Waltonchain February Q&A
1. Q: How is the team saying for certainty WTC will be a “top 4 crypto” as in they are not saying “ aim to be in the top 4" or “ are hoping to be”. It is as if they have calculated this already within their future with current partnerships. Can this be elaborated upon?
A: The goal of our team to BE a top 4 cryptocurrency, and not just hope to be in top 4, is based on the following 5 factors:
1) Based on the profound understanding of IoT and the research aiming at the demand of the global blockchain & IoT industry, we have established a competitive strategy for blockchain & IoT and already received a series of core patents.
2) The key technical advantages of our team are within the blockchain + IoT software and chip hardware. The design for combining these two components into one solution and breaking through the technological threshold may become one of our most valuable advantages.
3) The Waltonchain wallet will be launching soon. We provide innovative solutions for quick data upload to the blockchain and for cross-chain operability, which allows for the free data circulation in the child chains of various industries. Increased circulation will also increase the demand for WTC, which enforces the brand power of WTC.
4) WTC possesses what other blockchain projects lack — the chip blockchain technology. The RFID technology used by Waltonchain is special in that our chip hosts blockchain hash value data. This data is uploaded to the blockchain simultaneously with sensor blockchain data. This is the first dedicated blockchain + IoT chip technology in the world.
5) There is a number of top-level enterprises in different industries, which are interested in our solutions and know about our core competitive abilities. Our team and project work groups perform comprehensive research. We believe that, further into the future, when the scope of blockchain applications expands and becomes global, more enterprises will develop and implement child chains on our parent chain. We will become the next-generation engine for the IoT industry, promote reformation and innovation of the whole industry, which will give WTC a stimulus to rise steadily.
2. Q: You have spoken about rebranding. Will a potential rebrand stray away from the Waltonchain brand or keep “Walton” in its name as the founder of RFID?
A: We have already started WTC rebranding and will keep “Walton” in our name.
3. Q: How long will it take to go from CPU to GPU mining? Any suggestions to prepare a rig and maximize profits from the two periods?
A: A suitable hardware and software environment capable of GPU acceleration is needed. We will provide a guide on building the software environment. The official version of our full node wallet will support fast switching between CPU and GPU.
4. Q: Are the chip patents in WTC company name?
A: Yes, we have already received many patents related to chips and blockchain, and are also applying for a number of new patents at the moment.
5. Q: Rebranding without new website is weird. will you publish your new website after that event?
A: We developed our new brand image and presented our new logo at the Annual Meeting to let everyone get familiar with it. The all-new website is under development and will be launched in Q1, you can find this information in our roadmap. Please stay tuned.
6. Q: When will be the child chains operating with real world use case?
A: Clothing industry child chains are prepared to be put into operation. Waltonchain has reached strategic cooperation with Freyr Chain in the area of top-level collectibles. In Q1, we will present the world’s first collectibles authenticity data platform. We will soon meet with all of you in the world of museums, auction houses and collectibles. At the same time we continue to prepare applications in the clothing and telecommunication industries.
7. Q: I’ve heard concerns that the conversion from ERC20 to MainNet will use the same private keys as in the Ethereum network, which makes it difficult for hardware wallet users to access their WTC without compromising their ledger when accessing its private keys. As many investors (especially masternode holders) use a ledger, are there any workarounds in place where one can access their WTC without losing their hardware wallet’s security? Thank you!
A: For hardware wallet users, the private key must never leave the hardware. We will test the compatibility of WTC with mainstream hardware wallets such as Leger Nano in March, and release the compatibility information officially through our social media channels. We hope to ensure the maximum safety.
8. Q: As an early retail investor I would love to know if it is worth it to buy mining equipment to use my GMN status as you pointed out that eventually you will switch to ASIC. A big thank you for your amazing work!
A: Investing in mining equipment for a GMN holder will definitely be beneficial. GPU-based miners will reasonably surpass CPU ones, and our final ASIC-based rigs will dominate the WTC mining front.
9. Q: How will I access my Waltonchain account after MainNet — and how will it know it is my tokens without compromising my hardware wallet security
A: Account balance can be checked in the browser. We will do tests and provide a Leger Nano user guidance walkthrough. You can also put the ERC-20 WTC tokens on a trading platform and then exchange them for the MainNet WTC.
