On the afternoon of October 30th in the Western Hemisphere, a few WTC employees dropped by the Slack chat around 3 a.m. their time. It was made apparent that the team had been working non-stop for more than 48 hours to prepare for a release, one they rumored would be publicized shortly. The team was approaching a deadline they gave the community of November 1st. This deadline incorporated a version of a wallet and details of the parent-chain. Since the announcement of the period nearly two months ago, many community members began exaggerating the scope of the release to include the full working parent-chain, new exchanges, etc.
As the community began to swirl in anticipation of the news, the WaltonChain homepage showed an updated announcement as a popover in the center of the page. It appeared in the middle of the screen on the website and was left there without a public notification via Twitter or Slack. The announcement linked to a PDF and application related to applying for the alpha release of their wallet and parent-chain. The idea the community would be able to test the wallet before a public release was new information to all.
The release PDF was not simply instructions on how to properly test the chain, but was filled with new information related to the project. Breaking down the ins and outs of the release proved to be fruitful for the future scope of the project. WaltonChain continues to prove that we only have a faint idea of what they have in store.
Link to Alpha-Release PDF
At WaltonChain, we are trying to disrupt the entire RFID industry, to help the advancement in the adaptation of IoT by enterprises and ultimately achieve our vision of VIoT. Similar to other companies who try to disrupt an industry, there will be unspeakable hard work and sacrifice, coupled with persistence and perseverance by the team, of course, some smart decisions by the management and keen innovations by the technical developers along the way will help a great deal. What we want to achieve in our first stage is not easy and we are moving towards it with speed and precision. During this journey, we have our community full of believers and supporters, giving advice, constructive criticisms or just rooting us along, for that we are grateful. Although we are small, our ways are far from perfect, we would still like to give our commitment to our community that we will do everything within our powers to strive to be the best in the industry, globally.
The above quote is a lovely sentiment from the company to continue to care about those that hold the coin. We as coin holders are not their investors by law, and they owe us no such respect. Many people seem to forget that when criticizing this company and demanding more. If these people held other enterprise coins such as Factom, they would quickly learn how much this team genuinely cares.
WaltonChain is already making waves in the RFID industry, specifically in China. For such a short-lived company to have the success that they have had before releasing, their project should bode well in their “ultimate vision to achieve VIoT.”
As this was released around 3 a.m. their time, no one can question if they are working hard or not. Based on the points published further in the document, they seem to be working on projects much more extensively than we originally thought.
Wei Songie and Kim Suk Ki should be prized treasures in crypto, as rumored by user Crypto Fu. He mentioned in the Slack chat, “Let’s put it this way. If you can help me spread the words too, that would be great. Dr. Wei came back to China to teach under the invitation of Chinese central government, and his status is that he can’t even leave China, he is a national strategic asset of some sorts, being “protected” by the Chinese gov.”
Waltonchain system adopts an advanced solution that combines hardware and software to solve the issues which will occur during the seamless transfer of massive amount of data connected to physical assets on chain and realise the real-life applications for in-depth integration of RFID hardware systems and blockchain technology.
TLDR; WaltonChain allows real-time solutions to integrate physical assets and the blockchain using RFID technology. The data required to pull this off is massive and to most this is no easy task.
There are numerous problems and technical bottlenecks which we have solved and some still to be solved in order to achieve the above-mentioned goals. So far Waltonchain has created the following innovative solutions to solve the dilemma that haunted many other chains in the market today:
1. To prepare for the upcoming software-hardware mixed RFID system with block-mining readiness, we have adopted a Waltonchain brand-featured hash calculation to promote operation stability, data integrity, resource sufficiency and system robustness.
This should be the first thing people FUD when talking about this update. The number one rule in crypto is not to make a custom encryption algorithm. If this were any other team, I would agree. Dr. Wei Songie is not only an expert with a Ph.D., but is also a post-doctoral teacher and researching leader, and has run a lab that has tested his encryption processes for the last few years. This appears on the surface to be a breakthrough in modern encryption standards. According to a few reports, existing encryption practices were beatable as-is anyways. If properly tested, this puts WaltonChain not only on the map for RFID but also industry-changing encryption.
Remember, WaltonChain isn’t just some small startup. The Silicon Group is a huge name in the IC industry, Aioute is worth tens of billions, and the customers outside of Aioute are all billion-dollar companies at minimum. There will be hundreds of billions of dollars in assets on the line and in some cases entire cities(smart cities through Aioute). New encryption would not be just trotted out onto the front line unless it was properly tested and better than any other option available.
2. Waltonchain adopts a hybrid consensus mechanism (PoS + PoW) for fairness with a consideration of both node stakes and computation capability. Once the system-wide computational power comes to a dynamic convergence, blocks are steadily produced for every minute on average.
3. Node stakes are composed of token balance, holding duration and node seniority in the network.
4. Consensus is specially designed with mining difficulty adjustment to prioritise blocks containing more transactions sooner.
5. We will roll out a Master-node program on top of our Staking program and Mining-node program geared towards holders with a significant WTC balance (≥ 5000 for now), Master-node program will provide holders with extra reward from Waltonchain foundation.
