Waltonchain: A Brief Overview
Image credit: www.coincentral.com
At first glance, you might think of Waltonchain as some sort of derivative from the main blockchain architecture, but that’s not exactly the case. In fact, Waltonchain is a business organisation that offers revolutionary supply chain management solutions based on blockchain technology. It was established in November 2016 as a Chinese-Korean partnership between Xu Fangcheng and Do Sang Hyuk. The project was named after Charles Walton, inventor of the Radio Frequency Identification (RFID) technology. In addition to being a tribute to the inventor, Walton is also an acronym of Wisdom Alters Label, Trade, Organisation and Network.
The main idea behind the WaltonChain project is to store, track and manage physical supply chain operations on a decentralised blockchain network, where data inputs and outputs occur through 1 millimeter RFID chips and patented RFID data scanners. Unlike traditional supply chain management systems that still rely on rigid IoT applications, Waltonchain’s value proposition has significantly contributed in eliminating human errors, reducing costs, minimising execution times, and providing state of the art data protection. Both manufacturers and customers will, therefore, enjoy an unprecedented level of transparency and service quality.
Image credit: The Crypto Tea www.thecryptotea.com
From a technical standpoint, Waltonchain relies on a standard, Ethereum-like ERC-20 utility token known as the WaltonCoin token (parent chain), in addition to an infinite number of sub-chains created purposely for each new client (child chains). While the WaltonCoin token (WTC) is used to pay for transactions on the network, sub-chains are used to manage each client’s specific needs using personalized algorithms. This new type of architecture reduces bottleneck effects and allows for higher adaptability.
On September 2017, the WaltonCoin token (WTC) was introduced to the public through an ICO token crowd sale that resulted in raising 10,000,000 USD worth of Ethereum at the time. Funds were used to expand company operations and to finance existing R&D projects. As of today, 41,682,339 Waltonchain tokens are publicly traded across more than 10 major crypto exchanges. It has experienced a rollercoaster of highs and lows since inception and has shown itself to be susceptible to Chinese news regarding government interference and regulation of cryptocurrency.
Waltonchain is already serving a considerable set of businesses in the Asian market such as Tanyu, Silictec and Kaltendin, in business areas like collection authentication, high-end clothing identification, food & drug traceability, and finally logistics tracking. In order for it to attract more clients from around the world, it has to overcome some serious competition from big tech giants such as IBM or from global supply chain leaders such as UPS. With a solid technology framework backing a highly committed team, WaltonChain may have what it takes to beat the big guys and become a force to be reckoned with.