For those wondering what Waltom will look like after October's launch I have taken excerpts (fillets) from the the first 33 pages of the 69-page whitepaper to help. All the text below is from the whitepaper except the font in italics, which are my own notes, and some of the headings in bold which I modified for continuity. Certain important portions of text have also been made bold for greater visibiltiy This is Part 1. Enjoy! The Problem with IoT It is difficult for the Internet of things under the current central structure to accomplish the real autonomous cooperation and effective transactions, because the relevant parties of such cooperation and transactions often belong to different stakeholders with complex and uncertain trust relationship submitted by
. Therefore, the collaboration and transactions of the current Internet of Things devices can only be carried out under the same trust domain, that is to say, the devices to collaborate and trade must be provided or verified by the same Internet of Things service provider, which significantly reduces the true commercial value of the Internet of Things applications. Enter Value Internet of Things(VIoT)
In this context, we put forward the concept of the “Value Internet of Things(VIoT)”, focusing on introducing the block chain technology into the Internet of things, to solve the problem of centralization facing the development process of the Internet of Things. The block chain is a decentralized transaction record & storage technology based on cryptographic principles; with a distributed point-to- point network, it can achieve the permanent storage of orderly transaction record which is undeletable, tamper-resistant, open and traceable, so it is recognized as the best choice to meet the above challenges. … Applying the block chain to the Internet of Things and smart systems and connecting the item tags and identity tags in the real world to the virtual network via RFID technology will successfully build this connection, and ultimately achieve the interconnection of all things and create an era of Value Internet of Things (VIoT).
The technical realization of the Value Internet of Things means connecting the items tags, event tags, people and body tags and other entity tags in the real world with the virtual world of the Internet through the underlying hardware platform using the RFID tags as the core, combined with the block chain technology delivering value and constructing trust, to achieve the real interconnection of all things. …
The whole system of the Value Internet of Things can be divided into two parts: hardware and software Hardware [Here the paper describes in great detail the history, tech advancement (mentions Impinj's R2000) and progress in cost reduction of RFID and UHF RFID technology, concluding:]
But the existing RFID chip industry cannot meet the development of Internet of Things applications, especially applications for the Value Internet of Things: there are few options available while the prices are high; the transmission power and stability need to be improved; the reception sensitivity is low, the anti-interference ability is poor and the transmission power is low. In addition, the existing RFID ICs have many problems such as high power consumption, poor matching with antenna and difficult system integration, etc. So despite huge progress RFID is still not ready (for reasons of cost and efficiency) for VIoT. What are we going to do? Make our own Walton Hardware
The project [Walton]
includes RFID tag IC and reader IC suitable for block chain technology applications. The ICs are characterized by integrated elliptic curve and decryption acceleration module based on the existing RFID technology, and a communication interface protocol suitable for block-chain technology applications. The implementation of the project will promote the application of block chain technology in the Internet of Things, to solve the following problems in the current application of block chain technology:
1) Each tag does not need to store node data, only need to be responsible for signature verification;
2) Tags automatically generate random public keys and private keys, to ensure the security of Internet of Things applications, to ensure that the tag is unique, non-forgery and tamper-proof;
3) Can reduce the amount of information stored, to solve the problem of large amount of data of block chain overloaded in the Internet of Things applications;
4) To solve the problem of slow encryption and decryption in asymmetric encryption technology;
5) To truly achieve the decentralization of property management and asset management, etc., so that the data will be tamper-proof. …
The project’s IC design has the following significant advantages:
1) High security: The chip integrates asymmetric random password pair generation logic, uses a core asymmetric encryption algorithm with independent intellectual property rights and an optimized design without increasing the cost and power consumption of the chip, enabling higher communication security;
2) Optimized anti - collision design: The chip uses a binary tree anti - collision algorithm with independent intellectual property rights and a time division multiple access design, significantly improving the tag recognition success rate and the number of identifiable labels at the same time;
3)High sensitivity: The chip uses an optimized noise suppression technology to improve the noise figure at the receiving end and the overall receiver sensitivity, which plays an important role in increasing the recognition success rate; these advantages enable the chip to have a greater advantage in the application in Internet of Things.
