Waltonchain, who’s name derives from Charlie Walton who invented the RFID chip, is a blockchain aimed at creating a decentralized network for RFID chips. With this WTC wants to create a new version of the Internet of Things that said the Value Internet of Things. Where not only agreed and approved networks can make use of the current RFID technology.
RFID are becoming increasingly popular in recent years. We now see them in identification and card payments. It is expected that the RFID technology will replace barcodes in the coming years.
There is currently no way to buy WTC directly. So the only way to buy WTC is to purchase BTC to use on an exchange, and then switch it to WTC.
Step 1: Choose Your Trading Platform
Firstly you will need to decide on your cryptocurrency trading platform and create an account there. The choice of platform isn’t very important as a beginner, what really matters is a trading platform that you are comfortable using..
Choose one of these platforms and complete the follow steps to get started:
Go to Binance and create a new account if you do not already have one.
Once your account has been confirmed, log in to your Binance account and click on funds at the top right, then “Deposits Withdrawal”.
Look in the “Bitcoin” list and click the Bitcoin deposit button. Then a series of numbers appears in the “BTC Deposit Address:” field. You must copy this series for the next step. This is your bitcoin wallet address.
STEP 2: BUY BTC
The second step is to get your Bitcoin, you can do that at a broker such as BTCdirect .
If you’re buying BTC for the first time from these brokers, you will be asked to confirm your bank account.
Upon payment you will be asked to enter a bitcoin address. You must fill in the address that you have copied at Binance.
STEP 3: WAIT UNTIL YOUR BTC HAS ARRIVED
Once you have purchased Bitcoin and entered the correct BTC deposit address with the payment, you have to wait until the BTC arrives in your wallet.
This process can take up to ½ hour, so don’t worry if it’s not immediately visible on the exchange.
STEP 4: BUY WTC
Once your Bitcoin has arrived at your trading platform, it’s time to buy some WTC.
Go to the Binance trading exchange (click the top left on exchange and choose Basic) and use the search function within BTC Markets to find the WTC/BTC trade.
Once on the WTC/BTC trade page you can look in the left box marked with Buy WTC. Here you can decide how much WTC you want to buy using your Bitcoin.
If you then press Buy WTC your order will be placed. When the order is filled you will see your number of WTC on the right-hand box or on your balance page.
Congratulations you’re now the proud owner of WTC.
What is Waltonchain
Waltonchain (WTC) is a Chinese project that focuses on “tracking” physical objects using a blockchain and RFID technology. By placing an RFID chip in, for example, clothing or your mobile phone, you are able to see with Walton where the object is located in the world. All that without needing a manual scan!
One of Waltonchain’s applications is in the clothing industry. An RFID chip can be placed in every piece of clothing. It is then possible to easily follow the garment from department store to shop. This information can be used in many ways such as optimizing the fabrication process, improvements within the transport, but also improvements / adjustments based on the wishes of the customer.
WHAT ARE RFID CHIPS
RFID or Radio-frequency identification are small chips that are about the size of a grain of rice. Due to the chip’s incredible small size, it has been used more often in recent years as a replacement for barcodes. What is the big advantage compared to barcodes? An RFID chip can be read by a sensor that is close to the chip. The chip itself does not have to be visible as opposed to barcodes, and is easy to read through objects. In other words, you do not have to place the code correctly and scan it. This makes the process of following and tracking goods much easier.
We have seen this piece of technology appear in large distribution centers and other department stores in recent years, but it will not be long before it will be used in the store too! All part of the IoT (= Internet of Things). The goal of linking physical objects to the internet.
WHERE WALTONCHAIN COMES INTO PLAY
The current IoT model brings many benefits, but also has a major disadvantage. The disadvantage is that the interaction within the network only occurs with verified and pre-approved parties. In short, it is not an open system.
Waltonchain wants to introduce a new model of the IoT that they call VIoT (= Value Internet of Things). This new model is built above the current model and uses blockchain technology to make the network open and free. RFID chips and the RFID chip readers are included in the Waltonchain blockchain. The RFID chip itself is connected to the blockchain, while the RFID reader will work as a Node within the network.