Waltonchain Q1 2020 AMA Official Release
On Tuesday, January 7, 2020, Waltonchain had its Q1 2020 AMA session in Waltonchain Chat in Telegram. This is the official release of the AMA.
‘D’ is Waltonchain CEO Mr. Do Sang Hyuk (https://t.me/DoSangHyuk)
‘M’ is Waltonchain Chief Expert Mr. Mo Bing (https://t.me/MobingWTC)
‘W’ is Waltonchain Operations Team (https://t.me/Waltonchain_official)
W: Greeting statement to the community
Waltonchain has been operating in the field of Blockchain + IoT for nearly three years and will start a new journey in 2020. We have mature blockchain solutions that can be applied in various industries. In the past three years, Waltonchain’s original vision has not changed. We are confident in our technology and application in the competitive market. In 2020, we will introduce more new partners and projects to make the Waltonchain ecosystem stronger. This will be helpful to the rise of WTC price that decreased due to bear market. Today, we sincerely thank all our supporters and investors for the long-term support. Also, we have prepared 20 Ellipal Titan hardware wallets as New Year gifts. Thanks for your continuous support!
Part 1: Questions collected by community admins
1. ROADMAP — The roadmap stated that marketing was going to be increased in 2020. Is this still the case?
D: In 2020, we will follow the original roadmap but make some adjustments according to the market conditions.
(1) Marketing: release of full functionality of WTA App, start of WTA pre-mining (pre-staking) for normal users and WTA staking in WTA App, WTC buyback plan, WTC token swap, communication with Ledger team, GMN and PoS airdrops;
(2) Community: development of community autonomy, community voting and establishment of Waltonchain Global Autonomous Foundation;
(3) Technology: child chain development, wallet upgrades, blockchain explorer optimization, implementation of traceability solutions, upgrading and promotion of Waltonchain Box, chip R&D, research of IoT-targeted WDAG hierarchy technology and construction of WDAG smart contracts.
Besides, in 2020, Waltonchain will focus on marketing in South America and Brazil.
2. PARTNERSHIPS — The most common request from the community is for an update on partnerships. Please provide what the current status is of partners in the Waltonchain ecosystem. As well as any updates you can share. If previously announced partnerships have not worked out, please specify which ones are no longer active.
Partnerships with progress:
· DMTC: Child chain, provision of technical support.
· Huodull: Child chain.
· Laofengxiang: Provision of technical support for smart retail. Software and hardware solutions have been delivered. The system is in trial period.
· Polo Multimodal Pecém: Provision of overall planning for building of logistics management system and platform for smart chain city project. Project construction will start in Q3 2020.
· Korean Standards Association: Korea Blockchain Institute (previously: Walton Blockchain Institute) develops blockchain talent standards and trains blockchain talents together with the Association.
· Korea University Engineering Department: academic and research communication with Waltonchain Korea.
· KALTENDIN: The WTC-Garment solution package has been delivered to KALTENDIN and exhibited at its experience store. Due to cost reasons, the modification of KALTENDIN’s production line was suspended.
· Skynovo: The WTC-Food solution package has been delivered to SKYNOVO. Due to cost and operation reasons, no data has been uploaded to blockchain.
Other partnerships are in communication or suspended due to various reasons (subjective, technology, market, capital etc.). We will release updates as soon as we have the respective contracts signed.
Some information about East Star Group partnerships:
· China Mobile IoT Alliance: cooperation on module promotion and integrated Smart City solutions.
· Xiamen Branch of China Telecom: Urban septic tank monitoring system has been implemented in 30 communities in Xiamen. Monitoring software system phases 1 and 2 have been accepted.
· Zhangzhou Branch of China Telecom: Work on the urban environment integration program together with Zhangzhou Environment Group and Kasen Property. The PPP project by Zhangzhou Kasen Environmental Engineering has been implemented in Nanjing County, Zhangzhou City, Fujian Province.
· Neusoft: Campus Information Verification System deployment completed.
· GOME Finance: A private chain has been completed and delivered.
- Xiamen IOT:
· ISHIJAH: provided the equipment to the customer according to the contract.