4) Good compatibility: The chip can achieve high-frequency and ultra-high frequency functions at the same time, the end customer can read the information through the smart phone and inquire about reliable product information. Structure of Waltonchain
The Walton ecosystem uses an overall structure including the parent chain and the sub chains (or child chains) where the parent chain is waltonchain and the token used for circulation and payment is called Waltoncoin The Walton ecosystem uses an overall structure including the parent chain and the sub chains (or child chains) where the parent chain is waltonchain and the token used for circulation and payment is called Waltoncoin. During the 1.0 stage of the project, the parent chain – waltonchain is used to open up the complete supply chain system of the apparel industry including production, logistics, warehousing and stores. Theoretically, there can be infinite number of sub chains, for example, the recognizers of the production workshop used to monitor the quality of the product can be used as nodes of production sub chains*, and the production workshops of a variety of brands together constitute the production sub chain; for another example, the stores of a variety of apparel brands can constitute the sales sub chain. [So RFID receivers can act as nodes on the sub chain]
The Waltonchain platform uses a hierarchical structure, including the bottom layer, core layer, middle layer and application layer Walton Parent Chain
The Walton Parent Chain is the main chain of the Walton block chain, starting from the Walton Genesis Block, which provides a wealth of functions including but not limited to Walton Coin (WTC) transaction management, sub chain management, smart contract, alias and account control, etc.
1) transaction management
A total of 100 million of WTCs are issued, created in the genesis block and assigned to each account in accordance with established program; the total amount of WTCs in the subsequent transactions remains the same. Through the decentralized network, more accounts will be created through the nodes, and a lot of WTC transactions will also be carried out between the accounts. Every 60 seconds, the transaction during the current period will be recorded to the block, linked to the previous block, forming the Walton parent chain as the public ledger of WTC transactions stored dispersedly in nodes in the network to ensure the safety and reliability of transaction data.
2) sub chain management
Another major function of Walton parent chain is the management of sub-chain which can be created by any account at any time after the parent chain runs. The creator can customize the detail functions of the sub-chain and specific information of the sub-chain tokens. These custom information form the data structure describing the sub-chain, which is recorded in the block of the current period by the accounting nodes in a way similar to the WTC transaction record. So far this sub chain will be used as a separate block chain, recording the transactions of the sub- chain tokens. Since the WTC transactions are only recorded in the parent chain, the parent chain runs independently of the sub chain. The nodes running on the parent chain only need to save the parent chain data to conduct consensus and validation of WTC transaction blocks. This flexible creation mechanism of WTC sub chain makes the sub chain scalable, the state of the sub-chain has no effect on the completeness and safety of the parent chain; except for the description information recording the sub chain, the number of sub-chains will not increase the size of the parent chain
3) smart contract
In the system architecture of the Walton block chain, the smart contract based on its programmable features is responsible for building the underlying logic platform and supporting the upper architecture running of core layer, middle layer, and application layer, which is the cornerstone of the Walton chain to develop a wider range of custom applications.
Smart contract technology is developed by Ethereum and has been applied in the electronic token release, electronic crowd-funding, electronic contracts, electronic equity distribution and other fields. The Walton block chain technology defines two types of account concepts: one is the general account storing the tokens; the other is the smart contract account storing smart contract procedures. When a transaction is sent to the smart contract account address, the corresponding smart contract procedure will be triggered and implemented. The procedure will use the data of the transaction received, the data stored in this account and the current block status data as input data, perform the customized operations, make a transaction request, modify the account status data and execute other result behaviors.
4) other functions
Decentralized asset transactions: supporting the decentralized asset transactions of the parent chain WTCs and sub chain coins; Decentralized grading system: grading according to the performance of the account nodes’ trading behaviors such as mortgage; Decentralized alias system: facilitating the realization of the transactions by alias; Account control; Voting system; Cross currency transactions; Walton Sub Chain
1) Sub-chain functional features When creating the sub chain, the sub chain can be customized to support all the functional features of the parent chain, or can be limited to certain functional features to achieve the customization of the appropriate features. Support custom features mainly include sub chain token transactions, sub-chain token and parent chain token transactions, cross sub chain token transactions, smart contracts, aliases, voting system, account control, instant messaging, and data storage.
