Waltonchain (WTC) Masternode Mining: Understand How It Works
Understanding Waltonchain Masternode
Waltonchain is a project that seeks to combined blockchain technology and RFID (radio frequency identification). This will allow massive improvements in supply chain management. Because supply-chain management is faced with stressful situations, such as the ability to verify and authenticate products as they progress along their supply chains, customers often obtain counterfeit goods. To fix this problem, Waltonchain proposes to utilize RFID technology and include RFID tags to be shipped with commodities and other products so that they can be tracked and logged correctly.
The ability to include blockchain technology will help to produce a decentralized ecosystem that Waltonchain refers to as the “Value Internet of Things” (VIoT). To obtain said goals by combining blockchain technology and RFID Waltonchain will felicitate both a Guardian Masternode and a Waltonchain Masternode.
The Waltonchain Masternode
The idea of a Waltonchain Masternode can be seen as a series of complete nodes that underpin a blockchains network. Of course, the purpose of a Masternode is to maintain a network. Managing a network can be done in several ways including enabling governed mechanisms, securing a network, and validating transactions.
A specific amount of funds are generally required as collateral to host a Masternode on a network. The purpose of putting up collateral helps to weed out those who wish to cheat or attack the system. Those individuals or companies that put up the collateral and have been proven to have poor character qualities who aim to scam the system will be penalized by having their collateral slashed.
The whole purpose of Waltonchain Masternode is to secure transactions that are made over the network. Every Masternode will receive an award for each block that is validated. The collateral that Waltonchain requires is 5,000 WTC to obtain a Masternode. Other requirements must be fulfilled to receive a Masternode.
To ensure real-time data tracking, each Masternode must be connected to the Internet. It is imperative that data in the Waltonchian network is transparent. While there is no set number of Masternodes within the ecosystem, existing Masternodes on the network can increase as long as each member agrees.
How Waltonchain Masternode Ecosystem Works
The way this platform works is simple, all goods that are produced are tagged with Waltonchain RFID technology. The Masternodes is set to be responsible for processing the information that is related to the product goods. The Masternodes are then rewarded in Waltoncoins as long as the amount of work or quality of work that is contributed is up to par by the company.
The warehouse is where products and goods that have been tagged with the Waltonchain's RFID technology are stored. The warehouse is seperated into three compartments or stages. First, there is the warehouse-in inspection where the items are tagged with the RFID tag. The second stage of Waltonchain ecosystem is to have the items stored in various locations tagged and ready to be shipped.
The third stage is the warehouse-out inspection which ensures each item is recorded as ready to go and then given the green light to be transported to the stores. At each step, the products that have been tagged with the RFID technology are recorded. Using the information, the Masternode's kick in and begin to form a block from the very beginning. The data collected enables perfect tracking from the moment the tag gets put on to the moment the product leaves the warehouse.
At this particular stage, Waltonchain Masternodes can then track the products adding on to the block of data that had been obtained in the warehouse. This ensures that the quality of the product leaving the warehouse remains intact while transporting it to the stores.
Once the product reaches the stores, it can now be purchased by the consumers. The way the Masternode's are involved is by recording not only the product information but also the customer information and other preferences to better ensure quality and service rendered. This will help to gauge the pulse of the consumer and hot items for the developing team.
The Guardian Masternode's represents the highest level of seniority. The incorporation of the Guardian into Waltonchain ecosystem was introduced on November 27, 2017. The function of the Guardian is to secure the network through proof-of-work (PoW) consensus algorithm. To qualify for a Guardian Masternode, one must put up collateral of 5,000 WTC.
Rewards are doled out for mining Guardian Masternode and are said to be higher than that of a regular Masternode. Those that hold a Guardian Masternodes also share a different pool of token rewards. There is a limit of 15 Guardian Masternodes on the network.