Waltonchain March AMA Part 1
1. Q: Waltonchain RFID chips can upload data to the blockchain directly, without using API to coordinate serialization. It’s not clear how the process differs from competitor solutions or why it has an advantage. Can you explain this process in a little more depth?
A: Waltonchain adopts a solution integrating software and hardware. RFID reader serves as a node, the read data can be directly uploaded to the blockchain through it. This increases the processing efficiency and can meet the practical application requirements better.
2. Q: I understand Silictec will produce the Waltonchain RFID chips. What advantage or benefit does in-house production of RFID chips have for Waltonchain, and will Waltonchain ever outsource the production of RFID chips?
A: Being the Waltonchain’s technical support party, Silictec is strong in RFID chip R&D. They develop their own chip design, but the chip production is carried out by a foundry plant. Having the ability to research, design and create our own chips ensures that the Waltonchain team controls the core technology; we protect the growth and development of Waltonchain. What concerns Waltonchain system customization, we can optimize its performance and make the Waltonchain system more stable and reliable.
3. Q: Where specifically during the in-house production process of RFID chips does the main cost saving occurs compared to larger and more established chip manufacturers? We understand there are a variety of different chips, so I assume they would be priced differently, but is it possible to get the passive RFID chips down to 5c or less without outsourcing?
A: The memory cell design of our RFID chip has been optimized to reduce chip size and therefore reduce the cost. At present, our tag chip can be produced for below 5 cents.
4. Q: What advantage do Waltonchain Smart Stores running off RFID technology have against Smart Stores such as AmazonGO, which use a combination of AI, high quality cameras, and sensors to achieve big data collection?
A: Since we use the RFID technology, we have such advantages as low cost, batch processing, wide identification range etc.
5. Q: After a consumer purchases a product that contains a Waltonchain RFID chip, will they be able to disable the chip and re-enable it at a later date?
A: Our RFID chips integrate the encryption logic, so users cannot rewrite the critical data. The core area of an RFID tag responsible for identity recognition cannot be modified; this ensures tag uniqueness. Users are only permitted to rewrite the user area that provides additional information. We can provide customers with solutions customized to their requirements. In order to achieve the problem of not being tracked, the relevant reader settings can be applied.
6. Q: What specific sensors has Waltonchain developed and what is in the pipeline for the future?
A: Our current focus is on the development of Infrared Receiver chips and RFID chips. The pipeline for future might include development of gesture recognition sensors, PM 2.5 detection air purity sensors etc.
7. Q: What are the specific features unique to the Waltonchain RFID chip that have been successfully patented and cannot be copied by competitors? Is there any public website which would let investors view these patents directly?
A: The Waltonchain RFID chip integrates a proprietary, genuine random number generator and an asymmetric encryption logic and hardware signature circuit, all of which are patent-protected. Public information on the relevant patents can be found on the website of the National Intellectual Property Office
8. Q: What part does NIDS play in the overall project?
A: NIDS is a partner of Waltonchain for Smart City technology. NIDS is a leader in Smart City sensor technologies, such as air and water detection. We cooperate with NIDS on Smart City projects and this will promote the development of Waltonchain in smart cities. Please stay tuned for further news.
9. Q: It was previously stated that Waltonchain RFID chips can last 20+ years. What about the sensors? Will they need to change batteries?
A: When Waltonchain’s RFID chip is undamaged, it can be used for more than 20 years. The life span of sensors will vary depending on use case. Whether the battery has to be replaced depends on the sensor type, usage environment and application scenario.
10. Q: How does NB-IoT / LoRa fit in with RFID and the Waltonchain hardware solution?
A: NB-IoT / LoRa are used for data transmission and remote control. They can match the RFID and Waltonchain perfectly to form a complete application system solution. RFID serves as a data sensing layer, NB-IoT / LoRa serve as a data transmission and network layer, so they can be a part of the Waltonchain system.
1. Q: Will companies be able to create a child chain on a child chain?
A: If needed, we can help them implement hierarchical child chains.
2. Q: How will interested partners acquire their WTC tokens? Will interested parties purchase WTC tokens on the open market? Or will you be selling them directly at a cost under the market price?
a). WTC has entered 12 trading platforms and investors are free to buy it. At present, there is no open mining. After the start of open mining, we welcome everybody to participate and receive token rewards.
b). We welcome all interested parties to get in touch with us (firstname.lastname@example.org). We can provide relevant cooperation on projects and successful partners will receive corresponding WTC compensation on a case by case basis.
c). Before the tokens of WTC entered exchanges, their use was clearly stipulated. The team will not sell WTC.
