China – September 5, 2018 – After a year, Waltonchain releases White Paper V2.0 to update its latest achievement on WPoC mechanism and unveils a new concept: chain cluster.
With the development and maturity of the Internet, new technologies empower traditional industries faster than ever. The Internet thus comes to a turning point — the Internet of Things (IoT) era. However, with the development of the IoT, the problems such as insufficient data security and high cost of centralization in IoT areas have become increasingly prominent. Waltonchain first proposed the “Value Internet of things” concept, in the hope of empowering the IoT industry through blockchain technology.
In a blockchain ecosystem, people do not need to establish trust in advance to transact safely, because blockchain can perfectly solve the trust and equity issues in the virtual world of the Internet through the distributed ledger. Waltonchain introduced blockchain technology into the IoT to solve the centralization problems faced in the IoT development with a new idea.
In addition to the previous proposal of the Value Internet of Things (VIoT) in Waltonchian White Paper V1.0，Waltonchain White Paper V2.0 states more clearly about the concept including but not limited to features, upgrades, and improvements to various founding and achievement of Waltonchain. Waltonchain Whitepaper V2.0 is a periodic summary of the technologies and applications related to the innovative Value Internet of Things (VIoT). It indicates the updates of the Waltonchain parent chain to realize the multi-chain connection and data fusion. As the Waltonchain has evolved from Go Ethereum, it inherited its consensus mechanism and smart contracts.
However, to realize data circulation and value transfer, Waltonchain has to change its core features in the following aspects:
· WPoC (Waltonchain Proof of Contribution): The unique Waltonchain consensus mechanism. It is one of the important mechanisms to maintain the benign development of the Waltonchain ecosystem.
· PoL (Proof of Labor): The consensus mechanism for data transmission and token exchange between various parent chains, child chain and cross-child-chain nodes on the Waltonchain network. It brings additional incentives for data cross-chain proof of labor from Walton Chain Foundation according to workload.
· Smart Contracts with Data Customization Support: It is a number of smart contract libraries. It allows the smart contracts to be quickly queried, invoked, inherited and reused via the event function index. The relevant data is self-generated. In this way, the contract realizes the consistency, normalization, access and circulation of data.
· Chain Cluster: It is the second reorganization of ecosystem value. With data circulation, exchange and integration, an ecosystem naturally derived under the large public-chain ecosystem will inevitably appear. The White Paper 2.0 unveils the chain cluster concept. It can realize the second reorganization of value and enrich the whole ecosystem order so as to form a large ecosystem.
· Community research institutes
· Large community supermarket
· Small community college
As the first public chain in the industry to advocate for such data value specifications, Waltonchain (WTC) is committed to establishing a whole ecosystem of reliable, credible, extensible and portable data value blockchain in the field of IoT, striving to be an integrated service provider of data equipment manufacturing, data communication research and development and data service provision. The Waltonchain ecosystem framework has been applied to various business scenarios, such as collection authentication, high-end clothing identification, food & drug traceability and logistics tracking. Waltonchain uses a new IoT model to help traditional industries expand business models and product range, extend the value chain, improve operational efficiency and even reduce industry costs.
“We firmly believe that innovation creates value and blockchain helps us build trust. With equipment as the foundation, network as the bond, value as the center and data as the core, we build the blockchain + IoT (VIoT) ecosystem,” stated in Waltonchain White paper V2.0.
Waltonchain aims to lead humanity fully into a reliable digital life and to establish a benign-developed Internet of Everything (IoE) business ecosystem via blockchain technology. The Waltonchain ecosystem framework has been applied to various business scenarios closely related to our lives, such as collection authenticity, high-end luxury clothing identification, food & medicine traceability and logistics tracking.
Realization of strong consistency, multi-connectivity and accessibility is among the technological breakthroughs and innovations achieved by Waltonchain. On this basis, a reliable, trusted, reusable and sustainable system targeted at IoT applications and data circulation can be built by Waltonchain.
The white paper provides a detailed overview of the Waltonchain system and guides all friends interested in blockchain. The English, Chinese and Korean version can be found on official website of Waltonchain (https://www.waltonchain.org).
All feedback and suggestions from both our core Waltonchain community and the wider crypto/blockchain community will be sincerely appreciated by Waltonchain.