What is Walton?
Walton, or Walton Coin, is the main digital currency of Waltonchain, a blockchain-based solution for merging Internet of Things technology with physical products. By using the RFID universal tagging system used for the labeling of physical goods – which makes it highly interactable with other pre-existing supply and information tracking networks – Waltonchain is attempting to make verification of authenticity a more transparent and universally-accessible process. Like bitcoin and most other coins, Waltons have a fixed issuance and can be used as a currency for the exchange of goods, or as a store of value. The Waltonchain platform has some advanced functionalities not normally found in most other coins:
- Users can issue subchains to run on the network
- Integration of dividend paying features
- Built-in credit and mortgage system
- Allows for interaction with Internet of Things-based products
In addition, the Waltonchain platform features smart contracts, an asset exchange, the processing of RFID labels, a peer-to-peer (P2P) networking mode as well as a trade mode.
History of Walton
Created by a diverse team of computer science and industry professionals, Waltonchain launched in August 2017. Funds were raised through an ICO process earlier that month which included mainly Chinese buyers, and coins were made available for trading a few days later. Though Waltonchain had its beginnings in China, it has since ceased trading in that country due the imposition of government restrictions. It now interacts more with Korean exchanges, businesses, and legal representatives, and has since founded partnerships with businesses across several different countries.
How Walton Works
In its genesis block of the Waltonchain parent chain, a non-inflatable total of one hundred million Walton Coins were created. Waltonchain uses a novel “Proof of Stake and Trust” mechanism to add new blocks the blockchain, which rewards holders of the coin with new coins. Reward amounts are based on an algorithm involving each address’ number of coins held and “trust” as determined by the system.
The idea for the Waltonchain platform was to apply RFID (radio frequency identification) technology to the blockchain. By doing so it seeks to unify networks, brands and companies who use the product tagging identification system developed by Charlie Walton, inventor of RFID technology. RFID tags are ubiquitous in public transportation, the garment industry, automated toll collection, and more recently, car bumpers.
By integrating data from multiple systems using the same method of product tagging with a tamper-proof blockchain ledger, Waltonchain aspires to bring transparency to logistics and processes of authentication. The network is referred to as a “Value Internet of Things” system, in which the process of decentralization provides access to information in a deterministic fashion. Users can create highly-customizable side chains which do not add substantial data to the parent chain, keeping the system fast-moving and easy-to-scale.
- Novel, secure blockchain design with several advanced functionalities
- Integration with pre-existing product tracking & logistics systems
- Provides a layer of accessibility to product information by linking Internet of Things technologies with the blockchain