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Waltonchain - August Q&A

Waltonchain Tech
August 14th, 2018 · 8 min read

Waltonchain August Community Live AMA Official Release

The Waltonchain team has recently held a Community Live AMA in the official Telegram channel. Our COO Monitor Chan and VP Yang Feng were warmly welcomed by community members and were pleased to answer some of the key questions the community has been paying attention to recently. We listen to the voice of our community and strive to keep our global supporters’ best interest at heart. The Waltonchain team will hold more AMAs like this to maintain active communication with our supporters. Thank you for your continuous support for Waltonchain!

In a future when smart cities are the norm, how likely is it that I’ll be able to pay for food, rent and all my living expenses only using WTC tokens?

The IoT industry opens up plenty of opportunities in optimization, smart cities/industries, automation, intelligent manufacturing, asset management, to name a few. These opportunities would shift industries into an on-demand service model, change the way customers are served — and in return create new revenue models.

There could be a possibility of using WTC as a currency, depending on the ecosystem itself. We have big aspirations for the Waltonchain ecosystem! The future belongs to those who believe in the beauty of their dreams.

We recently held the first unofficial WTC NYC meetup and it turned out great. Just curious about what the WTC team thinks about these local initiatives and if you encourage them to continue?

This is great! We welcome these events! We believe in the power of the community and welcome suggestions for future meetups.

As Waltonchain’s vision is to bring the concept of VIoT + Blockchain to a global scale, being a part of a strong community is a powerful way for strong relationships to be built. This social connection can be developed further over time and help everyone understand the Waltonchain vision.

Our China-based meetups have helped develop a basic understanding of blockchain, IoT and the idea of how Waltonchain tech and products can change people’s lives. Previously, we have also given Waltonchain branded merchandize to thank our supporters, and will look forward to doing the same for our global community!

Do you have any more details regarding staking rewards for holders?

We will release the details before the token swap! More details will be provided in due course, prior to token swap.

Are GMN Levels with lower mining difficulty still planned? If so what does the Walton team intent to do against mining pools that would obviously only focus around GMNs as they would have a clear advantage over normal MNs?

Our algorithm provides lower difficulty according to the hash power + mining address balance, so GMNs’ difficulty will be lower than that of a simple miner. This will be implemented once child chains are synced to the parent chain.

We will also provide a solution to make mining conditions fair.

Any news on South Korean new exchange listing?

Due to NDA we are unable to give a timeframe for listing on any top 3 Korean exchange. But please rest assured, it WILL happen. After all, we have established the first Korean government-licensed blockchain research institute.

Are you guys planning on getting WTC officially supported for the Nano Ledger S after Token Swap?

Currently, we are developing our own hardware wallet which will best suit Waltonchain’s mainnet. We also understand that many users from the community are already using the existing hardware wallets available in the market. We are in contact with the manufacturers to apply for their software so that it is compatible with the mainnet.

Is there a timeline for the new whitepaper?

After our whitepaper was turned into a work of art last year, we got feedback that although it is very technical, it also requires a more general overview as well as further technical information in certain areas. We will announce the new whitepaper by early September.

To give a sneak preview, the next iteration of the whitepaper expands on the intricacies of Waltonchain’s grand plan ;

To enable a world where IoT + blockchain solutions work in harmony with industries, to alleviate the pain points and streamline the entire economic model.

We will also highlight and inform readers about complex issues faced in other key industries, present our philosophy on the matter, which provides a new, improved solution to industry-wide business problems. This version of the whitepaper will generate leads, build mind share and inform stakeholders, providing the current and potential investors with trust and credibility.

We are certain our new whitepaper will please both existing supporters and those seeking to learn more and invest in the future of IoT.

Will Waltonchain launch a special program in the future to accommodate and incentivise small investors? For example, a mini node that has a lowered entry rate like 500~1000wtcs. I’m sure that this will be VERY popular in the community.

Thank you for the feedback. We have taken your suggestion and will discuss it internally to provide the best way to incentivise investors, no matter how big or small.

However, for now, to have a node you still need 5000 WTC in an ERC-20-compatible wallet. These investors will have many child chain token airdrops to look forward to as a token of appreciation from Waltonchain.

Regarding mining. There has been a lot of “community hacks” to get arround the team’s restrictions, such as single-cpu, the cpu-only promise, nonce hacking, cpu blottlenecking and on and on. When the actual mainnet goes live, are you going to build on to the existing chain or is there going to be a chain reset, a need for mass update of the miners and to ensure that the nodes are solid? I expect this type of project to be very dependent on the robustness of the chain and the work the miners to support the transacions and the childchain support

Mining is developed according to the following stages: single-CPU — single-GPU — multi-CPU — multi-GPU — FPGA — ASIC. These events do not undermine the mainnet security and efficiency. The parent-child chain structure is also secure. We will also initiate a bug bounty program for more technical supporters.

A very good day to honorary Monitor Chan & Yang Feng and moderators, do you have an estimated dateline on the token swap? sorry if this question has been asked before. Our group would be interested to know a little more on this as we are planning to invest more in WTC.

