What is Waltonchain?

Waltonchain plans to leverage blockchain technology and incorporate it with Internet of Things systems, in particular , Radio Frequency Identification (RFID) technology to create a management system for supply chains. The project is named after Charlie Walton, the inventor of RFID technology.

The parent chain - Waltonchain - is used to open up a complete supply chain system of the apparel industry, including production, logistics, warehousing and stores.

Waltonchain’s consensus mechanism is based on a hybrid of Proof of Work (POW) and Proof of Stake (POS). In its current whitepaper it had also proposed a Proof of Stake & Trust (PoST) consensus mechanism, an innovative updated version based on the Proof of Stake (PoS) consensus mechanism. The flexible structure of Waltonchain blockchain determines that the child chains can choose PoS other consensus mechanisms to achieve the optimal application effect in different application scenarios.

The Waltonchain platform uses a hierarchical structure, including the bottom layer, core layer, middle layer and application layer. An example diagram of how the Waltonchain system architecture/structure would look like can be referenced below.

WTC was listed on Huobi Pro on 12 July, with trading pairs of WTC/BTC and WTC/ETH and its 24 hour volume is $20 million and $11 million respectively and these pairings on Huobi are the highest volume pairs for WTC.
Register on Huobi to get WTC tokens with BTC & ETH trading pairs

Main functions of Waltonchain and Waltconcoins

Waltoncoins (WTCs) are the primary currency in the Walton ecosystem and 100 million WTC were created with a current supply of 70 million in circulation, while the remaining coins will be mined over the next few years.

The coins have five primary functions:

• Issuing child/sub chains
• Credit and mortgage system
• Distributed asset exchange
• Distributed voting and governance system
• Decentralized exchange

Waltonchain offers several functions as listed in their whitepaper , I have summarized the following functions below:

1) Transaction management
Every 60 seconds, all the transactions during the current period will be recorded to a block, linked to the previous block, forming the Waltonchain parent chain. The parent chain is the public ledger of WTC transactions stored dispersedly in nodes in the network to ensure safety and reliability of transaction data.

2) Child chain management
Another major function of Waltonchain parent chain is the management of child chains which can be created by any account at any time after the parent chain runs. The creator can customize the detailed functions of the child chain and specific information of the child chain tokens. This custom information forms the data structure describing the child chain, which is recorded in the block of the current period by the accounting nodes in a way similar to the WTC transaction record.
Child chains will be used as a separate blockchain, recording the transactions of the child chain tokens and hence the parent chain (Waltonchain) runs independently of the child chain.

3) Smart contract
In the system architecture of the Waltonchain blockchain, the smart contract based on its programmable features is responsible for building the underlying logic platform and supporting the operation of the upper architecture layers, namely the core layer, the middle layer and the application layer. The Waltonchain blockchain technology defines two types of account concepts: one is the general account storing the tokens; the other is the smart contract account storing smart contract procedures.

4) Other functions
-Decentralized asset transactions
-Decentralized grading system:
-Decentralized alias system
-Account control
-Voting system
-Cross-chain transactions

Here's an example of an use case for Waltonchain:
We all know sometimes during a delivery , the status of a package goes dark because one provider does not have the system or infrastructure to allow the user to properly keep track of the package.
So for all parties involved in an overseas goods delivery, they can easily leverage on Waltonchain which manages the procedures of warehouse-in /out , goods receiving and more. Hence, Waltonchain promises simplifying such procedures and implementing them, thus this could mean better accountability and a better service for end-consumers.

Conclusion

The Amazon Go store doesn't use RFID technology at all and perhaps other kinds of technology would replace RFID as there are many other protocols being developed for the entire IOT industry. However, I believe RFID is a typical solution for most retail and logistics businesses and it would still be around for a while. Just note that black swans appear time to time and disruption and innovation is just around the corner. Personally, I stay away from traceability (and logistics) blockchain projects which Waltconchain is much more than, I still believe there is a potential for such projects to thrive. However, I would stay on a wait-and-see position before deciding which project would really be able to solve the problems of the industry.

Sources:

https://www.waltonchain.org
https://medium.com/@Waltonchain_EN/waltonchain-mainnet-launch-announcement-6187912ff6f6
https://coinmarketcap.com/

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