Waltonchain (沃尔顿链 in Chinese, or WTC for short) is a genuine, trustworthy and traceable business ecosystem with complete data sharing and absolute information transparency. It is created through a combination of the RFID and blockchain technologies, which pushes forward the blockchain + the Internet of Things integration.
Can you summarize what Waltonchain is in only one sentence?
Waltonchain addresses the bottleneck problem of the business application of the blockchain-how to incorporate physical assets into the blockchain automatically. Please refer to the Waltonchain White Paper at https://www.waltonchain.org for more details.
What are the technical advantages of Waltonchain?
1. High security; 2.It is possible to truly trace quality problems and products back to their source; 3.It is possible to achieve anti-counterfeiting; 4. Trusted decentralization; 5. Reduced labor costs.
What is the value of Waltoncoin?
1. It can be used as a currency to purchase related commodities; 2. It can be used as a credit measurement unit on the Internet of Things; 3. It can be used as a workload or quality measurement unit on the Internet of Things; 4. It can be used as a value storage or value transfer medium; 5. It enjoys high popularity and increasing demand, while the emission is fixed; thus, the potential of its appreciation is tremendous.
How much WTC would be required for staking/becoming a master node?
When a node or account holds more than 5 thousand WTC, it becomes a master node. Extra rewards will be granted to a master node for accounting. The more WTC it holds and the longer it holds, the more its rewards will be.
What kinds of chips are involved in the Waltonchain project?
It involves two types of chips: the RFID tag chip and the reader-writer control chip.
Compared with a traditional RFID tag chip ,What are the advantages of the RFID tag chip designed in this project?
Compared with traditional RFID tag chips, the RFID tag chip designed in the project has the following advantages: 1. An asymmetric encryption and decryption module is integrated into the tag chip of this project, bringing out safer tag communication; 2. A dedicated storage space is integrated into the tag chip of this project to store the hash value of tag status and key information, which makes the tag content truly tamper-resistant; 3. The tag chip of this project adopts the low voltage and low power consumption design and applies advanced technologies; on a bigger scale, its power consumption is lower than that of traditional design; 4. The anti-collision logic is added to the design scheme of the tag chip of this project. As a result, the collision probability is lower, and the probability of record skipping during reading is reduced significantly.
What are the advantages of the RFID reader-writer control chip designed in this project?
Compared with traditional RFID reader-writer chips, the RFID reader-writer chip designed in the project has the following advantages: 1. An asymmetric encryption and decryption module is integrated into the reader-writer chip of this project. During reading and writing of tag information, this module makes the communication safer; 2. Hash function processing logic is integrated into the reader-writer chip of this project, which is capable of hashing the key tag information. The generated hash value is written back to the tag, so that the tag information is truly tamper-resistant; 3. Relevant processing logic is added to the reader-writer chip of this project in accordance with the blockchain characteristics. It plays a role similar to a miner to share the chain workload, and the reader-writer may serve as a node on the chain; 4. The reader-writer chip of this project truly combines blockchain and the Internet of Things, bringing the assets to the chain in a genuine and reliable way. It also offers strong support for asset management, warehousing, logistics and other applications.
What are the competitive advantages of the RFID system schemes of this project?
1. The RFID system scheme in this project has already been successfully applied to the closed-loop system of such links as production, logistics and warehousing, chain stores etc. in the garment and manufacturing industries for years. The executive team is well experienced in the related industries and capable of ensuring the good quality and effectiveness of specific project implementation; 2. During the project application, the team established an enterprise standardization system which has become an industry standard. The project is easy to apply widely and very likely to replicate.
Why choose the application of garment industry as the breakthrough point in Phase 1.0 of this project?
1. Management on the single item level is achieved in the garment industry applications through RFID tags. Hence, they are very widely used. Its easy to obtain large amounts of experimental data during the development and early application of the chips, which accelerates the chip and system technologies maturity; 2. Many core members of the team have years of experience in the garment industry. They are familiar with the industry, the application of intelligent RFID systems, the promotion of software informatization products and other areas. With the abundant customer channel resources, the upfront cost of customer development is low. Therefore, it is possible to enter the market and build up a customer base rapidly.
What is your strategy for communication with the western audience / tokenholders going forward?
