The Remarkable Yet Unmarketed Blockchain-RFID Token
Estimated time to read: 7 minutes
Waltonchain is a Chinese-Korean venture which attempts to solve a unique problem in the over-saturated cryptocurrency market by merging blockchain and radio-frequency identification (‘RFID’) technology. In short, RFID uses electromagnetic fields to automatically identify unique objects in a similar way to bar codes and credit cards. This means Waltonchain has a very real asset focus, and if successful, will store tangible asset information on the blockchain. The benefits of this are in line with those of digital currency, where physical asset information would be transparent, traceable, and accessible by the wider population.
In theory, this is an ambitious and achievable project which should have the crypto-community wracked with excitement. However, a 65 page Whitepaper that spends too long waffling about the ever-nebulous “The Internet of Things” (a symbiosis of physical products, electronics, and software) and the lack of a strong Western marketing campaign has forestalled mass-adoption.
In a December which has seen altcoins exploding in popularity and Market Cap, Waltoncoin — the token meant to facilitate the Waltonchain system — has seen comparatively stable pricing and trade volume. This has done little to inspire confidence in the longevity of the Waltonchain project. Current holders look to the meteoric rises of Verge, Cardano and a slew of other minor currencies with envious eyes, and even Daily Discussions on the WTC subreddit see steadfast supporters cashing out — but perhaps they should have kept faith.
The most applicable real-world use cases of Waltonchain revolve around solving problems that arise during the product supply chain funnel, being: production, warehousing, logistics, and sales.
For example, if Nike were using Waltonchain RFID technology for all of their shoes, they could register their shoes on the Waltonchain to track stages of shoe production. This would give Nike better visibility along all stages of the production chain and allow them pinpoint inefficiencies.
Once produced, the shoes would be stored in local warehouses, where they would be subject to warehouse-in inspection, storage placement, and warehouse-out inspection.
After this, the shoes would be shipped to and stocked in retailers around the world. Nike would have access to transparent logistical information, where RFID technology would update the whereabouts of the shoes whilst in transit — this could theoretically be tracked by anyone, including purchasers.
Finally, once in stores, anyone selling or purchasing the Nike shoes can scan the RFID tag against the Waltonchain, which would guarantee the authenticity of the shoes as a Nike product.
Our rating: ★★★★☆
Compared to most new tokens entering the crypto sphere, Waltonchain boasts one of the more accomplished teams.
Waltonchain’s 40 person team consists of respected blockchain developers, lawyers, financial experts, hardware engineers, and experienced upper management from some of China’s largest retail and technology industries. Most notably, Waltonchain’s founder, Xu Fangcheng, was previously the Director of Supply Chain Management at Fujian Septwolves. This relationship cannot be understated. Fujian Septwolves is a 7.3 billion dollar company and household label in China. This pathway has already yielded a confirmed partnership, whereby Waltonchain received a contract for construction of a blockchain/RFID lab with the behemoth — it’s just a shame the Twitter announcement was devoid of any fanfare.
Further, Waltonchain also houses four highly respected Doctors of Engineering who act as advisors and experts: Mo Bing, Wei Songgjie, Kim Sukki, and Zhu Yanping. This team similarly has strong industry ties and have previously worked for digital and media conglomerates such as Google, Honeywell, Bell Labs, Qualcomm, and Bloomberg. Collectively, these four have published 290 academic papers and hold 85 patents in the fields of Engineering, Blockchain, IoT, and RFID.
If there’s anything to criticise Waltonchain for, it’s not the make-up of its team.
Our rating: ★★★★★
Waltonchain seeks to introduce the Value Internet of Things. This will apply blockchain technology to connect products by way of RFID technology to the Internet of Things, initially limited to textile industries. Fortunately, the White Paper expands on how these RFID tags and reader chips will be utilised, where the RFID tag is the device connected with the blockchain, while the RFID reader acts as a node.
