Waltonchain (WTC) is a cryptocurrency and Chinese project of a business ecosystem with complete data exchange and absolute information transparency based on the blockchain, IOT (Internet of things) and the application of the RIFD – the identification chip, which is used in various sectors requiring identification (credit cards, mobile payments, magnetic keys, etc.). The name was given in honor of Charlie Walton, who is the inventor of RFID technology and died in 2011. The project was launched in 2016 on the fifth anniversary of Walton's death.
The Description of the project
The name Walton 300 is an acronym of Wisdom Alters Label, Trade, Organization, and Network. Waltonchain combines blockchain technology with Internet of things. The objective is to manage supply chains based on RFID (radio-frequency identification) technology. RFID automatically identifies and tracks tags that contain data about product info, location and other relevant product data.
The project developers are sure that the development of the Internet of things will lead to the creation of a completely new business ecosystem based on the organic integration of the blockchain and IOT with general data and transparent information. Any organization will be able to create its own blockchain on the basis of the mother's ecosystem for a small part of the transactions.
The Walton team has developed a 4-phase development plan, starting with the creation of a basic platform and ending with its gradual introduction into retail trade, logistics and production, and finally for the full coverage of the business ecosystem.
The technological characteristics
The project has developed a special RFID chip that differs from the usual chip of the RFID technology by integrating with the encryption and decryption module, as well as the inclusion of blockchain technologies, which makes all operations safe.
The main blockchain of the ecosystem is called Waltonchain, in which the waltoncoin (WTC) token operates. The WTC emission is 100 million. This number is constant, there will be no additional emission. The main functions of WTC are the distribution of dividends, the exchange of distributed assets, the distributed voting and management system. Besides the parent chain called Waltonchain, anyone can create sub chains. Waltonchain uses a Proof-of-stake consensus mechanism.
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The first branch of the introduction of the new platform at the first stage was the companies of the clothing industry of China. The authors of the project are sure that as the Walton ecosystem continues to develop, more and more companies will join it. They will need more internal crypto currency to create their own blockchains, which will lead to a growth in demand for WTC.