Waltonchain December Community Live AMA Official Release
Q1: WTC-Food & WTC-Garment were co-developed with Skynovo & Kaltendin respectively. After the token swap, can we expect these companies to help pushing mass adoption of these products, like it was their own? Skynovo seems to be offering blockchain-based food-related IoT services on their website, but they make no mention of WTC-Food and we also couldn’t find any direct Kaltendin involvement with WTC-Garment. Furthermore, can we expect real world usage of WTC-Food and WTC-Garment soon and by who?
A: The WTC-Food & WTC-Garment systems are tailored to solve the pain points of the apparel and agricultural industry, and are generally applicable in these industries. Companies whose operation scope is similar to that of Skynovo and KALTENDIN are welcome to use them. At present, interested partners can come to the KALTENDIN Experience Store in Shenzhen and see the consumer experience pilot. We also provide customized solutions for other industries, including liquor, finance and insurance.
Q2: Without 99 SMNs, is Waltonchain confident to rely on MN and GMN for network security and validation, or will the project be further delayed until 99 SMNs are secured?
A: The SMN program will not be extended. Each child chain first writes a smart contract on the parent chain, prepares a certain amount of WTC as a reward for SMNs, and offers it to all SMNs. Multiple SMNs are encouraged to carry data from the child chain in order to improve transparency. However, to ensure efficiency, the number of SMNs carrying the same child chain data is limited. For example, no more than 11 SMNs carry the same set of data. When SMNs upload data, they must first pay the Gas fee. After GMNs verified the uploading, SMNs will obtain the WTC reward on the smart contract.
Q3: Could you give an expected/estimated gas/bytes consumption right after token swap occurs, as well as how much daily USD value may be exchanged through WTC? We know that there are currently 3 public chains and 10 private chains, but no details were given regarding their expected Waltonchain’s parent chain usage. Understanding in which business scenarios these projects are expected to consume WTC would greatly help to estimate immediate and future demand.
A: It is not possible to estimate Gas consumption. The amount of data uploaded by child chains is determined by the responsible parties of the child chains, which cannot be accurately counted. In any business scenario where child chains have data uploading requirements, they serve as the main body of data processing and the data carrier in various industries. Child chains need SMNs for cross-chain data connection and interaction, therefore they need to purchase WTC first and pay it to SMNs as a reward. Waltonchain can add up an infinite number of child chains; and as this number increases, the amount of WTC used will also increase.
Q4: How are child chains/businesses actually acquiring WTC? Do we expect them to go onto Binance to purchase it to fuel their operations? Or is the equipment you are selling self-sufficient in that they are mining enough for the micro transactions that will take place? Put simply, what about Waltonchain is going to drive actual consumers to purchase WTC and will it be a simple and seamless experience to do so? This is literally everything to us as it’s the only thing that can answer why we aren’t completely speculating and actually investing in a consumptive utility token.
A: In any business scenario where child chains have data uploading requirements, they serve as the main body of data processing and the data carrier in various industries. Child chains need SMNs for cross-chain data connection and interaction, therefore they need to purchase WTC first and pay it to SMNs as a reward. Child chains can purchase WTC at the exchanges or from the Foundation. Child chain credits and tokens can be converted to WTC. Besides that, businesses and child chains can also mine WTC.
When an end customer needs to search information of traceable products on the public chain, a merchant uploads child chain data to the parent chain and WTC is consumed.
Q5: Why did team move 400k and then 800k to Binance? What are you guys funding?
A: We used these funds for the needs of R&D, Operations and Human Resources departments. We will publish the specifics in the annual financial report.
Q6: What does the mainnet upgrade in January entail and do the miners require to update the miner software after you upgraded the mainnet i.e. is the current software forwards compatible?
A: Yes, the miner software will require upgrading after the mainnet token swap.
Q7: How many SMNs are in the process at the moment? As in that have lodged application but not yet approved.
A: You will know by the end of December.
Q8: When on mainnet will code be public/open?
A: We have mentioned in the updated schedule that code will be partially open-source on Feb. 20.
Q9: What happens when WTC price rises and the SMN sell to take profit? Who can ensure cross chain security?
A: At the moment, SMNs are partly locked; the Foundation will introduce relative rules to ensure the cross chain security!
Q10: What are the benefits of holding a GMN or MN? What role will they play in the ecosystem?
A: Part of GMN’s duty is ensuring the authenticity of cross chain data.
Q11: I noticed on the DDM fashion town application that uses KO tokens to purchase goods that there is an option to purchase these KO tokens with ETH. My question is after swap will KO tokens be bought strictly with WTC or will the option of buying KO tokens with ETH remain?
A: WTC will be an option among other popular coins, e.g. BTC or ETH.
Q12: When are we able to buy the hardware wallet? Is it already in mass production? Will it come with a GMN Transfer Option?
A: Next week we will get a prototype and very soon everyone will be able to buy it.
Q13: Mo Bing, what are you at this moment the most excited about regarding Waltonchain.
A: Mo Bing: I would say I would be more excited about Waltonchain’s IoT + Blockchain traceability solution being applied to different industries around the world. Especially the application in smart cities, like the development of 5G technology.
Q14: What is the current roadmap concerning the hardware RFID chips?
A: The RFID chip has been taped out in early November and is currently being processed at the foundry factory. Samples will be returned in early January. After that, we will perform full tests; and the test results will determine the subsequent mass production.
Q15: There will be staking. Are you still working with China Mobile? If so, are there any updates?
A: Yes of course, our subsidiary ZhongChuan IoT is member of the China Mobile IoT Alliance, as the underlying service provider for smart cities.