· Smart Oceans blockchain R&D project with Fujian Provincial Government: Assistance in the preparation and construction of the Smart Ocean Laboratory. Laboratory has been established.
- Xiamen ZhongChuan IoT Industry Research Institute:
· Alibaba Cloud: completed equipment installation in 2 smart cities: Xiong’an (Hebei Province, China) and Yuhang (Zhejiang Province, China).
· Fujian IoT Industry Association & Huawei: the three parties have built the IoT Industry Public Service Platform https://www.eiotchina.com/.
3. CHILDCHAINS — How many child-chains are (a) now operational and (b) in research & development or planned?
(a) 2 child chains are operational: DMTC and Huodull;
(b) 1 child chain is in research & development: LOVEONLY (anti-counterfeiting and traceability).
4. We would like to get information about DMTC from your side.
M: DMTC is a commercially applied project. It is a smart agriculture project launched via SMN cross-chain voting and based on Waltonchain technology. We believe that DMTC can go further. However, DMTC operates independently. We can’t control its future development.
5. Is this just an impression or is there a real risk that Silictec might have success and Waltonchain will be left behind?
M: Waltonchain is not left behind. More promotion and application of hardware + blockchain will be made under the leadership of CEO Mr. Do this year.
6. EAST STAR GROUP — For the record, will Waltonchain (and/or WTC the token) ever be replaced with a public blockchain ecosystem by one of East Star Group’s subsidiaries? Please describe how the East Star Group will benefit Waltonchain’s token holders.
D: The status and role of Waltonchain will not be replaced. Walton Chain Foundation was established in Singapore and is independent from East Star Group. East Star Group is a technical supporter chosen voluntarily by Waltonchain. There may be new technical supporters in the future. As a comprehensive group, the business scope of East Star Group currently covers all the areas needed for the development of Waltonchain, including operations, hardware, technology, solutions, project incubation services and marketing etc. It is possible to expand the service in the future and provide more support for the Waltonchain ecosystem.
With the joint efforts of the team and global supporters, KIRINMINER, child chains, chips, Waltonchain Box and the traceability system related to the Waltonchain ecosystem have entered the healthy development stage. We firmly believe that Waltonchain will lead the blockchain empowerment for enterprises and promote the rapid implementation of the blockchain technology. Therefore, the USD 50 Million WTC Buyback and Burn Plan supported by the income from KIRINMINER, child chains, chips, Waltonchain Box and the traceability system will continue.
7. QUESTION ABOUT MO BING’s TWEET — What research & development was Mo Bing talking about specifically with “greatest news ever” tweet?
M: Previously, we saw the community’s concern that East Star Group developing hardware for the Waltonchain ecosystem and earning money in the ecosystem does not benefit the holders. The greatest news ever was about East Star’s giving back to the community through the buyback & burn plan.
8. ONBOARDING IN FUTURE — Please describe how on-boarding new clients/projects/blockchains in the Waltonchain ecosystem will look in 2020 and beyond?
D: Onboarding will be through community autonomy. New projects will be launched on Waltonchain via voting by Waltonchain Global Autonomous Foundation.
9. SILICTEC- Will companies that utilize Silictec hardware and chips do so on the Waltonchain public blockchain — or is this optional?
M: This is optional.
10. API AND DAPPS — When will 3rd party developers be able to make DApps in the Waltonchain ecosystem? When is the public API planned to be released?
M: According to Waltonchain technology planning, we will complete the DApp ecosystem construction in Q2; a set of API documentation will be released in Q1, both this year.
11. REAL-WORLD ADOPTION — Please provide an estimated* timeline for customer-adoption of Waltonchain. When do you expect POLO to be running?
M: Construction of Polo Multimodal Pecém smart chain city project is estimated to start in Q3 2020. We will provide overall planning of the smart chain city logistics management system and construct the respective platform.
12. Could you please provide some update on status and development of smart cities in Korea?
M: It depends on the customer to decide whether to launch a smart city project on Waltonchain or other blockchain. It is an issue involving multiple parties and cannot be determined by Waltonchain only. South Korea has always been a very important market for Waltonchain. We have community in South Korea; and Mr. Do as our CEO will make the South Korea market more important and promote smart city development in Korea.
