WaltonChainWaltonchain is a blockchain project named after Charlie Walton, the inventor of RFD technology, which focuses on applying blockchain in the field of Internet of things (IoT).
What is Waltonchain?
Waltonchain is a blockchain project named after Charlie Walton, the inventor of RFD technology, which focuses on applying blockchain in the field of Internet of things (IoT).
Waltonchain uses RFID identification to track products during each step of production and distribution. The data associated with each item is stored on an immutable blockchain that ensures its accuracy no matter where in the process it is.
How does Waltonchain work?
Waltonchain introduced the concept of Value Internet of Things (VIoT) which represents the use of RFID chips with blockchain technology. RFID tags are mini-chips that uses electromagnetic fields to automatically identify and track tags attached to objects. The tags contain electronically-stored information. Passive tags collect energy from a nearby RFID reader's interrogating radio waves. The use of RFID tags allows us to store information of physical objects on blockchain. The technology has strong application in the logistics industry.
Waltonchain uses a variation of Proof of Stake consensus mechanism known as Proof of Stake & Trust (PoST). Similar to Proof of Stake, holders get stake reward but Waltonchain also has a node reputation system to further reward higher quality and more honest nodes.
The native token of Waltonchain is WaltonCoins (WTC) and they are used to create child chain on the main blockchain and pay for transaction fees.