Waltonchain is a joint Chinese/Korean project that aims to combine blockchain technology and radio-frequency identification (RFID) to track items and improve supply chain management.
The token used for circulation and payment within the Walton ecosystem is the Walton Coin (WTC), which can be used to issue subchains, provide dividend interest and act as a credit and mortgage system.
Keep reading to find out what Waltonchain is, how it works and how you can buy WTC in Canada.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Where to buy Walton (WTC)
WTC is available on a number of popular cryptocurrency exchanges, including:
A step-by-step guide to buying Walton
If you want to buy WTC in Canada, here’s an example of how you can do it:
Step 1. Create an account at Coinbase
If you want to exchange your Canadian dollars (CAD) for WTC, you’ll need to use a cryptocurrency exchange like Coinbase. Although not local, Coinbase allow you to trade for WTC, however you will likely have to face a CAD to USD exchange rate and trade either BTC or ETH for WTC. To sign up for an account, simply provide your email address and create a password.
Step 2. Deposit funds into your account
From your CoinSpot account, click on the “Deposit” button to make an online payment via credit or debit card. At this stage of the process, you’ll also need to provide further details to verify your account, including your photo ID and some other information.
Step 3. Buy WTC
Once verified, click on the “Buy/Sell” link and then search for “WTC”. Review the current price of WTC and click on the “Buy WTC” link. You will likely have to exchange BTC or ETH for WTC.
You’ll be able to see the amount of WTC you’re about to purchase, at what price and the fee that applies to the transaction. Click “Confirm Buy” if you’re happy to proceed with the purchase.
Note: As mentioned above, please note that most cryptocurrency exchanges do not allow you to exchange fiat currency (your Canadian dollars) for WTC. Instead, you’ll have to purchase a major cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) and then exchange those coins for WTC.
Launched by Chinese and Korean developers in 2016, Waltonchain is named after Charlie Walton, the inventor of RFID technology. Waltonchain aims to combine RFID with blockchain technology to streamline supply chain management.
What is RFID technology?
Radio-frequency identification uses electromagnetic fields to attach digital identities to physical objects. This information is stored on small chips attached to those objects.
RFID is already in widespread use throughout everyday life, including in the e-Tag in your car and in the microchip used to identify your lost dog.
By attaching small RFID tags with unique IDs to objects, those objects can easily be identified with information logged on to the blockchain. This should then allow companies to track their products on the blockchain, with the end goal being to cheaply improve supply chain management and stop the production and sale of counterfeit goods.
Real world applications for Walton
Walton’s developers hope their technology will be able to streamline the entire supply chain process, from manufacture right through to the retail experience. Potential applications for Waltonchain in the real world include:
Keeping track of business inventory as it enters and leaves warehouses
Monitoring the transportation of products
Eliminating counterfeit products
Keeping track of stock in store
Tracking purchase preferences of buyers
The technology could potentially offer benefits across a number of industries, including:
Fashion and clothing
Logistics and shipping
What to consider when buying Walton
There are a myriad of factors you should consider when buying WTC, including:
Availability. There are a total of 100 million WTC tokens in existence – this number is a constant and no more coins will be issued.
Use. Tokens are used for circulation and payment in the Waltonchain ecosystem. WTC’s main uses include issuing sub-chains, paying dividend interest, providing a credit and mortgage system and distributed asset exchange.
Waltonchain’s growth potential. As the Walton ecosystem grows, the company hopes that an increasing number of businesses will join the ecosystem and need to expend WTC to create sub chains. This should then lead to an increase in the value of WTC.
Competition. You’ll need to consider other companies that could compete for market share with Walton. For example, VeChain also provides unique product identification through the blockchain to streamline supply chain processes.
Commercial partnerships. The commercial partnerships a company establishes can help it access new markets and expert knowledge. Waltonchain announced a partnership with Korean exchange platform Coinnest in January 2018, and also has agreements with China Mobile IoT Alliance, Coinlink, Haier and a wide range of other businesses.
At the time of writing, the Waltonchain Wallet was in the beta testing phase, having been launched in December 2017.
The total supply is 100 million coins, with around 25 million coins in circulation at the time of writing.
Yes. Once the Genesis block of Walton’s main net has been mined, the ERC20 WTC token will be replaced by the Walton Coin. This is scheduled to occur in the first quarter of 2018, and the new coin will replace the existing token at an exchange rate of 1:1.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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