Additionally, Waltonchain’s software infrastructure contains the the Walton protocol and of course, the Waltoncoin. The Walton blockchain consists of a parent chain and subchains, whereby the Waltonchain parent chain is enabled by payments through the Waltoncoin token (WTC).
Waltonchain, like many reputable altcoins, is an ERC-20 token and thus possesses the same fundamental underpinnings of Ethereum. Namely, the average block creation time averages 30 seconds, with each block capable of of handling hundreds of transactions. Through the use of their unique parent chain and sub chain infrastructure, Waltonchain is in an ideal position to scale operations as they sign-up and begin providing actual value to retail partners in areas of transaction management, subchain managment, smart contract development, and asset control.
Waltonchain has issued inconsistent statements relating to dividend payouts.
The White Paper outlines on page 29 that owners of Waltoncoin will earn dividends from sub-chain developments as the number of sub-chains and transactions increase. However, the official Waltonchain Twitter stated in September this year — including emojis and abhorrent grammar — that this isn’t the case.
There are no dividends or interest .we increase asset value through token circulation and increase demand for tokens.☺️— Waltonchain (@Waltonchain) September 2, 2017
This is reasonable cause for concern. At the very least, it’s indicative that a robust dividend system isn’t on the immediate horizon and likely won’t see implementation until much further down the project timeline.
Our rating: ★★★★☆
As touched on above, the most exciting aspect of Waltconchain is their professionalism and speed in locking down industry and government partnerships (supplied below by Reddit user 'kits_'). This is certainly a testament to the strong relationships forged by their leadership team.
- "Smart Oceans" blockchain R&D project with Fujian Provincial Government
- Air purification and smart monitoring project with Jinhu Provincial Government
- Building "Blockchain Silicon Valley" with Taiwan Cloud and Fujian Provincial Government
- Awarded a "Strait Elite Talents" award by the Fujian Provincial Government
- Invited to and attended CIFIT to display their IoT solutions - CIFIT is an international trade and investment showcase fair ran by the National Chinese Government
Our rating: ★★★★★
Waltoncoin has yet to drum up the crypto-community hype that has sent other, less-developed currencies soaring, and there is little indication this will change in the immediate future. Undoubtedly, something is evidently lacking when Redditors are volunteering to create marketing strategies for a project attempting to revolutionise asset information management. However in a period pervaded by vacant currencies with no vision other than a nine figure market cap, this isn’t necessarily fatal.
Waltonchain’s business partnerships — their biggest selling feature — are being settled in the Asian market, and it should be little surprise that promotion is targeted towards this audience. However, this doesn’t excuse a lack of international presence. In an interview on 21 December, CEO Mo Bing asserted that “based on RFID and blockchain technology, Waltoncoin will by all means become one of the four biggest global currencies”. This is a bold claim, which — to become reality — needs a more aggressive global marketing campaign. Promisingly, Waltonchain aren’t ignorant of this criticism, and in a recent Reddit AMA it was put on record that this would be addressed:
“We will put more effort on the WTC-brand in the future and strive to be a truly international company. That means we will focus more on western platforms and will work to improve on our communication and delivery.”
Unfortunately for Waltonchain, market forces are just as influenced heavily by Tweets as they are by technological underpinnings. However, the fact remains that social media campaigns and Reddit AMA’s are cheap; developing an authentic technology takes patience and skill. While Waltonchain need to pick up their communication game, this is ultimately something that can be fixed in the span of a few weeks. Just employ an intern to follow a Redditor’s makeshift strategy plan.
Our rating: ★★☆☆☆
Ultimately, Waltonchain's technology and business partnerships make it one of the safer bets for long-term returns. These solid foundations mean that, unlike other currencies shooting up in Market Cap, there would be little justification for Waltoncoin to drop in market ranking anytime soon. Waltonchain just needs to learn to explain this to the average investor.
Subscribe to TheBitFeed
Get the latest posts delivered right to your inbox