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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.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Quick guide: How to buy WTC
Register for an account with a cryptocurrency exchange like CoinSpot.
Enable 2-factor authentication.
Verify your account.
Click “Deposit AUD”.
Transfer funds into your account.
Click “Buy/Sell” at the top of the screen.
Search for the cryptocurrency you want and click “Buy”.
Enter the amount you want to buy, or the amount of AUD you want to spend.
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.
Step 3. Buy WTC
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.
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.
Must read: What is RFID technology?
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.
Real world applications for Walton
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:
Keeping track of business inventory as it enters and leaves warehouses
Monitoring the transportation of products
Eliminating counterfeit products
Keeping track of stock in store
Tracking purchase preferences of buyers
The technology could potentially offer benefits across a number of industries, including:
Fashion and clothing
Logistics and shipping
What to consider when buying Walton
There are a myriad of factors you should consider when buying WTC, including:
Availability. There are a total of 100 million WTC tokens in existence – this number is a constant and no more coins will be issued.
Use. Tokens are used for circulation and payment in the Waltonchain ecosystem. WTC’s main uses include issuing sub-chains, paying dividend interest, providing a credit and mortgage system and distributed asset exchange.
Waltonchain’s growth potential. As the Walton ecosystem grows, the company hopes that an increasing number of businesses will join the ecosystem and need to expend WTC to create sub chains. This should then lead to an increase in the value of WTC.
Competition. You’ll need to consider other companies that could compete for market share with Walton. For example, VeChain also provides unique product identification through the blockchain to streamline supply chain processes.
Commercial partnerships. The commercial partnerships a company establishes can help it access new markets and expert knowledge. Waltonchain announced a partnership with Korean exchange platform Coinnest in January 2018, and also has agreements with China Mobile IoT Alliance, Coinlink, Haier and a wide range of other businesses.
At the time of writing, the Waltonchain Wallet was in the beta testing phase, having been launched in December 2017.
The total supply is 100 million coins, with around 25 million coins in circulation at the time of writing.
Yes. Once the Genesis block of Walton’s main net has been mined, the ERC20 WTC token will be replaced by the Walton Coin. This is scheduled to occur in the first quarter of 2018, and the new coin will replace the existing token at an exchange rate of 1:1.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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