13. DEMO KITS FOR GANS — Do you plan on creating Waltonchain Demo kits that can be provided to active autonomous node managers; including RFID tag(s) and scanner that can be viewed on blockchain explorer?
D: This is possible. We will discuss it with each GAN personally.
14. GMN AND MN — Will there be any more benefits/roles for Guardian Master Nodes (GMN)? Aside from GMN Airdrops and Child Chain Airdrops. Seeing as how swap has commenced via the WTA application, when will the GMN airdrops begin? How will GMN swap? What are the current or planned benefits for Master Nodes (5,000 WTC) holders?
D: GMN airdrop distribution will start once more than 50% GMN completed token swap. GMN swap will be no later than Q2 2020; instructions are TBA. Node benefits remain as per the previously announced terms of the Progressive Mining Reward Program, Fully Operational Waltonchain Mainnet and KIRINPOOL. If additional benefits are launched, we will announce them through official channels.
15. Do you foresee an increase of current child chain tx to be endorsed or addition of new child chains bringing new tx? We (SMNs) hope that you do not plan to onboard new SMNs at current prices.
M: The transaction volume of the existing child chains is quite stable and will not increase much. For an increase to happen new child chains need to join the ecosystem. We do not plan to enroll new SMNs.
16. COMMUNITY COMMUNICATION — Are we likely to see further improvements on communication with the community — and if so how?
D: In order to provide better service for real Waltonchain investors and supporters, the community communication center will be moved to WTA App in the future. Then, proposals, polls, forums and topics will be used to collect and process suggestions and opinions submitted by the community in a quick, open and transparent way.
17. EXCHANGES — Can you give us any updates on the exchanges preparing for swap? Is there progress on getting a USA exchange listing? The Blue Paper mentioned “WTA can be used to deduct partial service fees for trading on the exchange or OTC platform under the Waltonchain Ecosystem.” Please describe what exchange this is or what is planned.
M: Since token swap on exchanges involves third-party platforms and teams, the progress cannot be updated instantly. Once the token swap program on each exchange is confirmed, we will immediately announce it to the community. We have applied for listing on a number of top USA exchanges and will announce progress after we sign listing contracts. As for Waltonchain ecosystem exchange, this is future planning. We plan to invite a partner exchange.
18. WALTONCHAIN ADVANTAGE — What gives Waltonchain an advantage over other blockchain projects or other IoT/QR projects?
M: The integrated hardware + software model, chip R&D and project implementation.
19. Overall market has been very bad and this also impacted WTC price during the last 2 years bear market. You cannot be very active due to ongoing domestic regulations but it would be very helpful to understand your sentiment for next year market in general and especially WTC and updates regarding upcoming regulations been developed within your country and how this might impact WTC positively in 2020.
D: Waltonchain is a project with solid technology and actual applications. It has good development prospects in the long run. However, since the core technical supporters of Waltonchain are located in China, WTC price decreased in 2019 due to China’s policy influence and bear market of BTC. We are currently seeking technical supporters and partners from overseas to help us overcome this issue.
20. What is your software development schedule?
M: Development of WTCwallet for iOS will start in Q2 2020; development of Ledger support and Bamboo Wallet mac client will start in Q3 2020.
21. What else is there in plans?
M: Waltonchain will continue the development and promotion of KIRINMINER, child chain, chips, Waltonchain Box and traceability systems. In 2020, based on WDAG technology Waltonchain will add TPoS consensus (a combination of PoS and DAG transaction consensus); realize hierarchical block network via S-mechanisms and B-algorithm; add WVM (Waltonchain Virtual Machine), transaction management contract and PoS management contract; and construct WDAG smart contract.
Part 2: Free communication with the team
22. What role does WTC play in the Waltonchain ecosystem? What are the benefits for long-term WTC holders? Do you have a plan to reduce supply to add value to WTC?
W: There are buyback & burn plans to reduce supply. Long-term supporters may join the WTA program for staking rewards.
23. How does your blockchain technology intend to handle the potentially huge transaction loads this would generate if it took off? Can your blockchain scale?
