Secured Method of Waltonchain to Handle the Blockchain
Charles Walton is the person who invented the RFID technology. This technology uses electromagnetic fields that will automatically identify and track the tags that are attached to objects. The tags contain electronically stored data. This is used to identify, find the location and tracking the objects, and human beings using radio frequency signals. By focusing on this strategy, Walton chain where Walton refers to Wisdom Alters Label, Trade Organization, and Network has used a sustainable business in the supply chain field. By his research, the project on the Walton coin (WTC), the proprietary cryptocurrency coin of the Waltonchain blockchain was established.
Walton coin (WTC) Cryptocurrency Description
The data’s below which I have provided as measurable are picked from the link. The Walton coin had a total supply of 100,000,000 WTC. The price is so far at the peak level as it was around $42.46.
The crowd sale of Walton coin was on September 1 through 30, 2017 as per data of Walton coin group, where the selling raised around 25,000,000 WTCT as it was known at the time with $10,000,000 worth of ETH. It is used to pay for the transactions or create subchains on the Waltonchain blockchain. It works on a per-byte basis.
The procedure has been done by combining certain factors such as Proof-of-Work (PoW), Proof-of-Stake (PoS), and Proof-of-Labor (PoL). It is said to be Waltonchain Proof-of-Contribution (WPoC). The combination of PoW and PoS is the main chain. The data are get processed by the master nodes using the PoL and get exchanged between parent and child chains.
Waltonchain master has three types of nodes:
Master Nodes (MN),
Guardian Master Nodes (GMN),
Super Master Nodes (SMN).
And the breakdown of the formulas used to calculate WTC rewards where,
WTCHolders = PoS Pool
Master Nodes = PoS Pool + PoW + PoL
Guardian Master Nodes = MN Pool + PoS Pool + PoW + PoL
Super Master Nodes = GMN Pool + MN Pool + PoS Pool + PoW + PoL
It Holds around 5000 WTC and qualifies you as a Guardian Master Node and to qualify as a Super Master Node 10,000 WTC is needed.
In March 2018 Waltonchain main net was launched and the beta testing was held in the year April 2019. A token swap consists of series which has converted on the Ethereum-based Waltonchain beta into proprietary ERC-20 WTC and it was concluded on the block 550,000.
Walton coin is accepted by a variety of cryptocurrency exchange markets, including Allbit, Binance, Bithumb, Huobi, OKEx, and CoinMex. The trading pairs were includes with ETH, BTC, XRP, and USDT.
The main net is an Ethereum fork, so it is compatible with WTC ERC-20 and can be stored in any ERC20-compatible cryptocurrency wallet. This also includes MyEtherWallet, Trezor and Ledger hardware wallets.
Waltonchain’s RFID Supply Chain
The value proposition of Waltonchain describes the value of the Internet of Things (VIoT) in which the data from RFID tags has been stored on the blockchain. BY scanning the RFID tag it provides brief inforamation about the product which is attached.
For example, the food supply chain has RFID and tag and it would hold the harvest date and the parties which would have touched the product, and any other information which is relevant to the end-user.
Subchains can create by the Waltonchain users with the mechanism they choose and businesses don’t have to worry about trade secrets being leaked. The mechanism reduces enables scaling and bottlenecking found in Ethereum blockchain.
It has enterprise partners across China and Southeast Asia. As partnering with several Chinese provincial governments, Waltonchain is also partnered with Tanyu, Silictec, Lalabobo, Kaltendin, and more. Now that Waltonchain has proof of concept, it simply required to continue selling its supply chain management solution to more enterprise users as it has proof of concept. The sign gives you long-term contracts with big pay-outs.
According to Gartner, the supply chain management market is expected to be worth $19 billion annually by 2021. The Blockchain technology by app development companies, when combined with IoT and artificial intelligence (AI) machine learning (ML) algorithms, is seen by many industry analysts and experts as the solution to reducing costs, minimizing errors, and speeding up the entire supply chain.
Factors of Waltonchain
Waltonchain is one of many enterprise-grade supply chain solutions integrating RFID IoT data onto the blockchain. The project is well endorsed in China and other countries in the Southeast Asia region. The success of Waltonchain hinges on these key factors:
It is one of the supply chain solutions with many enterprises integrating with integrating RFID IoT data onto the blockchain. The project is well endorsed in China and other countries in the Southeast Asia region. It depends on many factors such as,
• The RFID information stored in smart contracts on an Ethereum-Like blockchain and it both supports parent and child chains.
• Walton coin (WCT) is the proprietary ERC-20 token of the Waltonchain main net
• Individual users can also create and issue their own tokens on the Waltonchain network using the algorithm they request.
With these pieces in place, Waltonchain has a solid technical architecture in place and enough partners to keep money flowing into the project. The real issue can attract is whether SMBs, GMBs, and MBs to scale and support the massive supply chain infrastructure in place.
The data transactions were taking place between multiple networks owned and administered by multiple organizations. The permanent immutable record means to be tracked as data or even physical items pass between points in the supply chain that was in custodianship. And the machines will record the details of all transactions with no human oversight that takes place between them. Machines held by without the private keys giving write-access to the blockchain which in this case, no human will be able to overwrite the record with inaccurate data. By using blockchain to access the data from IoT devices no would have to move an additional layer of security that is underpinned by some of the most robust encryption standards available. As there’s no centralized authority a single-point failure concerns become a distant memory, no matter how populated a particular network is. The major concerns are the devices that verify, connect or spend improperly with other devices are all. The architecture of Walton coin can enhance this kind of issue to a limit extent. As the Waltonchain network can track the products during each step of the production and distribution processes which will make the supply chain process more secure.