Q16: I want to know if a business model is in place in regards of token economics. We all know most of the people call utility tokens dead… when we will know more about this, like, when we will be able to calculate ROI WTC wise. I know there are a lot of variables and all changes while ecosystem goes bigger.
A: I am not able to explain the token economics in this AMA now; we will release details on the token economics soon.
Q17:
1. Will you plan to sell more WTC tokens in the near future?
2. Can you and how provide financial stability if bear market extended 2 more year?
3. When can we buy hardware wallet and what price?
4. When more information about staking rewards?
A:
1. We will provide details and budget in our financial report.
2. We are financially stable. We have hardware for sale.
3. Answered above.
4. Refer to the official Progressive Mining Reward Program for PoS.
Q18: When will you guys start marketing? So many cryptocurrency names are already heavily marketing, but lack a finished product. I understand that you want to build the eco-system completely before starting to market, but when do you guys estimate full marketing will begin?
A: Actually we’re always doing the marketing through our community, PR and business channels, but we’re very careful to put heavy investment in traditional marketing channels. We still want to follow our plan and focus on technology development. But in the future we’ll publish more programs to encourage community to help do the marketing and share the benefit and income together.
Q19: What is your stand and the stand of your coworkers about the ban of crypto in China?
A: We focus on the underlying technology development of blockchain, which is welcomed by the government.
We welcome all of you to become an SMN before the delaine, and actually we’ve provided all the possible benefits and rewards when we launched this program. And what we mean is we’ll make the detailed process and rules soon in order to make sure our SMNs get the benefits and join the ecosystem.
Q20: Will there be a token burn mechanism when a WTC token is used. Will there be any token burn mechanism introduced to inflate the price of WTC if ever needed?
A: By now there is no plan for token burn mechanism.
Q21: If bear market continues for another 1–2 years is Waltonchain confident you will survive and continue developing the goals of being the leader of VIoT?
A: There’s no doubt about this regardless of the crypto market situation.
Q22: When the program ended and you publish all benefits of being a SMN, interested people aren’t able to buy a SMN anymore.
A: We welcome all of you to become an SMN before the delaine, and actually we’ve provided all the possible benefits and rewards when we launched this program. And what we mean is we’ll make the detailed process and rules soon in order to make sure our SMNs get the benefits and join the ecosystem.
Q23: Are you still producing your own ASIC miners which we can buy straight from Waltonchain?
A: At the end of March we will have our ASIC miner ready; then we will open a presale.
Q24: Will GMNs be rewarded for their loyalty for hodling tight with a free ASIC miner?
A: We will provide a discount. SMNs will enjoy the priority to purchase ASIC miner and a super discount. GMNs will also enjoy a discount for the ASIC.
Q25: Can you put a cap onto how many ASIC miners a GMN can run at once? This will make it fair and provide incentives for individual.
A: To ensure the network security, we will restrict the number of ASIC miners to be bought by one person. We will implement regional and time limits.
Q26: Can you please clarify whether or not the China Mobile IoT Alliance membership is blockchain?
A: At the moment, ZhongChuan is the service provider for smart city IoT solutions. Whether blockchain technology will be applied depends on China Mobile’s needs. Potential cooperation area is smart waste management.
Q27: On the topic of earnings —
If tokens can be directly purchased by users from the foundation by users most users will not purchase tokens on exchanges.
This creates decreased demand for all other parties including current holders since exchanges are we can sell and they will prove to be more difficult for businesses to use.
Have you thought of any solutions to make this beneficial for the team and us?
A: According to our real situation, we got a half from the Foundation and a half from market. Both sides have their own benefits. Tokens bought from the Foundation are locked up for a certain time. This will not decrease the demand.
Q28: Are there any updates on working with LG and Alibaba?
A: We provided an update about the partnership of our subsidiary with Alibaba Cloud in the smart city projects, please check out previous news. For LG, we are in the initial negotiations period. We will update official announcement if there’s any progress.
Q29: Don’t forget to share plans for 2019 in addition to answering questions.
A: In Q1, mainnet token swap and open source will be our main focus. In Q2, we will have ASIC miners available. By the end of the year, we will realize community autonomy.
Q30: Are you still aiming for top 4 crypto?
A: Yes of course.
Q31: In order for Mass adoption to occur, companies must incur expenses of creating a child chain custom tailored to their needs. Will you provide technical support for every single child chain? Will there be redundancies that can be applied from old chains to new chains? And when will Walton stop building child chains and move the responsibility to be the child chain business?
A:
1. We will provide support as to the needs of our customers.
2. When child chains have the same architecture, we can reuse the already developed parts.
3. After the ecosystem is ready, the community will take the lead in child chain development.
Q32: What prevents using a different ASIC than the one provided?
A: After going open source, everyone can develop an ASIC miner for Waltonchain.
Q 33: As a member of China’s national standardization of blockchain, is there anything you could tell us about the role in which Walton plays? And if there will be any updates in policies in 2019?
A: The Alliance are major tech giants in China such as Tencent and Alibaba. They are focusing on cloud services; we focus on the data uploading to blockchain using RFID technology. We are the only Alliance member specialized in this field. We will be making national standards together with the Alliance partners.
Q34: If anyone can provide the hardware, what would be the purpose of enforcing quotas per region in order to maintain security?
A: We enforce different consensus mechanisms and have a network of nodes of different levels to ensure the security.
Q35: China currently banned crypto. Is there a threat to WTC token?
A: We will wait for the policy update, but the government is in favor of the underlying technology of blockchain.
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