Waltonchain x Crypto.com Community AMA Official Release
This is the official release of Waltonchain x Crypto.com Community AMA held in the Telegram group of Crypto.com (https://t.me/CryptoComOfficial) at 18:00 on August 4, 2020 (UTC+8) (edited version).
Participants:
C: Crypto.com Community Manager Dahee (@DaheeCDC)
D: Waltonchain CEO Do Sang Hyuk (@dosanghyuk)
M: Waltonchain Chief Expert Mo Bing (@MobingWTC)
C: Welcome to Waltonchain x Crypto.com Community AMA!
Our chat is muted for this AMA. We will open shortly for Live Q&A so please bear with us.
Today we are welcoming our guests from Waltonchain.
Mr. Do Sang Hyuk (@dosanghyuk), CEO of Waltonchain
Mr. Mo Bing (@MobingWTC), Chief Expert of Waltonchain
Welcome both!
Today we have 3 sections in total:
- Brief introduction of Waltonchain
- Q&A (Pre-collected questions through Google Form)
- Live Q&A (7 questions selected on spot)
We’ve got a lot of questions for you. But to start, can you briefly introduce the project and your role in Waltonchain?
D: Hi, Crypto.com Community! Pleasure to be your guests 😄
I am Sang Hyuk Do, co-founder and CEO of Waltonchain. I represent the Korean arm of our company. Also, Bing Mo @MobingWTC is here with me. Mr. Mo is our Chief Expert and the key person in the Chinese arm of Waltonchain.
M: Hi, Crypto.com!
We are a joint Chinese-Korean project expanding blockchain to the Internet of Things (IoT) and the IoT to blockchain. Our KSP is integration of RFID chips and blockchain. We protect product data from alteration on the hardware level to prevent counterfeiting.
C: Awesome, as a Korean myself, it’s my pleasure to be the host today 😊
Thanks for the introduction! Now let’s jump into the Q&A section!
(1) Question No. 1 comes from @itszgsg:
How do you see Waltonchain replacing existing RFID technology?
D: In traditional IoT applications, product data is written to centralized servers through RFID chips. For the sake of profit, businesses or attackers may tamper with the data or attack the servers, which result in data distortion. We add blockchain technology to the original RFID so that data of the whole process from production to sales becomes endorsed by blockchain. This protects product data from tampering or counterfeiting and creates a truly transparent business ecology.
C: A truly transparent business ecology — this is for sure one of the most appealing aspects of blockchain technology!
(2) Awesome👍 Next question comes from @blanccccc:
What is your main goal of WTC in 2020? What do you want to achieve in WTC?
M: We released the updated project roadmap in June.
By the end of 2020 we aim to complete the product layout of the ecosystem. It includes the launch of the DApp platform, release of developer tools, upgrades of the official desktop wallet and blockchain explorer. We aim to attract developers to increase the utility of our mainnet.
C: Looks like a very busy year for the Waltonchain team! Hope everything is going well with the roadmap🚀
Please go check out the tweet guys 🤟
Let’s continue to the next question.
(3) @rtzland asked: Adoption is one of the most important factors for blockchain projects. What Waltonchain has done and plans to do to achieve adoption in reality? Can you share some real use cases?
D: From its start, Waltonchain has been committed to blockchain technology implementation. Waltonchain has solutions for many industries of the real economy and we also provide consulting services. At present, Polo Smart Chain City (a Brazilian project that leverages blockchain technology to meet the logistics and industrial hub demands), where Waltonchain serves as a technical support party, is at the early implementation and planning stage. By the end of 2020, infrastructure investment is planned.
We are also working on improvement of our public chain ecology. After we upgrade the cross-chain data endorsement system, release SDK, DApp platform, and child chain templates for one-click access to our mainnet, our cross-chain ecology will be able to suit more business models and needs.
Besides, we have been committed to nurturing blockchain technology professionals. Our Korea Blockchain Institute is the only officially licensed blockchain education institution in South Korea.
C: Great news, look forward to exciting announcements!
Will check the links out🙏 Thank you!
(4) Next up, @MarkHas1 asked:
How do you think Waltonchain is positioned to take advantage of increasing interest in Defi protocols?
D: With the rising interest in DeFi, we’ve been receiving a lot of advice about it. We believe that DeFi is one of the key application scenes for blockchain and conceptually it is applicable to our ecosystem. While drafting our early development plan, we also included DApp development as its part. We will continue to pay close attention to the development of DeFi and its outstanding projects and models. We might also get involved in DeFi when our ecosystem is ready for it.
M: We welcome the community to suggest ideas, we’ll have a bounty for the brightest
C: Can’t miss DeFi related questions in AMAs nowadays 🔥
Good to know! Thanks for the information :)
(5) The following question comes from @KudosTheHero:
How does your 2 token system operate? Why are 2 tokens required to achieve your desired goal?
M: Our strategic direction is community autonomy. When we thought about how to quantify the users’ support for the ecosystem, we came up with lock-up: the more coins are locked up, the higher are the powers.
Further, we had 2 choices to quantify the powers: points or tokens. For higher usability and transparency, we opted for tokens and issued WTA — Waltonchain Autonomy token, on our mainnet.
Thus, WTC fuels our mainnet and WTA embodies the autonomy powers.
C: Thanks for the explanation.
(6) Next question, @Car1a asked:
I see Waltonchain uses two-way authentication RFID Chip. What are the advantages of the two-way authentication RFID chip?
M: Its advantages:
1. Hash calculation on the terminal side helps protect data
2. Signature verification happens for both chips and readers so operations on a chip are undeniable and an “evil” reader cannot impersonate the real one
3. Signature contains a timestamp and a reader ID for secondary reading and writing to make operations unique and prevents replay attacks
4. Readers self-verify data with hash and signature
C: Awesome, thanks. The last question for this section is…
(7) @monica_012 asked: For any new blockchains, there are chances of being hacked or 51% attack… How Waltonchain Blockchain solves the problem of such attacks? Which consensus is used by Waltonchain to become secure?
