Waltonchain Aims To Be The Amalgamation Of Qualcomm and Cisco For The Blockchain Industry
Waltonchain is a decentralized platform combining blockchain with the Internet of Things (IoT) via RFID technology. Their blockchain is implemented in the foundational layer, through their unique, patented RFID chips, which are able to read and write directly to the blockchain, creating a genuine, trustworthy, and traceable business ecosystem, with complete data sharing and absolute information transparency.
In an interview with Waltonchain’s CEO Mo Bing, he addressed many questions surrounding its competitors, its place in the blockchain ecosystem, the roadmap for the company, shared economy and much more.
Talking about competitors Bing said that IOTA has innovation, but Waltonchain’s advantages are in the ‘software + hardware’ combination.
Mo Bing was the Technical Director and an expert in integrated circuits at Korea University. He has more than ten years of experience in the chip industry. Therefore, when he created Waltonchain, he actually did a direct ‘blockchain +’ transformation. As the company has very strong ‘chip genes,’ some foreign netizens have labeled it ‘Qualcomm,’ as both make chips.
Bing is a huge believer in a shared economy which he aims to achieve through technological advancement. In a blockchain-involved shared society, the additional cost is not a major problem. What is more important is how to use data in a more civilized way.
He went ahead and said: “Data is one example. Data collection may not be charged by the company; instead, it is determined by the user who buys the company’s products. Still, the company can make a profit from hardware, chips and various ‘blockchain +’ smart sensors. In this way, we can become the blockchain industry unicorn.”
He added: “I ended up giving us the definition of ‘Qualcomm + Cisco’ because our chips will enter the sensor field. The key thing is that data would not be directly manipulated. It is directly at the sensor side that a part of data is passed to your centralized server. Another part is sent to the blockchain, and I can use a data mark, or ‘digital fingerprint’ of the data, to verify the data’s authenticity. As long as your data is not changed, we can endorse you.”
Therefore, once Waltonchain completes the “Qualcomm + Cisco” stage, the big data generated using the underlying technology of Waltonchain will be our key advantage. On this basis, Waltonchain will establish a huge blockchain database.
The Walton team has filed for 13 patents, 7 of which have been approved so far. The patents cover many inventions in chip design, but the main one of interest is the Transaction ID-reading RFID chip with memory storage. This allows the blockchain to be implemented in the Foundational layer through the RFIDs themselves. The chips can generate their own random ID hash within a secure Key Generation Center within the chip, and the hash along with the data are uploaded simultaneously to the blockchain via their RFID reader. This makes WaltonChain fully decentralized and secure.
Waltonchain is the 50th largest cryptocurrency currently but because of Bing’s vision and leadership, most people are bullish on it. It is expected that within 2 years they will enter top 10.