We know this question has been asked by the community many times! We hear you and we know your concern. This is a very important step for the Waltonchain ecosystem, so we need to make a serious decision on this issue. We need to make sufficient analysis, as token swap is concerning the safety, integrity and functionality of the entire ecosystem, so we would much rather get it right than rush. Also, we are currently developing and testing the multi-child-chain architecture in order to make the cross-chain system work properly.

Token swap phase 1 will be conducted when the 200,000th block is mined. We will take a snapshot of the mining addresses which received mining rewards of 50 or more WTCT. Waltonchain Foundation will send the equivalent WTC to the miners’ ERC20 WTC addresses. This phase 1 will not change the mining reward for GMNs & MNs. The reward will change when the token swap is fully completed. The +1 reward for GMNs will occur on the official final token swap, i.e. once child chains are synced to the mainnet.

Will you open source before the token swap?

Yes, we will open source before token swap is fully completed.

Most MNs are barely incentivised to HODL the coin, unlike with the GMNs that get a passive income in form of an airdrop and 4 WTC/block (for now) mined. Will their situation be improved and what possible solutions would the team have in mind for those people?

A: GMNs and MNs will receive child chain token airdrops in the future! Don’t forget we have 50 child chains on the way! GMNs and MNs will always be rewarded higher than non-MN holders, but we will also make sure those with a balance of 100+ WTC will also receive child chain token airdrops.

I understand how Silictech could benefit from selling hardware to competing platforms, but wouldn’t that be detrimental to the Waltonchain’s ecosystem?

We are providing our hardware technology support such as RFID chips, sensors and systems to our partners. It’s possible to have them as our child chains in the future. Throughout the Waltonchain ecosystem, all hardware developed and sold is to benefit the ecosystem at a grand scale.

How will each hardware RFID scan consume WTC if child-chain transactions consume child-chain tokens? Will Walton hardware always write RFID scans directly to the Walton motherchain? Or will each hardware RFID scan actually consume a small amount of child-chain tokens rather than WTC?

WTC tokens are used for:

  • Writing hash values, or ‘digital fingerprints,’ from child chains to the Waltonchain parent chain. This is one of the purposes of the parent chain  – to ‘sync’ all child chains.
  • Accessing data/information from child chains. Every cross-child-chain interaction will also consume WTC.
  • Creation of child chains.

Could you describe more of the value of WTC relating to the Waltonchain?

During transactions on child chains, the fees are collected in child chain tokens. During transactions on the parent chain — in WTC. When the ecosystem is established, numerous cross-chain application services blooming in the ecosystem will create big demand for WTC and will be paid in WTC. Please look out for our whitepaper for a more thorough explanation.

What’s the core focus of Waltonchain right now?

We are focusing on the development of our child chain applications and blockchain industry standardisation.

We participate in blockchain standardization on the national level and are committed to ensure that our foundation is properly laid out by setting high standards, developing and committing to the National Trade and Industry practices.

For example, the signing of a partnership agreement with KSA, a public entity under the South Korea’s Ministry of Trade, Industry and Energy, and recent participation in national standardization of the blockchain technology in China complies with the industry development of both China and Korea and serves as a benchmark for others. This in return builds trust in our brand. This regulatory framework will also build confidence among all our existing and future clients.

We believe that the strength of a tree lies in its roots and not in its branches. A tree must develop deep roots in order to grow strong and produce its beauty.

The current website & explorer are arguably offering a poor user experience compared to web standards. For instance, the current explorer had (or still has) an incomplete web miner which may have confused many and the main website is quite impractical to navigate (especially the timeline). Could you explain why?

We know our website presents our performance and new ideas. We are redesigning the official website and I’m sure you will see a brand-new website very soon!

The website is presumed to be the face of a business. For many consumers, what they see and experience on the website directly influences the decision making process. We are in the process of redesigning the official website that is visually pleasing, easy to navigate and hopefully has all the details required to answer a consumer’s question.

Apart from the usual content, we will also design a page for updates on our products and services as well as related news. Articles could be from us, or the community and could include community meetups and sharing sessions. Posting answers to questions from the community in a blog is also in discussion. This allows content updating and keeps the community up to date on Waltonchain’s progress towards a leading IoT + Blockchain provider.

Will there be a way to be able to move a GMN address in the future for security reasons?

Currently, if you change the address, you will lose the GMN status. We will develop a hardware wallet to help users transfer their GMNs.

With regards to Western Marketing, are there any plans to address this?

We are in talks with some leading western marketing companies and expect to come up with an initiative to manage and expand our social media channels, brand awareness and overall investor base. The companies we are in discussions with are experts in blockchain, cryptocurrencies and digital marketing. The initiative should reach influencers, including leading investment and business-related publishers, the larger overall social arena, and impact both B2B and B2C segments. This is a first for Waltonchain and it shall result in an influx of new western investors, both retail and institutional, as well as new western business prospects, as they are introduced to Waltonchain’s global vision and industry leading VIoT blockchain solutions.

Source (Medium)

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