Introduction
Nowadays, it is much easier to do any management, with a couple of clicks you can solve almost any problem and that stored information can be useful to automate other processes. There is no longer any need to queue up for the same thing over and over again, or to fill in the same form again, this kind of connection between process and data or between devices is just the tip of the iceberg of what is coming.
Nowadays, experts assure that one of the engines of digitalization will be the Internet of Things (IoT), which is nothing more than the interconnection of objects with the Internet, and in this way the devices communicate with each other, an easier way to say it is that the devices communicate with each other and interact in multiple ways. This has opened the door to an endless number of possibilities, but until now the only problem of applying this concept to the public spectrum has been until recently the lack of a step verifier and authentication, with the current methods these long and tedious serious processes were it not for the arrival of another innovative technology, the blockchain.
The blockchain is known for being the basis of the birth of cryptomonedas, but at the same time, for its nature and potential the blockchain represents a panacea for the business environment, the blockchain is not only for the cryptomonedas, it has proved to be efficient in recent years, which results from a very valuable technology by all to implement it in different fields.
One of these fields is the supply chain, the supply chain is only responsible for the quality of the different products that a company buys or manufactures, it is the established system responsible for the mobilization of a product from the factory to the final consumer, in the supply chain there have always been problems of counterfeiting and product loss, which greatly affects both companies and us as consumers, Waltonchain was born with the intention of creating an integration of blockchain and IoT to reform the commercial paradigm of trade data and supply chains.
Waltonchain
Waltonchain is a project which combines IoT with blockchain to produce a new commercial ecosystem using the patented RIFD technology to connect the virtual and physical worlds and thus improve supply chain management.
RFID (Radio Frequency Identification Technology) is a communication technology with which specific targets can be identified and data can be read and written using radio signals without the construction of a mechanical or optimal contact between the recognition system and specific targets. RIFD readers can be mobile or fixed, they are widely used in a wide variety of tasks such as library access control system, food safety traceability, clothing inventory in stores, etc.
Imagine you are the owner of a shoe company, using Waltonchain's RFID technology to keep track of your inventory, each pair of shoes will carry an RFID tag to automatically track the progress of the item along the entire supply chain while it is being loaded onto the blockchain in real time, this allows you to accurately view the product's path, this does not guarantee that there will be no problem but if there is any, the blockchain technology could indicate exactly where the problem occurred as Waltonchain acts as a public book.
The operation of Waltonchai can be divided into two sections:
Parent Chain:
This is Waltonchain's main chain, it carries out consensus through a Stake and Trust Testing (PoST) consensus mechanism, which is an updated version of the Stake and Test (PoS) mechanism, this version promotes and trains the good behavior of the nodes that are involved through the information evaluation mechanism, provides an intensive for good behavior and the choice of better nodes.
The parent chains provide the following functions:
Smart Contract: Smart contracts are the cornerstone of Waltonchain, allowing the platform to have a wider range of applications.
Transaction Management: all transactions carried out in a period of 60 seconds are recorded in a block and linked to the previous chain, this chain works as a public ledger of Waltonchain transactions that are stored in the network nodes and thus ensure the reliability and security of the data.
Children's chain management: after a main chain is executed, a secondary chain can be created which contains detailed functions and specific information about the child chain tokens.
Chains for Children:
These are the secondary chains and can be customized to provide features of the main chain or they can be made to be more limited. The secondary chains can support native child chain token transactions, child chain token and primary chain token transactions and child chain token cross transactions.
Development plan
Waltonchain has a 4-phase development plan, which begins as an infrastructure platform and ends with integration within logistics, retail, product manufacturing to encompass the entire business ecosystem.
Waltonchain's architecture includes:
The bottom layer: the base contract for each application scenario in the primary and secondary chain is completed through the intelligent contract.
The core layer : This layer includes common and custom features that form the core modules of different applications.
The middle layer : the function of this layer is to provide an interface to the application layer, which simplifies the work of the application layer.
The application layer - This layer depends on the platform or environment for different applications and how these applications meet individual, team or business needs.
WaltonCoin
As mentioned above, within the Waltonchain ecosystem, the parent chain or main chain plus kernel is called Waltonchain in which the symbol used for circulation and payment is called Waltoncoin (WTC). The total number of WTCs is 100 million and no more chips will be issued.
Waltoncoin functions:
Children's Chain Broadcasting: Users of the Waltonchain ecosystem can make use of WTC to broadcast their own children's chains in the ecosystem.
Credit and Mortgage System: the parent chain can become a credit mechanism, as the amount of circulation and consumption of the child chains increases, the credit score of the corresponding parent chain account increases.
Distributed Asset Exchange: if we exchange assets within the main chain, the main chain will be able to exchange the assets of the child chain's chips in any child chain, this allows the chains to interact with each other and opens the door to many opportunities for collaboration to allow transactions of assets from the cross chain, which is also a required function in the Waltonchain ecosystem in the long term.
Decentralised Exchange: all currencies in the child chain can be traded in the decentralised exchange in the main chain, where the digital currency used to act as intermediary is WTC.
Competition
Among Waltonchain's core competencies is VeChain because this platform also seeks to solve the same supply chain problems with the help of blockchain technology, VeChain is focused on luxury products, makes use of QR and NFC codes, unlike Waltonchain, VeChain uses Dapps which has the same purpose as the children's chain but both have a different architecture.
Wabi Coin and Walimai are also projects that seek to solve supply chain problems, but Wabi is more specifically aimed at counterfeiting problems, focusing on baby food.
FOUNDERS
