Decentralized IoT platform for tracking RFID tags
The Waltonchain Platform is an initiative that aims to the decentralize and optimize the RFID tag-tracking system by implementing it in the blockchain. These chips are presently being implemented in aspects of a variety of industries, including pharmaceutical dispensations, animal identification, key-cards and baggage tracking. Waltonchain essentially plans to implement a system called the ‘Value Internet of Things (VIoT) in which all real-world assets across all spectrums, be they retail, pharmaceutical, logistical or technological, will be registered on the Waltonchain blockchain. This will be accomplished by means of unique identification codes and passwords in order to ensure that all goods are authentic, legal and traceable.
The Value Internet of Things (VIoT)
The Internet of Things (IoT) refers to an interrelated system of digital devices that are programmed with unique codes in order to allow for the digital transferal of information without the need of human input. In doing this it serves to connect the internet with real world assets and products. This is accomplished through the application of RIFD system operates by attaching an electronic chip that is imprinted with a specific verification code to in order for traders and consumers to be able to authentic these items. These chips can be attached to digital devices and goods, as well as implanted into both humans and animals. Waltonchain aims to expand this concept to create a Value Internet of Things (VIoT), which will incorporate the IoT concept in all real world product transactions by means of autonomous mobile and other digital verification and transaction payment methods.
The four planned phases for implementation:
- Phase 1: The Waltonchian Platform will produce the RFID tags and imprint them with the producer’s COA codes and then allocating each product with a unique asymmetric encryption algorithm. This will play a dual function of both authenticating the product, as well as ensuring that there are no duplicate or fraudulent codes placed on other products.
- Phase 2: Once finalized, this technology will be introduced to the retail and logistical industries.
- Phase 3: Waltonchain plans to expand this project to manufacturers by offering them access to the technology to create smart-packaging, customized blockchains and tokens, and product traceability. Widespread adoption of this system will standardize record keeping and provide transparency in the chain of ownership between the manufacturers, wholesalers and consumers. This will benefit the manufacturers by providing them with a cost-efficient data entry and tracking method.
- Phase 4: Waltonchain tags will be accepted globally and embedded in all physical products, meaning that all consumer, private and public goods will be recorded on the same blockchain. This will allow for the autonomous and transparent ownership and transference of goods.
The actual application scenario of RFID tag tracking
The goals of this system are to:
- ensure that each product is tagged with a unique, tamper-proof, authenticated private ID code and public verification ID code,
- provide a node-less method of data storage and authentication,
- minimize blockchain bloat by tags only storing data that is relevant to the item,
- resolve the lag-times incurred during the processes of encryption and decryption,
- apply AI coding and authentication, and electronic transferals in order to eliminate human error in transactions,
- to create a transparent alternative to apply for mortgage and credit,
- and decentralize property and asset management.
Waltonchain Platform Structure:
Waltonchain adopts the parent chain and child chain blockchain structure which uses the Waltoncoin (WTC) as its transactional base. All transactions carried out on the parent and child chains are recorded across multiple nodes on the Waltonchain, thereby ensuring that the information is secure, decentralized, tamper-proof and traceable.
The Walton Parent Chain
- forms the foundation of the Waltonchain ecosystem and is responsible for providing a variety of functions for the rest of the system, such as being the transactional medium and managing the child-chains and smart contracts.
·The Walton Child chain
- Functional features – when being built, they can be customized to perform up to as many functions as the parent chain is capable of, including internal, and inter-parent or -child chain token transactions, data storage and smart contract creation.
- Token transactions – child chains can generate their own tokens for use on their personal platforms. WTC tokens, as well as child chain tokens, can be traded across all Waltonchain platforms, with the Waltonchain acting as the intermediary to authenticate and transact all exchanges.
- The Waltonchain Platform also plans to make it possible to scan tagged assets for prices in order for customers to verify the product that they would like to acquire.
- Waltonchain’s parent chain – Waltonchain operates according to a modified PoS system called the Proof of Stake and Trust (PoST), whereby nodes are only accepting to support the chain after a process of evaluation and approval of the node’s ‘reputation’. This method is meant to promote a culture of integrity within the Waltonchain community, as well as encouraging both consumers and manufacturers to adopt positive credit, spending and business practices.
- Child chains – have the capacity to choose alternate consensus mechanisms when constructing their blockchains, including the regular PoS system.
Byte Fee Allocation
- Due to the parent/child chain structure of the Waltonchain ecosystem, all transactions carried out anywhere on the system will incur transaction fees that will be transferred to the parent chain without additional trans-chain fees being incurred should other child chain token exchanges be transacted. This fee is incurred as a method of payment for the use of the platform and its accounting system. Due to the higher rates of bite fees that are likely to occur as the platform gains wider adoption, the nodes responsible for storing the data will receive dividends as remuneration for these services, which will also be derived from these fees. Likewise, a fee will need to be paid by any nodes that wish to create a child chain based on the technology of the parent chain.
Accomplishments as of April 29, 2018:
- 10 November 2017 – Alpha version of Waltonchain’s parent chain and wallet are launched and tested.
- 25 December 2017 – Beta version of Waltonchain’s parent chain and wallet launched for testing.
- 28 January 2018 – Current market cap valued between $936 Mill – $1.13 Billion, with each WTC valued between $37.61 – $45.70.
- 12 February 2018 – Waltonchain partners with Loci.
- 19 March 2018 – Freyrchain, Waltonchain’s first child chain, appeared at the 2018 TokenSky blockchain conference.
- 31 March 2018 – Waltonchain officially launches Wanchain Mainnet as well as its e-wallet for Windows.
Token History (as of May 6, 2018)
September 19 – October 19, 2017
1 WTC = ~$0.30 USD
70 Million WTC
~$25 Million USD
1 WTC = ~$15.12 USD
Current Market Cap
~$470.8 Million USD
Current Tokens Circulating
~31.14 Million WTC