Waltonchain Beta Release AMA Part 1
Q: What steps are being taken to ensure the security and stability of the wallet and mining, so that we can trust putting our coins there?
A: Our blockchain efforts have an inherent focus on data security. We are currently focusing our efforts on both software and hardware measures. We just recently refined the mining hash and calculation procedure to better secure the Waltonchain and are adopting existing hardware wallets as well as developing our own version.
Q: How many people are working on the beta and who are they?
A: We currently employ 22 blockchain engineers led by Dr. Wei Songjie. They are spread across our offices in Nanjing and Xiamen.
Q: Is it true that Child Chains can run any consensus algorithm that they wish? Even algorithms like Delegated Proof of Stake, or Proof of Authority?
A: The child chains are capable of using independent infrastructure and consensus algorithms from the parent chain. We have existing chains set up to provide various options. We are also providing customization services to assist our business to create high performance child chains tailored for their specific application.
Q: Will it be possible to mine without keeping your wallet actively open? This is important security concern for people who want to mine on cloud platform.
A: Yes. A future version will include full support for mining to a public address without needing to unlock or provide a private key.
Q: How many transactions per second can Waltonchain theoretically handle, taking into consideration the use of child chains?
A: We use hierarchical chains to process transactions and provide additional throughput to load-balance transactions across multiple chains. We are taking into account existing alternative scaling ideologies and are implementing our child chains so that they can process transactions locally with consensus being passed to the parent chain. The parent chain also process transactions between child chains. Our multi-chain design solves existing scalability issues by providing additional throughput through the use of additional child chains as needed.
Q: Will there be ASIC/Quantum resistant mining algorithm?
A: Theoretically, no algorithm can prevent ASIC mining altogether but larger calculations can help make an algorithm ASIC resistant. ASIC miners will appear as a function of token price and mining opportunity. Waltonchain will become a top-4 crypto and we are planning for that future which includes ASIC mining accordingly. However, instead of using a purely PoW consensus, we are using a hybrid consensus mechanism using PoW + PoST. The mining efficiency is based on a combination of mining capability and staking. Quantum computing can indeed pose a threat to modern cryptography which is based on large integer arithmetic, but this threat is not specific to Waltonchain. While anti-quantum cryptography algorithms can be implemented with future code upgrades, we are focusing existing adaptation and optimization to support future quantum computing in our overall architecture.
Q: When can we expect hardware wallet support is implemented into the wallet?
A: WTC can support hardware wallets but the wallet manufacturers will also need to add support for WTC in their app. We are gradually negotiating with hardware manufacturers and this process will take time.
Q: Can you share details about the coin supply in each of the pools previously described (GMN, MN, Mining, and Staking)?
A: Guardian masternodes, masternodes, mining and staking will each have their own matching bonus pool to award WTC for their efforts. The reward algorithms will be fine-tuned during our roll-out process. After the Waltonchain genesis block launches we will release detailed information.
Q: How did the team perceive the beta results so far?
A: We’ve already received over 250 messages from the beta community with helpful testing procedures. Thank you! We’ve received a lot of good advice and we’re currently working on providing additional updates. We look forward to working with the community to ensure we meet the highest standards possible.
Q: If I keep my WTC coins for a Masternode on an exchange will I automatically be registered for a Masternode?
A: You will need to keep your WTC in your own personal wallet. This means a wallet where you control the private key to the public address.
Q: What will be the most efficient option for PoW/mining: GPU, ASIC or CPU?
A: ASIC mining is the most efficient option for both speed and efficiency since they use processors created specifically to solve the PoW algorithm. GPUs are more specialized and more efficient than CPUs at solving crypto algorithms. CPU mining is the least efficient option for PoW mining since it is done with general purpose processors but this also allows the lowest barrier to entry for people to participate in securing the Waltonchain. We will be monitoring the number of nodes present on the network and will roll out more efficient mining methods as we feel the network can safely support them.
Q: Why you don’t include GPU mining now?
A: We have chosen a multi-phase rollout of mining to optimize for security as we scale up the number of nodes securing the network. We are beginning with CPU mining first to initially encourage the greatest number of nodes possible. Over time we will migrate to GPU and eventually over ASIC mining.
Q: What’s the priority between wallet and main net?
A: Our primary objective is the development and security of the parent chain thus enabling the successful launch of our genesis block. Well, technically we’ve launched multiple genesis blocks during our alpha and beta testing but we’re really excited for our completed Waltonchain with dual-chain support. Meanwhile, we are also continuing to improve the UI/UX aspects of the wallet and recognize Waltonchain as a platform and Waltonchain as an ecosystem will require a number of applications and infrastructure to be built around it. We are working to provide an entire ecosystem around Waltonchain and look forward to sharing our vision on this with you in the future.
Q: Were you impressed with some of the wallet designs that WTC investors in the west have recently suggested for a new wallet user interface?
A: We have been surprised and grateful for the efforts made by the WTC community regarding the wallet design. As we continue to update the QT wallet we will incorporate as many of the UI/UX design aspects as possible. We sincerely appreciate the input and feedback.