There is a lot of momentum going for Waltonchain or the Waltoncoin (WTC).
Recently, they held their first Ask Me Anything (AMA) session on Reddit. But for those of you who are are not so familiar with this project, here is the basic idea:
They plan to integrate RFID technology with Blockchain Technology thus connecting real world things to the virtual world of Internet, a concept they call Value Internet of Things (VioT).
Why do we even need that?
Well, there are a couple of advantages. Under the current IoT model, devices to collaborate or trade must be verified by the same Internet of Things (IoT) provider. This reduces the commercial value of IoT applications.
Now with the introduction of Blockchain technology into IoT, IoT model will become decentralized.
And guess what?
Decentralization has its own advantages. A decentralized network is undeletable, tamper-resistant, open and traceable. Besides, there is no single point of failure.
But what exactly is this VioT?
Well, according to the information given in their white paper, the VioT comprises of two parts: Hardware part and the Software part.
The hardware part basically includes RFID tag chips and RFID reader chips, something which we’ll come back to later. The software part on the other hand consists of the Waltonchain software, Walton protocol, and Waltoncoin (WTC). VioT has the potential of easily connecting everything to the Internet thereby causing digitalization of assets.
I have used the abbreviation RFID more than once above. But what is RFID in layman’s terms? For those of you already familiar with this technology, feel free to skip the next paragraph.
What is Radio Frequency Identification (RFID) technology?
RFID technology is a communication technology i.e a technology by which two or more devices can communicate. Unlike Barcode, RFID does not need line-of-sight communication. It is the key technology behind IoT.
It can communicate with objects up to 10m distance and without the need of having any mechanical or optical contact in between. This makes it a better option than Barcode. In layman’s terms RFID technology consists of two key parts: RFID tags and RFID readers.
RFID tags basically contain the data about the object. We can say that it carries the Electronic Product Code (EPC) of the object. Very much like Barcodes, RFID tags can also be used to uniquely identify an object, animal or even person !!!
There are two types of RFID tags: active (which have a battery) and passive (which do not have a battery and get energy from the Electromagnetic field emitted by the RFID reader).
Details of the Waltonchain project
The project is named after Charles Walton, the inventor of RFID technology who died on 6th November 2011. To commemorate Walton, the project was funded on 30th November 2016, five years after his death.
According to the White Paper on their website, the interpretation of Walton is as follows:
Walton: Wisdom Alters Label, Trade, Organization and Network
The structure of Waltonchain is as follows:
There is a parent chain and many sub chains. The parent chain is the Waltonchain and the token used for payment and circulation is the Waltoncoin (WTC). There can be an infinite number of sub chains theoretically. The parent chain starts from the Walton Genesis Block.
A total of 100 million WTCs will be issued, not more and not less.
The Waltonchain will be the public ledger. Every minute, transaction during the period will be recorded on to the block and linked to the previous block.
The Subchain can be created by any account at any time after the parent chain. It will be used as a separate block chain and will record the transaction of subchain tokens. The parent chain will be independent of the subchain.
According to the information given on the white paper, one block can contain up to 255 transaction records. Each block will be having a header which will carry its identification information.
The Waltonchain Team. Source: https://www.wtcwaltonnews.com/
How will it affect the industries and consumers?
We are taking the example of a grocery store here. Suppose you are the consumer. You want to buy some tomatoes. But you need to make sure that the tomatoes you’re buying are fresh. You might be interested to find out if the conditions under which it was stored were hygienic. Or any other query for that matter. For this you need to know the entire history of the tomato. Certainly you can ask the suppliers directly but there are trust issues with that. With the Waltonchain Project, this however becomes easier. All the data will be stored on the Blockchain and that cannot be tampered. All you have to do now is to just read the data already stored on the Blockchain. So you get your work done and there are no trust issues.
However consumers are not the only beneficiaries here. The industry will benefit as well. RFIDs can be created for each product and the related data can be stored on the blockchain. This will make it extremely easy for a store to verify the amount and price of products for example. Clients’ details and preferences can be saved on the chain and clients can be served accordingly. Searching for a product will become easier. Products can be searched using their labels and then located according to the beep produced based on strength of signals. It will be easy to keep track of items.
Are there any risks associated?
Well in the Waltonchain ecosystem, the central model is the Internet of Things model. This means that interactions can happen only between verified and pre-approved parties. Waltonchain is thus not a totally open system.
Personally speaking, the idea is one of its kind. It is an innovative idea with a potential to revolutionize the entire Technology world. The development of computer brought a revolution. The Internet, the second. With the coming of the Internet of Things, we connected our devices like a fan to the Internet, the third revolution. The next big revolution might be the one brought by the Value Internet of Things (VioT) technology.
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