We will put more effort on the WTC-brand in the future and strive to be a truly international company. That means we will focus more on western platforms and will work to improve on our communication and delivery.
How does your blockchain technology intend to handle the potentially huge transaction loads this would generate if it took off. Can your blockchain scale?
The parent chain of Waltonchain is responsible for the circulation and creation of child chains, while the implementation of various applications will be completed via various child chains. As for the capability of processing transaction loads, we may make a comparison to Ethereum which adopts the PoW consensus mechanism. The average block creation time of Ethereum is around 30 seconds, with each block able to handle dozens to hundreds of transactions. Thus, the number of transactions processed in one day can be as many as 500,000, which is already good enough to satisfy needs of most applications on the public chain. It is worth to mention that the parent chain of Waltonchain adopts the PoST + PoW consensus mechanism which is able to sustain an even bigger transaction volume. On the other hand, Waltonchain does not store all data on the parent chain. Instead, Waltonchain adopts a combination of the parent chain and child chains, in accordance with the specific application scenarios. Based on the needs of different applications, the design of child chains can be different, ranging from public chains and alliance chains to private chains, and various consensus mechanisms can also be adopted. Additionally, the size of a single block can be enlarged within a reasonable scale to improve the TPS (transactions per second) but not to affect the verification speed. Here is a summary: Compared to Ethereum, where a single block can process dozens to hundreds of transactions, the processing speed of Waltonchain can be much higher through improving the consensus mechanism, properly enlarging the size of blocks (actually, Merkle tree can also be abolished as an underlying architectural mechanism, and the data base can be stored via key value pairs. In this way, the speed will be five times higher), changing tomore efficient security algorithms (for example, scrypt is a RAM-consuming hash, which can be changed to other more efficient hash algorithms, on the condition of satisfying the security needs). Moreover, Waltonchains design combining the parent chain and child chains is tailored to a large-scale and extensible ecosystem, making Waltonchain highly scalable.
Will you have your code base public?
We have plans to open the Waltonchain code. We will reveal the relevant code at the right time after we have completed full reliability and security tests.
How does Waltonchain plan to prevent the RFID chips from genuine products being removed and placed into counterfeit good? Whilst I understand this will stop the production of counterfeit good from counterfeit factories, I do not understand how this will prevent chips from genuine products being placed onto the exact same counterfeit item.
Currently, to prevent RFID IC removal, Waltonchain has a corresponding solution for different industry applications. In the clothing industry, we encapsulate RFID tags into care labels of brand clothes items, and the tagsallow to track the transfer of a single product along the production, logistics, sales and other areas of circulation. The forger cannot get care labels removed and apply the RFID tag to fake and shoddy goods. For the food, retail and other industries, Waltonchain developed a fragile anti-transfer RFID tag. If the forger wants to remove the attached RFID tag, it must be removed with force, which will destroy the products. The stress needed to apply to remove the product will destroy the circuit, which will lead to the failure of the RFID tag. And the imitations cannot be used on fake products. At the same time, the Waltonchain team is also developing the smart packaging technology to combine RFID tags with products of many industries. Through RD of tags which fit different clothing materials, we achieve the perfect combination of RFID tags and clothing products. Utilization of the RFID tag provides reliability and stability, while being subtle. At the same time, the tag IC also stores properties of the corresponding items and the status information hash value. If applied to other products, data synchronization on the chain will be impossible. This also ensures that tags have one-to-one physical matching.
If the RFID is on the packaging of a box, how will Walton plan to prevent the contents of the boxed being replaced? With the counterfeit market being so lucrative, people will go to extreme lengths.
The fragile anti-transfer tag developed by the Waltonchain team can prevent replacement from the genuine box. We will locate the fragile anti-transfer tag where the package may be opened to ensure that the RFID tag is fully bound to the physical asset when applied. The consumer can inquire information about the product before the package is opened and the product is used. If the product was replaced, the stress applied to the package leads to the RFID tag failure and inability to query the product information. Therefore, this solution can guarantee the product will not be replaced.
With the RFID chips being issues from a Waltonchain database, what would happen if the issuing database was compromised? Would the issuing database be entered into the blockchain?
Waltonchain is a decentralized distributed ledger based on the blockchain technology. All the data loaded to the chain is confirmed by more than a half of the nodes. The data on the chain cannot be tampered.