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Waltonchain is a joint Chinese/Korean project that aims to combine blockchain technology and radio-frequency identification (RFID) to track items and improve supply chain management.
The token used for circulation and payment within the Walton ecosystem is the Walton Coin (WTC), which can be used to issue subchains, provide dividend interest and act as a credit and mortgage system.
Keep reading to find out what Waltonchain is, how it works, and how you can buy WTC in Australia.
WTC is available on a number of popular cryptocurrency exchanges, including:
If you want to buy WTC in Australia, here’s an example of how you can do it:
If you want to exchange your Australian dollars (AUD) for WTC, you’ll need to use a local cryptocurrency exchange like CoinSpot. To sign up for an account, simply provide your email address and create a password.
From your CoinSpot Dashboard, click on the “Deposit AUD” button to make an online payment via POLi Payments or BPay. At this stage of the process, you’ll also need to provide further details to verify your account, including your email address, phone number, full name, address and proof of ID.
Once verified, click on the “Buy/Sell” link from the menu at the top of the page and then search for “WTC”. Review the current price of WTC and click on the “Buy WTC” link.
You have the option to either specify how much WTC you want to buy, or how much AUD you want to spend. Click “Buy” and you’ll be able to see the amount of WTC you’re about to purchase, at what price and the fee that applies to the transaction. Click “Confirm Buy” if you’re happy to proceed with the purchase.
NB: Please note that most cryptocurrency exchanges do not allow you to exchange fiat currency (ie your AUD) for WTC. Instead, you’ll have to purchase a major cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) and then exchange those coins for WTC.
WTC is an ERC20 token on the Ethereum network, so it can be stored on any Ethereum-friendly wallet that supports these types of tokens. For example, you could hold WTC with:
Launched by Chinese and Korean developers in 2016, Waltonchain is named after Charlie Walton, the inventor of RFID technology. Waltonchain aims to combine RFID with blockchain technology to streamline supply chain management.
Radio-frequency identification uses electromagnetic fields to attach digital identities to physical objects. This information is stored on small chips attached to those objects.
RFID is already in widespread use throughout everyday life, including in the e-Tag in your car and in the microchip used to identify your lost dog.
By attaching small RFID tags with unique IDs to objects, those objects can easily be identified with information logged on the blockchain. This should then allow companies to track their products on the blockchain, with the end goal being to cheaply improve supply chain management and stop the production and sale of counterfeit goods.
Walton’s developers hope their technology will be able to streamline the entire supply chain process, from manufacture right through to the retail experience. Potential applications for Waltonchain in the real world include:
The technology could potentially offer benefits across a number of industries, including:
There are a myriad of factors you should consider when buying WTC, including:
