In today’s constantly evolving digital technology, many blockchains are emerging. Waltonchain is one of them. This system primarily offers tools to manage supply networks. Additionally, it enables users to have full access to the stored data of products through RFID chips. The project’s cryptocurrency, called WTC coin, has various use cases on the network, such as managing goods, trading, tracking products, and making payments.
However, these features only describe a part of the project. This platform, which operates on the Ethereum blockchain, aims to decentralise and democratize the supply chain. What is Waltonchain, how does it work? What is WTC coin, and what are analyst expectations? If you are looking for answers to these questions, you can keep reading this article of Zatrun.com.
What is Waltonchain (WTC)?
Waltonchain was founded by Chinese and Korean developers in November 2016. This blockchain project aims to use blockchain and Radio Frequency Identification (RFID) to assist in supply chain management. Additionally, it attempts to integrate blockchain with Internet of Things (IoT) technology. The platform is a decentralised network that can store and provide information about assets at all stages of the supply process. Through this technology, the network transfers real-world products to the blockchain industry.
Because of decentralisation, developers have created an authentic, trustworthy, traceable, and transparent business ecosystem with completely shareable data. Additionally, they integrated RFID technology into Waltonchain.
Since their creation in the 1960s, RFID chips have been applied globally in various industries, such as medicine, geolocation, and retail. Thus, the project reduces expenses in the supply chain industry while making processes such as product tracking more efficient.
How Does Waltonchain Work?
Two of the main components of Waltonchain are RFID reader chips and RFID reader tags. Tags are physical devices that carry information such as electronic product codes (EPCs). This code can be associated with traceable items such as drugs, electronic products, clothing, and other types of goods. To extract encoded data from tags, a reader chip or UHF recognizer is required. This way, the data of products becomes secure, and those without chips cannot access asset information.
Small datasets containing an item’s geographical location or weight are recorded in “sub-chains,” which are later merged with the “main chain” over time. This makes the blockchain perform at a faster rate and with a higher level of encryption when it comes to data distribution.
Another significant feature of the platform is WTC coin management, internal monetary regulation, sub-chain management, and smart contract distribution. The service module that facilitates various functions is called Walton Genesis Block.
What is WTC Token?
Waltonchain can track and verify the circulation of products within a comprehensive global network. This reduces the financial costs associated with product production, storage, inspection, and transportation. Additionally, it allows consumers to track the movement of the products they purchase.
WTC functions as the native cryptocurrency of the Waltonchain platform. This token, created using Ethereum’s ERC-20 standard, enables the creation of a supply chain ecosystem. The primary use cases for the cryptocurrency include:
- Subchain distribution,
- Dividend interest,
- Mortgage and credit system,
- Asset distribution,
- Distributed voting and governance system.
With WTC token, it is possible to perform actions outside of the main chain through byte fee payments. Furthermore, the cryptocurrency enables collaboration between subchains and rewards users for network maintenance. These are the most common use cases of the token. Users can also passively earn returns by staking WTC coin.
Is It a Good Investment?
Waltonchain aims to revolutionize supply chain management in many industries and eliminate counterfeiting and fraud. By combining blockchain and RFID technology, it strives to be a pioneering project in the field. However, the number of its competitors is not small.
The cryptocurrency market has many projects aiming to revolutionize the supply chain. Nevertheless, WTC coin appears to be in a better position than most of its competitors. Its high security and traceability play a significant role in this.
Currently trading at a market cap of around $16.1 million, Waltonchain reached a trading volume of $597 thousand in the last 24 hours. The cryptocurrency project is ranked as the 683rd largest project on the CoinMarketCap list. However, WTC coin trades at $0.19, which is below its peak of $40 in 2018. The token has been following a stagnant price movement for a long time. Therefore, it is advisable for investors to be cautious.