10. Q: It seems as if WTC has developments in phases 1 through 3 now. How has the roadmap changed after the introduction of the 3 child chain projects and when do we expect mass production of the RFID chips given these new developments?
A: The project roadmap is implemented according to the official announcement and it may not be adjusted. Some of the roadmap goals have been realized at this point. Our RFID chip transited from development to the prototyping stage, from testing to debugging. The process from application to mass production is rather slow and complex. As these details are realized, the information will be supplied to the community.
11. Q: Will WTC get support on Leger Nano HW wallet ? See how EOS software wallet was hacked, 20% of coin holders may lose their funds as a result of this hack. Only way to secure holders of WTC is thru HW wallets that never ever expose the private keys. Please tell us how seriously you are about this pressing issue.
A: We will provide a test report with Leger Nano on our testnet. So far, any loss of cryptocurrency is caused by either human mistake on a transaction or their private key leaking. We will do our best to provide WTC holders with both software and hardware solutions on securing their WTCs.
12. Q: When are you gonna provide us with a Linux Wallet and/or miner? I’m planning to user a headless Linux server to mine Walton and that wouldn’t be possible with Windows for me.
A: Currently our official miner supports Windows. In the meantime, we are developing and testing the Linux version. Although we haven’t announced the official release date, we expect to be able to perform its preview test near the MainNet launch.
13. Q: Will there be compatible hardware wallets designed for GMN holders to transfer to from their MEW addresses before mainnet release? Some people are still at risk because they couldn’t get a hardware wallet in time
A: WTC hardware wallet is being developed. It is expected to be in mass production after the main net launch. We are testing WTC compatibility of third party hardware wallets, and there will be a solution later. WTC holders will not face any risk. Hardware wallet update release is expected after Q2.
14. Q: This is the most important question for the Western market (aka continued growth as the US begins regulations in the coming years).
What plan does the Walton team have to subsidize gains during slow growth periods? As long as the price remains on a slightly upward trend and GMN + MN returns exceed 10–15% annually we will continue to hold master nodes. However with a stagnant price many hands will sell their nodes to seek gains elsewhere.
A: WTC holders will be rewarded with PoS. While the Waltonchain team promotes the realization of all kinds of projects, more and more applications for WTC, including the continued release of various child chains, will gradually increase the demand for WTC. These factors drive the long-term growth of WTC (see the first reason for long-term appreciation of WTC).
15. Q: Is there a concern on centralization(and therefore security) of the network if ASIC mining is allowed?
A: When any cryptocurrency reaches a certain level, ASIC miners become involved. With the implementation of Waltonchain, nodes will be scattered among many industries and regions. A centralized solution will be very expensive, it is almost impossible.
16. Q: Can we get an update on the IoT China Mobile alliance and how will this alliance be leveraged by Waltonchain?
A: Both China Mobile IoT alliance and Waltonchain are interested in each other’s advantages and technologies. Our teams are working closely, and we are both hoping for a deep cooperation on implementation of applications. We will make good use of common resources to expand our applications.
17. Q: When companies buy or mine WTC, they have a possibility of transferring them anywhere, making it illegal in many countries and also opening up doors to money laundering. How will you address this ? Will companies only be able to buy so called bytes?
A: Blockchain-based digital assets are decentralized themselves and can circulate all over the world. Blockchain technology can promote transformation and innovative applications in each industry. We have noticed that more and more countries are regulating blockchain. Money laundering prevention must be standardized and also must be avoided as early as the transaction stage. We believe that, having these done properly, digital currencies will gain more support.
18. Q: How many machines will be able to mine through one Guardian Masternode?
A: One address (public key) corresponds to a single GMN. Users may decide on hardware configuration behind it on their own and may run that address through several machines.
19. Q: As the number of Guardian Master Nodes falls, do the remaining GMNs receive an increased reward from a fixed pool? If so, has that pool already been fixed based on the original number of GMN’s or will the pool size be fixed at mainnet launch?
A: The more WTC a GMN has, the more its reward is. A decrease in GMN quantity makes the remaining GMNs able to get a reward increase, the number of WTC in the GMN reward pool is fixed.
20. Q: Could we get more information on if mainnet mining be limited to 10 threads?
A: 10 threads will not be the limit for the final release. These are the recommended settings for the test version only. Of course, the optimal number of threads depends on the CPU configuration.