M: Our chain runs on a hybrid PoW + PoS algorithm. That is, address balance is considered during PoW mining.
We also introduced a punishment mechanism in the official pool. If pool rewards are inconsistent, the respective account is banned. This increases the attack cost.
To detect abnormal hash power, we compare the current and historical values in the back end. We also gather statistics by regions.
We have detected multiple mining pools on our mainnet. None of them can take over more than 50%. The official KIRINPOOL is the largest one.
We’ve had 2 hardforks to address the X11 reordering and coinAge exploits, and updated the PoS algorithm to decrease the mining difficulty along with the increase of miner’s WTC balance, balance thresholds are 5,000 WTC (for nodes) and 500,000 WTC (for pools). After these upgrades, Waltonchain successfully passed the security audit.
C: Great news! Congratulations🎉
Thanks both for the great answers so far! 💪
Now it’s the Live Q&A Session, please submit your questions here and @dosanghyuk & @MobingWTC will address them.
All selected pre-questions & live questions will share a pool of 1,000 USD in WTC and it will be distributed through the Crypto.com App.
- The Group will be unmuted for 2 minutes
- Please note that only 7 questions will be selected
- Each user can only submit one question (We will active the “slow mode” feature, users will be restricted to submit more than one message in the chat for 2 minutes)
Let’s go!🚀
@dosanghyuk @MobingWTC Please select 7 questions and start answering here 😊 Thanks!
(8) @Vario08: What is the difference between SMN and GMN?
And why both of them need to swap?
D: SMN are 100K WTC holders and GMN are 5K WTC holders. They need to swap officially because the WTC in their address is locked for the SMN and GMN identities.
(9) @yayowam: How does the Shenzhen Blockchain Industry Alliance play in the future of Waltonchain in China?
D: Silictec as a member of SZBIA would share marketing resources of this Alliance, so we can say SZBIA would provide more opportunities to Waltonchain.
(10) @martindouglas2: For any blockchain platform, Security, Scalability & Interoperability are very important factors. So, how does Waltonchain solve these major problems on its blockchain?
M: We chose to build our mainnet basing on Ethereum because it is studied, reputable and met our security requirements.
For scalability, we use our parent-child chain mechanism where transaction load happens in the child chains and mainnet serves for endorsement of child chain data.
For interoperability, we use our cross-chain mechanism. We can connect blockchain networks on different protocols.
C: Thanks for the great answers so far, we have 4 more questions to go🚀
(11) @buayoputiah: What services or products can Waltonchain provide for enterprises?
D: We can “blockchainize” practically any enterprise: connect to the ERP system and feed it with endorsed data. An even higher level opens up if an enterprise upgrades its production process with RFID hardware in addition to blockchain. Enterprises get a customizable data sharing network with clearly defined data access and control rights and have an easy way to share the data with third parties that need to access some data but don’t need to get some other classified data for example. No trust is needed in advance.
(12) @CryptooF: Many projects have died because of the bear market and COVID-19, how will you survive this?
D: Yes, that’s true. We have been through a lot of difficulties this year, as well as many other projects. A lot of our solution users are retail enterprises, they had big damages in this Covid-19 environment. So we cut some business department members and other staff connecting with the food, retail industry, etc. to protect the core business.
C: Sorry to hear that… hope the situation gets better soon🙏
(13) @Kargil1999: How can Waltonchain profit from the data they get, from scanning the RFID tags? Buzzword Big Data.
M: It is not a buzzword when you endorse data on blockchain. Each data string written to our blockchain and each further verification transaction consumes WTC. So the more the data, the more WTC is used and the higher its utility.
(14) @Vstrike: When do you expect new child chains?
M: Currently, our focus is on Polo Smart Chain City project. It is a prospective child chain of our ecosystem.
At the end of the year, they start construction in the port of Pecem, Brazil
This is the biggest project we are involved in and we hope it will be our best use case to attract new child chains.
C: Thanks both @dosanghyuk @MobingWTC for the insightful responses!💪🙏
Today’s Waltonchain x Crypto.com Community AMA is done.
We appreciate the folks who stayed all the way.
Before closing, any last words to add @dosanghyuk @MobingWTC?
D: @DaheeCDC, this is a very productive session 👍
Thanks Crypto.com for inviting us here and for adding mainnet WTC to Crypto.com app!
And thanks Crypto.com and Waltonchain communities for your activity and participation!
미래 디지털 시대를 향해! On to the digital future!
And Mr. Mo has one piece of good news to share.
M: Yes, we haven’t seen one big question
“When GMN airdrop?” 😊
C: We are waiting 😍
WHEN is it? haha
M: We prepare to start it in the middle of August.
We thank all GMN holders for your support to Waltonchain! 😍
C: Awesome! Thanks for the great information 💪
Thanks again @dosanghyuk @MobingWTC for the great AMA today. 감사합니다! 谢谢！
M: Greetings from Seoul!
C: All questions that were addressed during the AMA will share a pool of 1,000 USD in WTC. Congratulations to all of the winners! 👏🎉 Our Community Manager will reach out to the winners individually.
WTC rewards will be issued within 14 days after the campaign ends. You can log in and see your App’s WTC wallet section.
Also, the Crypto.com X Waltonchain Live Quiz event will be held here in our Crypto.com Official Telegram in around 2 hours at 9PM HKT / 1PM UTC with WTC prizes to be won… Stay tuned for the official announcement!🔥
See you all next time!
M: Until next time!
August 5, 2020