W: The parent-child-chain structure serves for this purpose. During child chain creation we can set the endorsement frequency to control the data load.
24. What is the benefit of separating the network with the Waltonchain parent and the child chains?
W: See the previous question and answer.
25. What happened to distillery child chain?
D: There was fewer and fewer production data from the distillery chain, so we stopped it.
26. Rewards for master nodes (5,000 WTC), are they still rewarded or abolished?
D: Yes, for sure.
M: Will be rewarded.
27. Why is the project so expensive called Waltonchain? What motivated you to start building this project?
W: We are called in honor of Charles Walton. This is because our core technology RFID. Mr. Walton contributed greatly to its development. We are motivated, because our solutions can solve the fake product problem and increase the efficiency of work greatly.
28. How Waltonchain users are able to mine by using 5 different mining algorithms? What makes this feasible? What are the counter challenges of this?
W: There are 11 algorithms changed dynamically to prevent from cheating (we use a modified version of DASH X11 algorithm).
29. WTC trade (editor’s note: on OKEX) seems to be restricted for some European KYC-verified users (Italian and Maltese for example). Can you let us know why this is the case? All other exchanges allow trading for these citizens.
D: For compliance reasons, you have to use OKCoin in Europe.
30. What problems was Waltonchain technology born to solve? Is your market really potential?
W: See Q27. It sure is; this is a trillion dollar market.
31. With blockchain technology, how can Waltonchain promote the development of agriculture? What are some of the achievements Waltonchain has made in agriculture?
W: See this video about our Blockchain + Smart Agriculture Platform: https://www.youtube.com/watch?v=IJ4yjuGLU0g
32. 1 year ago on a Waltonchain conference you spoke about integrating blockchain with other tech, such as (not definitively) Bluetooth v5. Is it still planned?
M: Please take a look at our future WDAG technology.
33. Which platforms will you focus on to increase western visibility (Slack, Reddit, Twitter, Telegram, etc.) going forward?
D: TG and Twitter and Reddit.
34. What are the AMA rewards?
D: Ellipal wallets which support mainnet WTC.
35. What is Waltonchain’s vision of the blockchain industry? Compared to the competitors in the same industry today, how are you positioned? Besides, can you list 3 points where your project is better than other competitors?
1. Patented hardware and a unique hardware + software positioning;
2. Multi-national talent team;
3. Strong community.
Blockchain industry is in early development stages, but it is here to stay, and so are we.
36. Waltonchain has grown in China and Korea. So which is the next market that Waltonchain wants to develop? What are marketing plans?
D: South America and Brazil.
37. Do you plan to have a public testnet? Will there be any big changes in the core protocol in the future you look forward to (like Ethereum for example)?
M: We had our testnet for one year in 2018. The big changes about WTC will be WDAG (Waltonchain DAG).
38. What are the outstanding advantages of Value Internet of Things? Which areas of life can VIoT apply to? How will it help life?
W: We can enter every industry that needs to authenticate data.
39. Your metamorphosis is commendable. How can you survive this longest bear market and continue to build and develop because many projects have undergone changes this time? What are the main strengths that you used to achieve this milestone?
W: The undying community is №1.
40. When will Waltonchain add WTC/USDT pair on Binance?
D: About Binance, we are on the stage of technical coordination for the token swap. And after the token swap, the USDT trading pair will be added.
41. Do you have any team members designated specifically for marketing/communication in English targeting western audience/stakeholders, and, if so, what are their positions and priorities?
W: Yes. It is our Operations Department running official media.
42. Will all exchanges token swap?
D: Top exchanges first. (Editor’s note: top exchanges where WTC is listed)
43. What is WDAG?
W: Waltonchain’s version of Directed Acyclic Graph.
44. What is happening with the unlocked 10 million tokens for the team?
D: You will know before January 18th.
45. With the recent support of China government for blockchain technology development, how will Waltonchain take advantage of this?
M: As the Vice Chairman Unit of Shenzhen Blockchain Industry Alliance, we are coordinating with government for blockchain application in real economy. Once there are good resources, Waltonchain will benefit in priority.
46. But as I know Chinese government prefer token-less blockchain projects rather than tokenized ones. How will Waltonchain overcome this without breaking your project ecosystem?
