Waltonchain IoT focused blockchain

Waltonchain is a public distributed ledger created for enterprise use case with a focus on Internet of Things (IoT).

Background

The Waltonchain Foundation initiated the project in November, 2016 and the main net launched March 31, 2018. The project is named after Charlie Walton, the inventor of Radio Frequency Identification (RFID) technology and is also an acronym for Wisdom Alters Label Trade Organization Network. Waltonchain uses RFID to track products along the supply chain and store the accompanying data in a trust reduced public ledger. Waltonchain competes with another Chinese company, VeChain, that is looking to solve similar issues in supply chain management.

Waltonchain uses an ERC-20 token WTC, that is used to create side chains, provide dividend interest and to operate as a credit instrument. These side chains can operate independently of the main chain with their own consensus mechanism to improve scalability while retaining security of the main chain. Dividends are paid to Masternodes whose main function is to validate transactions, secure the network and enable governance mechanisms. In order to operate a masternode, 5,000 WTC are needed to be posted as collateral to disincentives attacking the network. In addition to regular masternodes, there are Guardian Masternodes that provide proof-of-work to the system and then share the rewards from a separate pool of token rewards. The amount of WTC distributed to these masternodes is a function of the amount of work that is contributed, and there is a maximum of 15 Guardian Masternodes on the network. Waltonchain foundation also recruited 99 Super Master Nodes worldwide to “mobilize the global community for incubation and selection of high quality child chains.” The Foundation invested 10 million WTC to establish the Waltonchain Global Ecosystem Incubation Fund to be used for child chain incubation and Super Master Node recruiting. [1]

Technology

According to the most recent whitepaper released in 2018, Waltonchain will use a Waltonchain Proof of Contribution (WPoC) consensus mechanism which includes three different components Proof of Work, Proof of Stake and Proof of Labor. PoS and PoW function as sybil control mechanisms and prevent the risk of 51% attacks. Proof of Labor is a new consensus mechanism for data transmission and token exchange between various parent chain, child chain and cross-child-chain nodes on the Waltonchain network. This cross-chain data transmission is the extraction of hashes based on data features and storage on the parent chain making it convenient to search for and authenticate data in the Waltonchain network in the future. In addition, cross-chain token exchange occurs via a ledger based on atomic swaps and records every transaction between child chains and the parent chain.

The smart contract language supported by Waltonchain is Turing complete which facilitates complex business logic and applications. However, since smart contracts will run constantly and independently on all nodes, it is expensive in terms of both computation and storage. To solve this, the Waltonchain Foundation set up the unique Data Pattern for Smart Contracts which keeps the logic simple, reduces Gas consumption, standardizes operations and provides output data in standard formats (e.g. Json). They also designed and built a number of smart contract libraries where smart contracts can be queried, invoked, and reused via the event function index. After obtaining the relevant standard data file, data interaction between an application and other child chain systems can be achieved.