime blockchain incubator, and one supported by the Jinhu government to build smart air purification and monitoring systems. On top of this, the Waltonchain team has developed partnerships with organizations such as Silictec, Sensor Technology (NIDS), NHTECH, and TANYU.

Conclusion

Waltonchain (WTC) is one of the more solid and comprehensive projects on the market, it has a solid use case and merges cutting edge technology in order to disrupt a number of key industries. The use of sub chains and a node system also make WTC attractive to long term holders as they can expect a natural appreciation in the value of WTC.

The project is still susceptible to negative news as some members of the crypto community have difficulty trusting the project, as a result Waltonchain may appeal to investors happy to dive deep into the project and do their own extensive research.

Waltonchain (WTC)

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