A Letter from Waltonchain Foundation (WTC)

Released time：2017-11-03 00:00:00

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On Oct 30th, 2017, we at the Waltonchain foundation released an announcement regarding the parent chain and alpha-test preparations. We are grateful to those of you who offered constructive feedback, and at the same time, we want to express our gratitude to those supporters during these turbulent times for alternative tokens.

We have come a long way since Waltonchain began its pre-sale on July 3rd, 2017. Within four months, the number of obstacles we have jumped through as a team is amiable. We specifically wanted to reach out to those of you who have been spreading false rumors, for whatever intention you have or just being overly upset and vocal, and we thank you. Due to your voicing, we have understood that we cannot please everyone, no matter how hard we work.

For the longevity and healthy development of Waltonchain, we firmly believe that we have done the right thing by releasing the alpha-test of our parent chain and web wallet in the way that we did.

The development of the parent chain has been done, in theory, we could begin our genesis block on October 30th, but we won't. Given the number of interruptions and the level of developmental changes included, it is paramount for our company to provide the best possible product for our current and future users.

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We do feel the need to address these interruptions and changes to our constructive supporters:

Chinese Central Government Ban on ICOs

On September 4th, 2017, the Chinese authorities issued a joint document to stop all ICOs and exchanges in China. At that very moment, the development of Waltonchain was put on hold under the direction of the Foundation. It was our goal to cooperate with the regulations and compliance of the government entirely. The foundation reinstated us to reopen business on the Sept. 26th.

Our Commitment to Community Development

As we progressed through our development, it became abundantly clear to us that we needed to spend more resources developing and communicating with our communities. The working hours of our senior management and technical staff were pivoted to include community involvement. The team thought this change was in the best interest of Waltonchain and resolve the issues risen from the community. In the future, we will be more focused on the current work at hand, and will gradually create new ways of communicating with the community. We would expect our new approach to communication to be more efficient. The time spent on this task taught us more about the nature of the current blockchain community and added value to our product, things we are grateful for.

Enhancing Waltonchain’s Initial Design and Functionality

During the four months period since our ICO, our developers have created new features within Waltonchain. Such coding was not forecasted in our initial project management decisions, and as such, we had to devote more time and resources to the development itself.

Initially, Waltonchain prepared to use a single chain structure for both the parent and child chain. After in-depth research, our blockchain development and research team have decided to use a dual chain structure. This breakthrough is designed to solve the problems often seen in blockchain regarding data transfer. This new system also resolved our unique position of moving data between parent chain and child chains quickly and securely.

As reflected in the whitepaper, Waltonchain planned for RFID Reader Writer to be responsible for reading and writing data. Through a series of R&D analysis, and hundreds of working hours towards such modifications, a joint effort between our hardware development and research team successfully designed a RFID Reader Writer unparalleled to any on the market. Our new hardware will not only read and write data but will also include the capability to provide computational power to Waltonchain through mining.

This new chip will further enhance the security and stability of Waltonchain as we handle the workload associated with big data.

Many onlookers in the blockchain industry were confused by our public support of a master node system despite it not listed in our original white paper. When we decided it was a priority to commit our time to engaging the blockchain communities we found that a master node was in high demand.

Through our initial analysis, we were unsure the value proposition to Waltonchain as proposed by other blockchain companies. As our research team dug deeper into the possibilities, we concluded that our unique version of master nodes would deliver increased value to our holders. This value will not only come from the value added to token holders but also by nature the rewards it brings to our blockchains computational and rewarding structure.

For that, we thank the blockchain community for uniquely adding value to Waltonchain, as we always hoped you would. We believe that this system will also benefit our future enterprise clients as well, a value proposition we are proud of. We will be releasing the specifics of this structure after we review analytics from testing.

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Due to the above stated, our current developmental progress does not coincide with our roadmap. We have committed ourselves to make the project the best it can be, and as such, we pushed the deadline back unregretfully.

The roadmap that many are familiar with will be updated. We would like to communicate a few estimates regarding critical events and their projected timelines:

Alpha Testing: Oct 31st – November 10th

RFID + Blockchain Off-Chain Demo: November

Beta/Public Testing: Early December

Genesis Block/Parent Chain operational: January 2018

Converting from an ERC20 to WTC tokens: January 2018

Information on Master Nodes release: Prior to Feb 2018

Operational Release of Master Nodes: Feb 2018

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As for exchanges, conferences, and other partnerships, we will release this news when we have solid answers for them. We can tell you that we are talking to a few exchanges, registering for conferences, and furthering conversations with our potential partners.

From now on we will not give future forecasted dates on events. After all, not everything in life is within our control alone, we don’t want to disappoint anyone by instilling false hope.

Now more than ever, our vision rapidly comes to reality creating a more convenient and trustworthy world with Waltonchain. Waltonchain will be a top blockchain project worldwide.

Thank you for your continued support and trust.

Waltonchain Foundation

Nov 3rd 2017

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