Every new altcoin in the crypto world is trying to introduce something unique. Waltonchain (WTC) also is no exception. Waltonchain is a cryptocurrency that is able to increase the supply chain management through the integration of the blockchain tech. This is by virtue of the RFID (Radio Frequency Identification) technology which is all in the aim of providing uttermost efficiency. The altcoin also combines the Internet of Things (Iot) and in turn results to decentralized blockchain systems called Value internet of things.
In this article therefore, we are going to discuss the history of the Waltonchain cryptocurrency, its founders, its features, benefits, suitable exchanges and how the Radio Frequency technology works in depth.
History of the Waltonchain Cryptocurrency
The name Waltonchain was created by the founder named Charles Walton. Unfortunately, Charles died in November 2011. The technology is actually created by Chinese and Korean developers who envisioned a blockchain that will be able to combine both, radio frequency identifications and Value Internet of Things. The company was named in memory of Walton hence the name Waltonchain. This was because his inventions were going to change the future of cryptocurrency as we know it.
The tokens of this cryptocurrency are used in circulation and the coin is known as Waltonchain coin, abbreviated as WTC. This crypto coin is a very important entity in the Waltonchain blockchain system. It can be troublesome to keep track of goods in a supply chain for instance its origin and in case the goods are counterfeit. However, through Waltonchain cryptocurrency, users are given the opportunity to track their goods.
The value internet of things refers to the exchange of information between two physical devices that are connected through the internet system. Waltonchain teams suggested that even though the internet of things seems to be a brilliant innovation, it had a few limitations. They quickly wanted to perfect the invention.
Since the network will require the two parties involved for the transaction to be in the same trusted domain, this is set in place so that they can exchange information through their device. This way the blockchain would be more effective. This led to the birth of the value internet of things.
The hosting of the Internet of Things on the blockchain system provides a decentralized access to the blockchain via a myriad of different devices by the RFID tech. Moreover, since the blockchain system records every transaction, emergent issues related to trust between the parties will be long gone.
The idea was first conceived by Charles Walton in 1983. The idea behind this technology is that electromagnetic fields are given to a digital identity through the use of smart chips. This is the link between the digital to the real world. The chips are then placed on the specific tagged objects. The chips will operate the same way as the barcoder but they won’t have to be within reach of the RFID reader. Even though this tech has been in existence for quite some time, the recent drops in its manufacturing cost has led to worldwide adoption of the technology in different industries.
A good example of the RFID technology is evident in the modern day toll booths which are on highways or maybe in animal chippings. In the retail industry, the RFID is used to track merchandise which goes through the supply chains of retail traders. The essence of this is to increase the accuracy of the inventories while in the pharmaceutical industry this technology is used to identify the products which may be counterfeits.
However, the developers of this technology claim that the Value Internet of Things requires both hardware and software. The hardware part should have the chips which have RDIF chips in order to connect to RDIF tech on the blockchain. This is enabled by the use of tag chips when connecting to the blockchain through the reader nodes on this particular chain. Waltonchain happens to be the software part of the VIoT.
Benefits of Waltonchain
Interoperability – Both the parent and sidechains of the Waltonchain are designed to transfer be the facilitator of data transfers between the various sidechains. In this case, the WTC tokens are required for the transactions to be complete.
Physical products – The physical products as well as the supply chains are the components of the Waltonchain. This shows that as long as there are testable results it would be applied immediately
Industrial connections – The team at Waltonchain has a background experience in the clothing industry in china. In addition, they have partnered with other clothing manufacturers.
Research background – The Waltonchain has a whole list of associate professors form Korean and Chinese universities.
Through the RDIF technology of Waltonchain, it has been able to introduce a great way through which the blockchain can use to solve some of the shortcomings of the management protocols of supply chains and Internet of things too. It promises the users that in the near future there will be so many adjustments that will have made to the already existing problems as well as improve on the technology. We can only hope that the Waltonchain will keep to its word.
In conclusion, we have seen that the Waltonchain has a dream of growing in the four designated stages. Right from the foundation up to extending its retail and logistics network scope then later integrating the manufactures of the specific products. This will be a great addition to the supply chain technology. Incorporation of the supply market and blockchain technology is one of the most appealing things that cryptocurrencies can to the world. Very soon maybe, the Waltonchain cryptocurrency will shine its way up among the big leagues of cryptocurrencies.