Waltonchain CEO Mo Bing: Building the Ecosystem, Not Saying Buzzwords | Exclusive Interview for CoinTime


Waltonchain CEO Mo Bing: Building the Ecosystem, Not Saying Buzzwords | Exclusive Interview for CoinTime

Most public chains are facing the embarrassment of elimination.

The past 2018 has been seen as the ‘Year One of Public Chains’ — a large number of public chains emerged, claiming to lead the Blockchain 3.0. They all had the same goal: to catch up with Ethereum and overtake it. Therefore, State Channel, side chains, child chains, Sharding and IPFS have been developed to solve the transaction speed and storage problems. However, after a year, not many testnets and mainnets went live. Most public chains with weak technology R&D are being eliminated. Among numerous public chains, Waltonchain has chosen a road of its own.

An ecosystem to link production, circulation and consumption

While most of the public chains are busy with mainnet launches and performance upgrades, Waltonchain — who focuses on traceability — released the ecosystem diagram. It serves as a roadmap based on the Value Internet of Things (VIoT).

“When we talk about building the ecosystem, we don’t say buzzwords to attract attention. We are working on an enormous and long-term goal. Take liquor industry for example. In order to connect the production, circulation and consumption links and trace the whole process — data uploaded to blockchain may come from different industries — we need the parent chain as the bottom layer. That’s why the focus of Waltonchain is ecosystem construction,” said Waltonchain CEO Mo Bing.

In the Waltonchain ecosystem, the parent chain is the cornerstone, the foundation of all operations. As the embodiment of value in the ecosystem, WTC serves to incentivize the participants and transfer value. Child chains process and carry data, and interconnect with one another on the parent chain using the cross-child-chain mechanism. The software + hardware combination forms a closed-loop system embracing links from production to consumption. After the infrastructure is built, real economy gets connected and customized solutions are provided.

In the view of Mo Bing, Waltonchain is different from public chains focusing on performance. The difference lies in public chain positioning. Performance is an important criterion for most application networks that plan to host DApps. However, if you pursuit performance blindly, you may not be able to achieve implementation.

Waltonchain has positioned itself first: it connects the physical world and blockchain data through hardware + software combination, and completes the process of rights authentication and anti-counterfeiting traceability. Waltonchain starts from clothing, agriculture, medical care and other industries closely related to people's lives, links the upper, middle and lower industry reaches, and finally forms a complete ecosystem.

The tamper protection nature provides blockchain with value organically. However, Mo Bing believes that many public chain projects focus on the network end and miss out the physical world. Although the Internet giants have created their own blockchains, they mostly lay the groundwork for existing applications. Therefore, they are relatively centralized, which makes it difficult to ensure the absolute data authenticity.

Waltonchain builds on its own advantages and uses sensor chips as the interface to upload data to blockchain. It perfectly eliminates the human factor and brings about the VIoT.

Technical Implementation

Generally, data in a blockchain + IoT ecosystem is also a simple ecosystem. Parts of the ecosystem are fragmented. Different domains build their own data ecosystem around their data, or build their own blockchain architecture. Even blockchains may adopt different structure and technical systems.

Regarding the data island phenomenon, the first task of Waltonchain is to connect data. Waltonchain utilizes integrated hardware and software, smart contracts with data customization, the Waltonchain cross-chain technology and WPoC consensus mechanism to achieve data integration, circulation, verification and storage between different child chains, and thus connect different data sources and achieve wide data circulation.

First, extraction of hashes or indices according to data features and storage on the Waltonchain parent chain makes it convenient to search for data in the Waltonchain network in the future. Using the cross-chain index mechanism, the required data can be found quickly and its authenticity can be verified quickly through cross-chain data. Then, cross-chain token exchange is realized via a ledger performing atomic swaps; it is used to record every transaction between Waltoncoin and child chain tokens.

To be specific, hash extraction on the underlying data chain and uploading to a child chain or the parent chain in the production link serves to reduce the workload. The same applies to the middle circulation link. And in the downstream consumption link, when we compare hash values we can know whether the data has been replaced.

