What is Waltonchain cryptocurrency?
Waltonchain (WTC) is an authentic, reliable and traceable business ecosystem with complete data exchange and absolute information transparency. It is built on a combination of RFID and blockchain technologies, which promotes the integration of blockchain and the Internet of Things.
Waltonchain combines blockchain with IoT (specifically RFID) to create a supply chain management system. The project is named after Charlie Walton, the inventor of RFID technology and a pioneer in the field. Logistics systems are complex and usually involve several different parties. As these systems grow, it becomes increasingly difficult for companies in the same vertical to coordinate with each other. In addition, individual participants may have different processes, which further complicates the ability to transfer data back and forth. Waltonchain uses RFID identification to track products at every stage of production and distribution.
Data related to each item is stored on an immutable blockchain, which ensures its accuracy regardless of what stage of the process it is in. The Waltonchain team has extensive experience in supply chains. Do Sanghyuk, one of the co-founders, was previously the director of the Korean Association of Standard Goods. Another co-founder, Xu Fangcheng, held the position of supply chain management director at Septwolves Group Ltd. The team receives support from its chief scientific advisor, Kim Sukku, the former vice president of Samsung. Waltonchain has no shortage of partnerships – several of them are with provincial governments in China. The team is working with the Fujian government to create a "smart maritime" blockchain incubator and with the Jinhu government to build smart air purification and monitoring systems.
The Waltonchain architecture uses a new consensus mechanism known as Proof-of-Stake & Trust (PoST). Waltonchain innovates the traditional proof-of-stake (PoS) model and integrates a node reputation system into the consensus mechanism. PoST provides the ability to adjust the complexity for each node to ensure reward for integrity in the ecosystem. Waltonchain also gives subchain developers the ability to choose their own consensus mechanism; for example, subchains can only use PoS as a consensus mechanism, not PoST. With its RFID technology, Waltonchain has introduced a new way in which blockchain can solve not only inefficiency problems in supply chain management, but also the Internet of Things issues.