The PoST+PoW system seems to be slightly different than initially reported. Initially, it was believed that a minimum of 5,000 WTC was required to participate in the system. This release of information, however, implies that any amount of WTC is acceptable to participate in the system, but members in the master-node class will get priority.
With this information unfolding, it leads question to the phrase “seniority.” Does seniority imply the master-node status or is it based on time within the system? If it is the latter, the algorithm for rewards becomes even more complex adding a filter of the master nodes and time staking. This system seems incredibly rewarding for master-nodes that participate in the system early. Not only will you be rewarded more for your participation, but you also get the added benefit of the computing power of the people lower in priority. The increased computing power should bring value to WTC and WaltonChain rewarding everyone holding stake in the project’s success.
6. We innovated a double-chain design to organize WTC parent-chain and application-child-chains, by building inter-chain bridges for mutual trust and confirmation transition, and to support data exchange and value transfer. (We are quiet proud of this one!)
The Waltonchain team has completed Waltonchain parent-chain system development and internal testing, as well as the development and adjustments of the web customised wallet and the blockchain explorer.
Though the most vague, point six is far and away the most important point to hammer home. Much of the following is of course speculation, but any varying degree of the truth can be game-changing.
The current working theory is that in a lot of ways WaltonChain isn’t just decentralizing the computational control and validity of the chain, but also the data itself. In essence, it is a blockchain that decentralizes its blockchain. This allows for individual nodes to validate the function of data and through their bridges change encryption states and be validated into the master chain. The child and parent chains are interoperable despite having different thresholds of hashing and encryption standards. This interoperability can suggest that the child chain data can be accepted at face value as already validated master-chain data without multiple blocks of confirmation, and already require a lower threshold of computation to be verified.
How this is pulled off in practice and theory are things only WaltonChain can answer.
TLDR; this is a big, big deal.
WTC blockchain Explorer enables users for :
-Browsing and querying information regarding blocks, transactions and wallet addresses-Checking the current network status regarding block producing time, mining difficulty, network
-wide computational power, mining difficulty, network-wide computational power and node participation
-Providing a statistics and query portal on WTC distribution and circulation
Much of this is an industry standard, within blockchain companies, and the parts that may be new are not discussed here. In their White Paper, WaltonChain suggested that companies and users will have dashboards for supply chain management and lineage of the production of the product which requires some order of time sync. A general browsing and querying dashboard suggests that this control is a global thing whereas it is likely expected to have enterprise-wide solutions. I would expect this dashboard more to act as a dashboard for business intelligence than your traditional blockchain explorer. However, these features may be introduced later.
The customised WTC wallet is featured with these functionalities:
-Creating new wallet, sending transactions and viewing wallet balances
-Portal for exploring WTC blockchain
-Compatibility with Ethereum chain
We will continue to complete the innovative functions of the parent-chain, relevant code design of double-chain structure, as well as the Master node related design. In terms of the wallet, we will launch full-node wallet which supports automatic node-wide configuration, and automatic mining function; meanwhile, a fast mobile version wallet APP is under design and development.
Though all three are incredible features for a mobile and desktop wallet, the last point stands above the rest. Being able to hold and use an ERC20 token on a chain for WTC and in the WTC wallet is a feat that many companies raised funds to be able to provide liquidity and coverage for. For this to merely be a feature on a chain that isn’t participating in the Ethereum network is rather large.
The safety of Waltonchain’s parent-chain and wallet has always been our top priority. Although we have done numerous test runs, we believe that the power of the community is infinite. Waltonchain Foundation is gladly rolling out the Alpha Version of Waltonchain’s parent-chain and web wallet. We sincerely invite our community members to help us conduct the Alpha test.
Please read the instructions below carefully.
1. This first round of community members involved testing encompasses the basic functions, the typical applications, and mainly the security of the parent-chain and the wallet.
2. 50 to 100 qualified applicants will be selected and awarded with 5 WTC tokens to your personal wallet
3. 5 to 50 WTC tokens will be awarded to individuals who find any system bugs, functional deficits and/or provide any optimisation suggestions which we decide to implement
Applicants must fill out the application form “Waltonchain Parent-chain Alpha Test Application Form” and email it to firstname.lastname@example.org by Nov 4, 2017; This form can be found on www.waltonchain.org
Participants are required to hold a minimum holding of 1000WTC tokens. Elements that provide higher chances of getting selected: -Proof of holding larger amount of WTC tokens-Proof of long-term holdings of WTC tokens-Applicants with blockchain related technical backgrounds-The ultimate decision-making rights are reserved by Waltonchain team.
The alpha-test in itself is a rewarding opportunity as it provides you seniority. When you begin to couple that seniority with payments in WTC for discovering bugs and participation, it is a fantastic opportunity to advance the company. Though the amount of five WTC in itself is small, coupling that payment with bug report rewards could provide you with well over 100 WTC for something many would do for free.
To submit your own submission you can download the form on the WaltonChain homepage.