There is a new idiom in the cryptosphere — or perhaps I have just invented it — some things go hand in hand like blockchain and supply chain. That’s right, decentralized computing systems are said to be perfect for supply chain management, as we have discussed before.
Today, we’re going to talk about one particular blockchain platform that is made from the ground up with supply chains in mind. It’s called Waltonchain and here are 5 things you should know about it…
1. What is Waltonchain?
Waltonchain is a blockchain project that is working on both software and hardware infrastructure to make the world more connected and informed about the decisions we make. It is a supply chain management software that, in addition to a Distributed Ledger Technology (DLT), also supports the use of RFID chips to achieve a multitude of goals; these include data integrity for fair audits, authenticity, security, traceability and more.
The project’s name, in case you wonder, comes from Charlie Walton, the inventor of RFID technology.
Speaking of which, Waltonchain uses RFID in combination with Internet of Things (IoT) technologies to create solutions for different industry verticals where supply chain and logistics are fragmented to fill in the gaps.
2. How Waltonchain works?
Waltonchain’s blockchain is compatible with the present Ethereum technology, but it is also different. For one thing, it relies on a hybrid of proof-of-stake (PoS) and proof-of-work (PoW) consensus mechanism where both mining and staking happens.
Further, to avoid scalability issues “down the road,” it includes support for the parent and child chain structure (side chain). This will help it avoid congestion problems in the parent chain which is something Ethereum is already facing. Also, these child chains can be customized according to the business needs of Walton’s partners without compromising additional benefits.
Operations across both main and side/chains are fueled by Waltonchain coin or cryptocurrency (WTC).
On the hardware side, Waltonchain has developed special purpose patented RFID chips that are cheap and small enough to be embedded in many products across various industries. With the help of these chips, Waltonchain hopes to uncover new data sources, and — for instance — provide retailers with data such as buy rate/rejection rate, grab rate, put-back rates and more. The RFID chip and a dedicated reader would know every time a customer picks up some item and send that data to the blockchain.
In a similar fashion, the RFID technology coupled with some sensor could be used to track drugs across the supply chain, making sure that they are always stored and transported in specific conditions (i.e. predefined temperature).
3. WTC staking & masternodes
As we have briefly noted above, Waltonchain uses both PoS and PoW to provide users with the incentive to earn passive income by staking WTC as well as running a masternode.
For masternodes, a minimum of 5,000 WTC are required though other details are somewhat fuzzy. There are certainly some rewards for helping run the network but it is not clear what they are. Nonetheless, PoS rewards are there with no caps of any kind.
As I’m writing this, WTC has two kinds of coins — one Ethereum-based ERC20 tokens and other, actual WTC coins that run on Walton’s own blockchain. The company is currently in the process of swapping the former for the latter, when we hope to get additional details and clarifications regarding PoS and masternode rewards.
4. How to buy and store WTC?
The WTC coins can be bought from a few places, including KuCoin, Binance and Cobinhood. At present, you will have to trade your bitcoin and ether holdings for WTC, but we expect the situation to change in the near future.
When it comes to storing WTC, for ERC20-based WTC tokes there are many wallets to choose from — such as Coinomi, Jaxx and MyEtherWallet — as well as hardware wallets like Ledger Nano S and Trezor.
Things are different for WTC coins running on the Walton Mainnet — there is the official Walton Wallet, only. Again, we expect this to change at some point.
5. What’s ahead for Waltonchain?
In addition to RFID chip, the company is also developing RFID gun scanners that would help its clients streamline inventory management, with a single scan allowing them to quickly add a bunch items into the blockchain. This process is much faster and more reliable, but we yet have to see it working in real life.
With that in mind, Walton wants to explore use cases of its technology in different areas, such as smart agriculture, smart medical care, food traceability, art industry, and more.
We do think this team is onto something, and are looking to hear more from them in the near future. If you want to keep up with Waltonchain, you can follow their blog and Twitter feed, and/or join their channels on Slack and Telegram. Finally, for the tech-savvy, feel free to check out Waltonchain’s white paper.