WaltonChain has been developed by a team in China. WaltonCoin (WTC) is the underlying symbol. It is named after Charles Walton who invented RFID (Radio-Frequency Identification) technology. The process makes use of electromagnetic fields to distinguish and trace tags attached to objects instinctively. The e-information rich passive tags obtain energy from radio waves of an RFID reader nearby.
The parent chain and the sub chains, also known as child chains construe the Walton ecosystem. The parent chain is referred to as Waltonchain. Waltoncoin is the token used in the system for circulation and making payments. The entire supply chain system of an industry can be opened up in the initial stage using the Waltonchain. These supply chain may include production, logistics, warehousing, and stores.
There can be any number of sub chains, ideally speaking. The Waltonchain platform hierarchical structure has four layers including the bottom layer, a core, middle and an application layer. The WaltonChain project is used for promoting and implementing of RFID applications by using the with Walton ecosystem in combination with the unique decentralized blockchain technology.
WaltonChain is the main parent chain in the system while WaltonCoin is issued for making payment and for circulation in the system. WaltonCoin has a circulating supply of 100 million tokens. These tokens and created and set in the Genesis Block. At any point in time, the number of tokens remains constant fixed. Proof of State and Trust (PoST) is the mechanism adopted by the WaltonChain for validation and block consensus. PoST is an advanced and improved version of the commonly used Proof of Stake or consensus mechanism.
The key functions of WaltonCoin include creating sub chains by users having WaltonCoin and allocating dividend interest derived from the transaction fee to the node wallets. The functions also include using smart contracts to form credit and mortgage system and creating distributed asset exchange.
A total of 100 million of WaltonCoins are issued and produced in the genesis block. They are allocated to each account by following an established process. At all times, the total amount of WTCs remains the same in subsequent transactions. More accounts will be created using the decentralized network through the nodes. A large number of WTC transactions will also be carried out between the accounts. All transactions will be recorded on the block at an interval of 6 seconds and linked to the earlier block, this creating the Walton parent chain. This is the open ledger of WTC transactions. They are stored in the nodes in the network for reliability and security of data.
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