The internet of things (IOT) aims to make us even lazier than we already are, modern technology thrives off convenience of human behaviour, allowing us to do and think less while equal or generating value from said task.
Having devices speak to one another, transact and deliver services without the need for human interaction has countless applications but is also a scary thought, that computers can now do things without us. Could this be the beginning of Skynet? I know Sarah Connor would think so!
The internet of things has been around for ages but its application has been limited due to our slow archaic and manual verification or tasks and payments that is our traditional monetary and banking system
Cryptocurrencies aim to change that by offering a decentralised platform that IOT devices can interact with instantaneously to record transactions, make payments and access services all without human interference.
One crypto looking to make this a reality is WaltonChain which currently competes with projects like IOTA, VeChain and ITC for IOT currency dominance, however, WTC aims to do so in the retail sector.
What is Waltonchain (WTC)?
Waltonchain (WTC) is a Blockchain project that uses next-generation RFID technology to track items in order to improve supply chain management, retail stock management and gather big-data. The project is named after Charlie Walton, the inventor of RFID technology and a pioneer in the space.
Walton aims to produce cheap and small RFID tags that be used to tag items like clothing, each tag contains a unique ID that is easily read with information logged on the Blockchain. By tracking items on the Blockchain, it allows companies to cheaply and efficiently improve their supply-chain management and verify the authenticity of items.
It can also be used by retail stores to manage inventory, as each item has a unique identifier – shops can quickly scan and verify which sizes are in stock. Analytics for data such as “grab rate” (number of times an item has been browsed by a shopper) can be used to improve products. A concept that has already been tried out by Amazon with its Amazon Go store.
Why should you pay attention to Waltonchain?
Value Internet of things
Waltonchain introduces the concept of the Value Internet of Things to describe the combination of their proprietary RFID chips with blockchain technology. Using RFID tags, blockchains can now store physical items (or at least data representations of them) on-chain.
Next-Generation RFID technology
Waltonchain team researches and develops next-generation RFID chips, tags and reader-writers. Walton’s has researched RFID chips that have a smaller die size (cheaper to manufacture) and are capable of more read / write cycles.
Walton’s parent company has previous experience in manufacturing and selling RFID supply management products.
Sidechains & scaling
Walton solves the issue of scaling and transaction-throughput via a parent-chain & side-chain setup. Side chains can be industry or company specific and are customization to meet different needs.
Ethereum & DASH inspired
The Walton blockchain is inspired by Ethereum (smart contracts) and DASH (privacy, master nodes). It is secured by a customized version of the X11 algorithm.
What is Waltonchain used for?
Supply chain management
In a global economy with complex supply chains moving material and goods from the manufacturer, to plants, to warehouses, to retail stores is a task that requires hundreds of man hours, labour and manual input into verifying transactions. WTC will be able to reduce these times and save companies millions on lost or misplaced inventory.
Allowing consumers the luxury of grabbing goods without having to engage in a transaction process will increase the conversion rate of in-store sales since purchases are as easy as taking it off the shelf and walking out of the store.
Waltconchain tags can also reduce the likelihood of theft as well as provide accurate costing on theft throughout the supply chain.
Can you mine Waltonchain?
No, Waltonchain cannot be mined. Waltonchain uses their own Proof of Stake & Trust (PoST) consensus for the ecosystem. PoST is similar to Proof of Stake (PoS) in that it rewards token holders (nodes) with WTC dividends.
However, Waltonchain additionally adds a node reputation mechanism to further reward higher quality and more honest nodes.
Can you earn Waltonchain?
In order to begin staking you will need to set up a Waltconchain native wallet. Then purchase some coins from an exchange (mentioned below). Send the coins to your native wallet address. Once your coins have been transferred you can secure them and start taking.
This means that as a WTC token holder, you’ll receive dividends just by holding the tokens in your wallet.
WTC users can earn digital currency via exchanges. Users can earn coins through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.
Where can you buy Waltonchain?
Waltonchain is listed on a few of international cryptocurrency exchanges and is actively traded on websites like:
Should you invest in Waltonchain?
Waltonchains use of its RFID technology has introduced a novel way in which to interact with the blockchain which can solve not only the inefficiencies found with supply chain management but also IoT.
However, VeChain is the blockchain project most similar to Waltonchain and provides blockchain-based solutions for the supply chain industry. VeChain is also introducing VeChain Thor in which it will enable enterprises to build DApps on their platform – something akin to Walton’s sub chains, reducing their lists of USPs for strategic differentiation.
It is also worth noting that WTC is currently an ERC20 token, but this will be changing soon. For now, you can store your WTC in any wallet that supports ERC20 tokens. The issue with this is that it still needs to be migrated to it’s on untested blockchain and with this will come some teething problems as well as adoption for staking support.
While a great idea on paper, putting into practice will be a long-term strategy with many pitfalls and costs along the way. This project could also be ahead of its time as crypto has yet to become a mainstream retail option.
Asking consumers to forgo the perceived safety of fiat money is one thing, but asking them to do it without any interaction is an entirely new concept that might scare off the average consumer.
For more on Waltonchain check out their website
If you want to know more about cryptocurrency don’t be shy we’re happy to assist. Simply contact us
Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.