What is Waltonchain?
Waltonchain is a Chinese and Korean blockchain project targeted at transforming supply chain management. Named after Charles Walton, the inventor of RFID technology (most popularly used as “E-Z Pass”), WALTON is an acronym for Wisdom Alters Label, Trade, Organization, and Network. That meaning may be somewhat unclear, but the project definitely stays true to its namesake: Waltonchain’s primary function is taking data gathered from RFID tags and storing it on the blockchain.
The coin’s founders have extensive backgrounds in supply chain management and are homing in on simplifying several key issues, including better security, more accurate tracking, decentralization, and decreasing human effort. In theory, a business using Waltonchain could track every time a product was picked up, put down, tried on, bought, or returned—all without manually entering any data. Currently, Waltonchain is focusing on retail clothing as a first use case.
How does Waltonchain work?
Waltonchain, at its most basic, is RFID tags and a blockchain. The RFID tags on products are read by sensors, and the received data is stored on a decentralized ledger, allowing users to find an item’s history by looking up its unique blockchain ID.
What makes it different from existing supply chain technologies? Waltonchain itself isn’t doing anything new. Rather, it is taking existing tracking technologies and making them easier to secure, less labor-intensive, and more standardized.
“Waltonchain” actually refers only to the main blockchain. One of the project’s most important features is subchains, which can be branched off of the main chain and closed off by their owners to keep the data confidential. This way companies can customize their subchains to their needs, and the main blockchain doesn’t get bogged down by processing all the transactions going on in each subchain.
Similarly, Waltoncoin (WTC) is only used on the main blockchain. Each subchain will be able to generate its own token for tracking and data gathering, but there will still be plenty of demand for WTC as a way to exchange tokens between subchains and participate in the overall operation of the blockchain.
Recent major developments
Waltonchain and other Chinese/Korean coins are becoming more stable as fear of government crackdowns lessens. Indeed, Waltonchain has entered into several partnerships with Chinese government entities, which may be a good sign for its regulatory future.
New partnerships seem to be coming all the time, primarily from China and Korea. Most recently, Waltonchain announced a partnership with China Mobile IoT Alliance, a large consortium of Chinese companies dedicated to Internet of Things research and development. They have also invested in Coinnest, one of the largest Korean cryptocurrency exchanges, in an effort to expand their share in that market and build a more global base.
How to buy Walton
Walton’s coin is mostly bought and sold on Binance. You can’t buy it with fiat currency yet (USD), so here is a quick guide on how to buy Walton starting with fiat:
1. Buy Bitcoin or Ethereum at an exchange that uses your fiat currency on Coinbase.
2. Transfer your BTC or ETH to an exchange that supports Walton. Currently, Binance is the best choice. (Tip: if you bought BTC/ETH on Coinbase, look into using GDAX to avoid transfer fees)
3. Buy Walton by trading your BTC/ETH for their coin, and you’re done!
Waltonchain’s CEO, Mo Bing, was working at Samsung when one of his friends began mining Bitcoin, which sparked Bing’s interest in cryptocurrencies. Inspired by his work interfacing hardware and software at Samsung, Bing decided to develop a blockchain centered around RFID tags.
- Using Bitcoin as a Payment Method for Your Business
- Bitcoin Gold Pros and Cons – Bitcoin Gold Explained
- Ethereum Classic Pros and Cons – Ethereum Classic Explained
- Bitcoin Cash Pros and Cons – Bitcoin Cash Explained
- Ethereum Pros and Cons – Ethereum Explained
- Basic Attention Token Pros and Cons – BAT Explained
- TRON Pros and Cons – TRON Explained
- Ripple Pros and Cons – Ripple Explained