2) Sub-chain token transactions By customization, the sub chain can support sub-chain native token transactions, sub-chain token and parent chain token transactions and cross sub chain token transactions. When a cross token transaction is made, the holder of the token makes a transaction request, the transaction request information contains the transaction type (buy or sell), the local token type, the target token type, transaction price and the number of transaction tokens; then the Walton protocol will match the buy and sell transactions in a decentralized way, which is open, fair, reliable, and traceable compared to the traditional trading centers. Block Structure
The Walton Block can contain up to 255 transaction records Consensus Mechanism
1) PoST Consensus mechanism
The Walton parent chain conducts block consensus and validation based on the Proof of Stake & Trust (PoST) consensus mechanism. PoST is an innovative updated version based on the Proof of Stake (PoS) consensus mechanism. …
Walton constructed an innovative node reputation evaluation system which added a node reputation mechanism to adjust the difficulty of coinage based on PoS, to highlight the importance of reputation in business ecology, and creatively designed the PoST consensus mechanism. This consensus mechanism brings two positive effects: first, based on the commercial credit link of a combination of Walton block chain and RFID, it can further promote and train the integrity behaviors of the involved nodes through the information evaluation mechanism, for example, keeping good credit record in credit mortgage and other transactions, to cultivate a healthy business ecology; second, it provides an upgraded selection mechanism to choose more honest “high quality” nodes as coinage nodes, improving the security of the block chain.
2) Other consensus mechanisms The flexible structure of Walton block chain determines that the sub chains can choose PoS, PoST or other consensus mechanisms
to achieve the optimal application effect in different application scenarios. By issuing different sub chains, Walton connects different types of Internet of Things nodes to apply to various scenarios in the business ecology. Due to the diversity of the Internet of Things, sometimes the Internet of Things needs a large number of nodes online at the same time, which is quite different from the Internet, so we propose an innovative solution which sets the consensus mechanism flexibly based on the different application scenarios, to meet different application requirements. Byte Fee Allocation
The byte fee is the source power driving the block chain to account, as the accounting node performs block calculation and consensus verification to obtain the byte fee; the node needs to pay the transaction surcharge to initiate the token transaction and the sub chain creation.
1) The allocation of byte fee of token trading The Walton chain supports the parent chain token transactions, sub chain token transactions and cross chain token transactions; when dealing with various types of token transactions, the transaction initiation nodes need to pay the byte fee with the parent chain tokens.
This can make the parent chain token become the single token used as the reward token of the parent chain accounting node and the sub chain accounting node, finally achieving the following two positive effects.
First, the parent chain and each sub-chain can share the accounting nodes in the network to the maximum, so that the accounting nodes will freely choose different parent chain and sub-chain based on the profit efficiency, without fear of inconvenient exchange of multiple tokens byte fees, which is beneficial to the reasonable allocation of the node resources; and for some of the sub chains in the early stages of the establishment, there is no need to worry about the problem of insufficient accounting nodes, because they can share the accounting nodes of the parent chain and other sub chains.
Second, when more sub chains are created and the sub chain transactions become more and more frequent, the demand for the parent chain tokens which are used as the currency to pay for byte fees will rise; since the number of the parent chain tokens remains the same, the value of each parent chain token will increase. As a result, the nodes holding the parent chain tokens will gain dividends from sub-chain development as the number of the sub chains and transactions increases.
2) The allocation of byte fee of sub chain creation
The Walton parent chain supports the creation of sub chains. When creating a sub chain, the account that creates the nodes needs to pay the byte fee with parent chain tokens, to prevent the malicious creation of a large number of sub chains. Writing the block containing the description of this sub chain into the accounting node of the block chain will obtain the parent chain tokens as a reward. Waltoncoin's Main Functions
1) Issuing sub chains
2) Dividend interest
3) Credit and mortgage system
4) Distributed asset exchange
5) Distributed voting and governance system
All the coins on the sub chains can be traded in the decentralized exchange on the parent chain, where the digital currency used to act as an intermediary is WTC.
Of course, only some of the core functions of WTC are mentioned above. WTC has more functions and as the project progresses, the Walton team will give WTC more advanced features. edited TL;DR - There are a great many remarkable and innovative features in WTC. A synergy between software and custom RFID tech is implemented to usher in the age of VIoT. To scale this solution a remarkably flexible system of sub-chains has been created. Sub-chains can interact with the parent chain or not, can interact with other sub-chains or not, add no extra load to the parent chain yet can be verified, partly verified or not verified at all by the parent chain. Sub-chains can also use ANY consenus mechanism they wish to, even perhaps an IOA tangle? Sub-chains interoperate (cross-chain exchanges) and can be set up as sets within sets (master nodes and child nodes) in order to compartmentalize the various processes in industry and business. WTC has borrowed from Ethereum (or been inspired by) and runs smart contracts. It is not clear if WTC runs the Ethereum EVM or not. What is clear though is that it has only borrowed from Ethereum what it required in order to implement its own totally innovative and ORIGINAL solution and blockchain technologies (sub-chains, custom hardware, innotvative consensus (PoST), and a different structure to its protocol and ecosystem)
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