Waltonchain Post ICO Update (October 2018) - Crush Crypto

Waltonchain Post ICO Update (October 2018)

Overview

  • Project name: Waltonchain
  • Ticker symbol: WTC
  • ICO date: September 2017
  • Market cap*: $114 million
  • Circulating supply*: 40,144,099 WTC
  • Total supply: 70,000,000 WTC

* As of October 2, 2018. Source: Coinmarketcap

Waltonchain is a decentralized platform with the goal of combining blockchain technology and the Internet of Things (IoT) via RFID technology. RFID stands for radio-frequency identification, and it works by using electromagnetic field to automatically identify and track tags that contain information attached to objects.

The Waltonchain team has patented unique RFID chips that can read and write data directly to the blockchain. This enables a genuine and traceable business ecosystem with data sharing and information transparency naturally integrated. Waltonchain is focusing on creating a management system for supply chains in various industries.

The native currency for Waltonchain is called Waltoncoin (WTC). Waltoncoin’s functions include dividend interest, voting and governance system, decentralized exchange, and a credit system.

Waltonchain uses a customized proof of stake & trust (PoST) consensus mechanism. It is similar to proof of stake (https://crushcrypto.com/what-is-proof-of-stake/) with an added node reputation mechanism to further reward honest nodes.

Waltonchain is the name of the parent chain in the Walton ecosystem, which is used to track Waltoncoin transactions, manage sub chains, and execute smart contracts. Anyone using Waltonchain can create their own sub chain, customize their own tokens, and elect to use a different consensus algorithm from the parent chain.

The reason for separating the network into parent and sub chains is that it allows businesses to customize a blockchain to their specific needs. It also keeps network performance high, as most data will reside on sub chains that won’t slow down the whole network.


Key Milestones/News

  • November 2016: Waltonchain project initiated.
  • January 1, 2017: Official project proposal released, blockchain RFID tags solution and transaction model completed.
  • March 2017: Waltonchain partnered with TANYU Group for the development of a garment supply chain management system.
  • April 2017: Pilot projects set up at Fuguiniao and Kaltendin clothing stores
  • June 2, 2017: Strategic agreement between Guangdong Original Clothing Trading Center and Waltonchain was signed.
  • June 18, 2017: Waltonchain Foundation established, and agreement signed with Jiangsu Jinhu Development Zone on the Air Purification Project.
  • June 19, 2017: Agreement signed with the Cloud Computing & IoT Association in Taiwan.
  • July 12, 2017: Achieved an Industry-University-Research Cooperation Intention with the Korea University Engineering Department.
  • July 13, 2017: Reached a cooperation intention with the IoT Innovation Center and the Internet Promotion Institute of South Korea.
  • August 9, 2017: Signed a Project Cooperation Agreement with Fujian Soonbox Logistics.
  • August 27, 2017: WTC listed on Binance exchange.
  • September 2017: Blockchain + RFID application system prototype completed.
  • October 30, 2017: Alpha parent chain system released and tested.
  • December 25, 2017: Wallet & beta parent chain system released.
  • February 12, 2018: Waltonchain partnership with Loci announced.
  • March 14, 2018: Announcement released on the listing of Freyrchain, Waltonchain’s first child chain.
  • March 31, 2018: Waltonchain main-net officially launched.
  • April 26, 2018: WTC Android Wallet officially released.
  • May 31, 2018: WTC iOS Wallet officially released.
  • June 5, 2018: Waltonchain’s Mid-End IR Receiver Chip entered mass production.
  • June 15, 2018: Walton Blockchain Institute signed a partnership agreement with the Korean Standards Association.
  • June 23, 2018: Waltonchain reached a strategic partnership with FashionET.
  • July 12, 2018: WTC listed on Huobi exchange.
  • August 31, 2018: WTC listed on Bithumb, South Korea’s largest cryptocurrency exchange.
  • September 5, 2018: Dongdaemun Fashion Town Tourism Zone, Waltonchain, and DDM International reached a technical agreement on the application of blockchain technology and commercialization of Waltonchain RFID chips.
  • September 7, 2018: Waltonchain and MONEYNET officially signed a child chain agreement.

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Conclusion

Even though the mainnet was launched in March, the token swap still has not started. If no one is able to transact on the mainnet, there is no point to release the mainnet, in our opinion.

Other technical developments are also slow. For example, in the work progress summary for Q3 2018, all the technical developments are not production ready. This reflects slow technical progress.

On the business development front, Waltonchain has made solid progress. There are 3 child chains running/preparing to run. It remains to be seen whether the numerous partnerships that Waltonchain had entered into will come to fruition.


Additional Resources


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