WaltonChain got its name from the inventor of the RFID chip, Charlie Walton. The RFID chip is a blockchain designed to create a decentralized network of RFID chips. WaltonChain (WTC) wants to create a new version of the Internet of Things, not to say the value of the Internet of Things.
RFID chips are becoming more popular, but why? In recent years we have seen an increase in such chips for identification cards and card payments. It is expected that RFID technology could even replace barcodes in future years.
How To Buy WTC
So you’re interested in buying WTC? Currently, there is no way to buy WTC directly with fiat, so the best way to buy WTC is to first purchase Ethereum, transfer it to your chosen trading platform and change it to WTC. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for WTC/ETH and confirm.
3. On the WTC/ETH trading section you can now choose how much WTC you want to buy with your Ether. Once you have chosen your amount, press Buy WTC and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of WTC.
What is Waltonchain
Waltonchain (WTC) is a project aimed at tracking objects by using a block chain using RFID technology. By adding RFID chips in your clothes or mobile phone, for example, you can use Walton to find out where these items are anywhere in the world. All without much searching!
A large area of application for WaltonChain’s application is mainly the clothing and apparel industry. An RFID chip can be sewn into any garment and, for example, track the coat from the warehouse to the shop. This information can be used in lots of different ways. As optimisation for manufacturing processes, transport processes but also improvements / adaptations according to the customer’s wishes.
RFID or radio frequency identification chips are so small, they are about the size of a grain of rice. Due to this small design, it has already been able to compete with the barcode in recent years. But what is the advantage over this compared to barcodes? An RFID chip can be read by a sensor near the chip. However, the chip itself doesn’t even have to be obviously placed on the item, such as a barcode. The chip can also be read through the clothing. It is also not necessary to spread it out so that it can be read out. This makes the scanning process much easier.
In recent years we have seen this technology appear in large distribution centres and other large department stores, but it won’t be long before it will also be used in retail. Everything as part of the Internet of Things (IoT). The goal is to connect all physical things to the Internet.
Where is The Waltonchain used?
The current IoT model has many advantages but also great disadvantages! The disadvantages are, for example, that communication only works with verified and previously agreed parties. In short, it is not an open system.
WaltonChain is trying to establish a new model of IoT, they call it VIoT (Value Internet of Things). This model builds on the current model and uses blockchain technology to make the network open and freely accessible. RFID chips and RFID chip readers are integrated in the block chain. The RFID chip itself is connected to the blockchain, while the RFID chip reader functions as a node in the network.