W: Regulations are needed to be in place for tokens. We see shifts in this direction with digital currency pilots in China.
M: We will focus on technology. Token will be operated overseas until Chinese government supports it.
47. What will happen to buyback & burn targets?
D: The plan ends on January 18th. There is still some time left.
48. As of now there have been many blockchain-related projects come and gone, what are the special and unique characteristics of Waltonchain that make it different from the others, that make investors and users decide to invest into it?
D: The integrated hardware + software model, chip R&D and project implementation.
49. Can you please elaborate on the funding of Waltonchain using token sales? Obviously, funding is needed and through a bear market, it has contributed to the decline in market cap. For those that are concerned about the sustainability of this practice, can you please provide some details on other funding/investment avenues currently in place for Waltonchain and how long you anticipate this style of funding to continue if not permanent?
W: Other sources are child chains, miners, Waltonchain Box and other sales of East Star Group’s hardware
D: KIRINMINER, child chain, chips, Waltonchain Box and traceability systems applications.
50.1 WTA program delayed because of China regulations. Did you get green light?
W: We have updated the WTA App. It now has a KYC module. Go download and check it out! All pre-mining participants will need to pass KYC. https://app.waltonchain.org/app-h5/down
D: Handle it soon!
50.2: I don’t have an Android device.
W: We will solve the iOS issue within a coming couple of days. We change the signature method. Sorry for the inconvenience.
51. Who is buying the Waltonchain Box right now?
D: DMTC use them a lot!
52. Can I store my tokens on the Ellipal Titan wallet?
W: Yes, WTC tokens and mainnet coins both!
53. Waltonchain have been needed to take down their signs and logos in China office. Did you guys receive any formal notice to do that? What are the implications of this kind of policy in Waltonchain development?
W: We cannot promote cryptocurrency in China, logos count as promotion. We still continue our work, blockchain-focused in China and cryptocurrency + blockchain-focused for the rest of the world.
54. What’s your overall idea in terms of Chinese regulations about cryptocurrencies? Will they ever lift the ban?
M: As I know, China Central Bank is to launch DC/EP. In the future, I think China will use regulation to lift the ban on cryptocurrency.
55. Why does it take so much time to swap GMN? They are waiting for rewards for 2 years.
W: We will perform swap on exchanges first and then let GMNs swap.
Closing statement to the community
D: 월튼을 응원해주시는 많은분들께 오늘 짧은 시간 AMA를 통해 WTC의 새로운 비젼을 다 말씀드리지 못하는 점 죄송하게 생각합니다. WTC뿐만아니라 많은 코인들이 어려운 시기임에 분명합니다. 그러나 저희 WTC는 2020년!
새롭게 거듭나기 위해 최선을 다할것을 약속드립니다.
월튼을 응원해주시는 모든 분들의 건강을 기원합니다.
새해 복많이 받으세요!
I would like to say thanks to the team for their trust. It’s my great honor to be the CEO in such a critical period. This shows project progress and strategy optimization according to market and policy conditions and other factors. In 2020, Waltonchain will push forward globalization. The team and I will reach out to more internationally influential exchanges, further promote community autonomy, strengthen marketing, boost the implementation of more scenarios, and emphasize on the research of WDAG (Waltonchain Directed Acyclic Graph) hierarchy technology for the IoT industry.
1. Take screenshots of positive engagement with #Waltonchain in TG or Twitter (Jan. 7 #AMA preferred);
2. Tweet them and tag @Waltonchain.
Top 20 users win an @EllipalWallet!
2. OKEx & Waltonchain Post-AMA Quiz to win 10 WTC:
Special thanks to OKEX for AMA support and provision of broadcasting & translation in communities:
Special thanks to community users: Carlo, @DoctorZem, J (@oxoboxo), Lorenzo (@Lorenzobini1), @MrHoops, Poolplaya (@skweeki), ¥ayowam (@yayowam) for helping prepare for this AMA. As a token of appreciation, Waltonchain will send you Ellipal Titan wallets. Please contact Waltonchain Official (https://t.me/Waltonchain_official) in Telegram to provide your shipping details.