Mo Bing gave an example:

“We combine RFID chips and blockchain, and have independently developed a new system to upload data to blockchain. For example, in the production link of the liquor industry, there is a lot of data which concerns users, such as temperature, humidity, contamination, etc. Usually, manufacturers use a variety of sensors to monitor the production data. Using our technology, production data can be directly uploaded to blockchain through data collection units. During liquor bottling, our device can automatically extract a stamp of the relevant production data written to blockchain and store it in an RFID chip.

Each RFID chip has a unique ID and stores all production hashes. Chips are closely attached to bottles and interconnect all links. In the circulation link, every time an RFID chip enters or leaves the warehouse, the chip has data interaction with the blockchain layer. In the consumption link, users can scan a chip with an RFID reader data and view all the data written to blockchain. It is this small chip that connects the production, circulation and consumption links.

Therefore, the biggest difference between Waltonchain and other projects is that we have two closed loops, namely, software and hardware. This solution completely eliminates human interference in the production and circulation links. This way we authenticate data and generate value. In the future, we may perform accurate big data analysis, including customer behavior and profile analysis, to increase the value system of our ecosystem”.

With this solution, during multi-blockchain connection, data fusion and traditional black box network communication for data collection etc., users and enterprises of the Waltonchain ecosystem do not need to consider whether IoT equipment is connected to the network, whether it has network access, what communication protocol has to be used etc. What they need to consider is what data they need, what they need to do and how to present it to others.

5G Era Business Opportunities

Although anti-counterfeiting and traceability was very close to implementation in the past year, the whole topic has become somehow vague and has been doubted due to the numerous intermediate circulation links. However, Waltonchain did not give up on this scenario. According to Mo Bing, ‘excellent product for medium price’ has become the demand of the vast majority. And traceability is the only solution for product authentication.

“Consumers have the right to know the product manufacturer and the circulation links the product has been through, so traceability is definitely not a false proposition. However, due to the numerous intermediate circulation links, it is also very difficult to achieve circulation transparency. Waltonchain first deals with the production and consumption links, and will enter the circulation link later. We have the ability to deliver: production data is being uploaded to blockchain now. Users in the consumption link can compare data in their link with the data recorded in the production link and ensure it matches and is authentic. If the goods were substituted during circulation, users would know the goods are fake because the production link data can’t be found. Despite the fact that users wouldn’t know which exact link were the goods substituted in, it is enough to let them know whether they are buying genuine goods. As you can see, anti-counterfeiting traceability is a long process. In the future, we will slowly develop the circulation link and gradually move towards opening up the whole commodity circulation process,” said Mo Bing.

After application scenarios, another big business opportunity for Waltonchain is communications progress. On December 6, 2018, the three major Chinese carriers obtained licenses for nationwide 5G testing in the medium and low frequency bands. This indicates 5G is one step closer to commercial use in China. The coming 5G Era has become the biggest expectation.

Waltonchain is a window to the VIoT world — it connects the physical world and blockchain. The blockchain + IoT model is highly dependent on the Internet; and the coming 5G Era might give it a massive boost.

When 5G becomes mature, communication channel throughput will be greatly broadened — and quick access to and interaction with massive data will become possible. As for Waltonchain, this means that data transfer speed during hash sharing on blockchain will be accelerated and consensus time will be reduced. Besides that, bandwidth expansion brings fast interaction with massive data and fast consensus operations on ledgers, which could not be realized previously due to network restrictions.

Mo Bing pointed out that computing power enhancement can increase the number of collaborative operations and bring better application of data commercialization: “When 5G is developed, I think the biggest impact on blockchain + the IoT is that of the enhanced computing power of each sensor. Communication networks will have wider channels; distributed computing and fast consensus will be achieved. Therefore, the mode of direct uploading of sensor data to blockchain will become common; and manual data transfer and sharing will decrease”. Along with the 5G technology development, Waltonchain will also embrace greater development prospects.

    Adapted from: Executive editor: Raymond
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