3. Q: What is the maximum number of child chains possible on the Waltonchain?
A: The Waltonchain serves as the main net, and its purpose is to provide the worldwide infrastructure of blockchain + IoT. We are building a cross-industry, cross-data sharing platform. In principle, Waltonchain can allow child chain creation in any blockchain + IoT field, and any business and person from the related field can create child chains on our chain or obtain technical support from us. As for the actual number of child chains possible on the Waltonchain, in theory, there is no limit. Scalability is effectively solved with the Waltonchain.
4. Q: Will the network get congested or blocked if someone launches a ‘Crypto Kitties’ type dApp?
A: Any blockchain network will be congested if its users are willing to spend high fees on high-frequency and large-scale transactions. However, after the Waltonchain starts operation as a public chain and independently developed user applications (such as CryptoKitties) and the applications that Waltonchain will launch itself (for instance, the clothing industry one) will run on the Waltonchain, we can ensure that the applications launched by Waltonchain itself will not have any congestion problems.
5. Q: Is the sensor data stored in the child chains, or in a separate system off the blockchain altogether? Is it only the hash values that are stored on the Parent Chain?
A: The sensor data can be stored directly in the child chains, and it can also be stored in a system independent of the blockchain. The data is not just a hash value stored on the main net.
6. Q: How do smart cities intend on utilizing the Waltonchain token, and how much transaction value can we expect these smart cities to add to the blockchain ecosystem?
A: Smart city projects cover all aspects of people’s lives and involve multiple industrial consumption scenarios. Any application scenarios that require data uploading to the chain or project communication need to use child chain tokens or WTC pairing. Therefore, after the implementation of smart cities the application of WTC will be very vast, and the transaction frequency and demand for it will also be very high. We believe that establishment of smart cities will greatly increase the transaction value of WTC.
7. Q: What is the highest observed TPS so far on a single chain, and what is the highest observed TPS so far across all the functioning parent and child chains combined?
A: Currently, while performing transactions, the transaction rate is similar to that of Ethereum. During experiments with data management and data query verification on child chains, the speed reached one hundred transactions per second. In the future, as the size of the network and the number of nodes change, we will continue to optimize the technology.
8. Q: What is the highest theoretical TPS of the Waltonchain network?
A: TPS is related to the size of the network and the number of nodes, and due to the scalable nature of the Waltonchain parent child chain structure, the theoretical peak of the total Waltonchain network TPS simply cannot be calculated. It is a more complex exercise than calculating the parent chain TPS and multiplying this with each child chain TPS.
9. Q: Can child chains function as private, independent chains without their data or security being compromised? Also, to what extent can a child chain be opened anonymously? Will the Waltonchain blockchain be open to anyone?
A: Child chains are implemented according to industry. They are not necessarily public chains. The development of child chains depends on the desires of the data rights holders. Waltonchain’s main net is a public chain open to everyone.
10. Q: When will the token swap take place?
A: We believe the best time for the token swap will be after the main net and wallet are officially launched and after we have had a chance to address initial launch feedback.
11. Q: Does anyone (individual parties/independent contributors/companies/government) outside of Waltonchain itself already have access to the primary code that is currently developed towards mainnet release?
A: Waltonchain decided not to make the primary code public before we reach the stable operation and a certain number of users after the launch of the main net and wallet.
12. Q: What programming language will be used for smart contracts? If this is Solidity, do you plan to expand this to other languages?
A: Solidity, which is compatible with Ethereum. Child chains can support different languages, for instance GO.
13. Q: As child chains can use any consensus mechanism, could a child chain be based on (for example) Stellar ledger or even non-blockchain platforms (DAG) such as IOTA?
A: Child chains can use any main net technologies and consensus mechanisms. At present, implementation-oriented R&D and applications have been tested using the architecture and mechanisms similar to those of Bitcoin and hyperledger. In the future, other child chain applications will choose whether to utilize DAG basing on specific application scenarios.
14. Q: When and how many of the angel investors’ 5 million coins be released into circulation?
A: The 5 million coins are possessed by the angel investors, and the lock-up period lasts for one year. The angel investors can decide on the time of release for circulation on their own.
1. Q: In the last progress report, we were told that 7 of 13 patents have been filed. Where can we publicly view the 7 successfully filed patents?
A: Publicly disclosed patent information can be viewed on the website of China’s State Intellectual Property Office.
2. Q: If a competitor were to enter the market and violate one of Waltonchain’s patents, what process ensues to ensure that the patent remains respected?
A: The Waltonchain legal department will send a letter to the corresponding infringing unit or individual and order the infringer to immediately stop the infringing act. We will also take legal actions to hold the infringer legally and financially liable according to the infringement severity.
3. Q: If the other 6 patents being filed run into some problems during the patenting process, will the Waltonchain project be exposed to any significant risks? We highly regard the patents as a strong competitive advantage.
A: There will be no risks. Our patent specialists are analyzing and researching patents to establish the complete patent layout in the technical areas relevant to Waltonchain. Protection of intellectual property rights is of utmost importance to us.