On the 4th of August 2020, our Community Manager Dahee had a Live AMA session with Do Sang Hyuk, CEO of Waltonchain & Mo Bing, Chief Expert of Waltonchain.
Dahee: Welcome to Crypto.com x Waltonchain AMA today! Today we are welcoming our guest from Waltonchain, Do Sang Hyuk, CEO of Waltonchain & Mo Bing, Chief Expert of Waltonchain
Do Sang Hyuk: 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 is here with me. Mr. Mo is our Chief Expert and the key person in the Chinese arm of Waltonchain.
Mo Bing: Hi, Crypto.com! We are a joint Chinese-Korean project expanding blockchain to the Internet of Things (IoT) to blockchain. Our KSP is the integration of RFID chips and blockchain. We protect product data from alteration on the hardware level to prevent counterfeiting.
1. How do you see Waltonchain replacing existing RFID technology?
Do Sang Hyuk: 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 results in data distortion. We add blockchain technology to the original RFID so that data of the whole process from production to sales become endorsed by blockchain. This protects product data from tampering or counterfeiting and creates a truly transparent business ecology.
2. What is your main goal of WTC in 2020? What do you want to achieve in WTC?
Mo Bing: In June, we released the updated project roadmap. 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.
3. 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?
Do Sang Hyuk: 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 the 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.
4. How do you think Waltonchain is positioned to take advantage of increasing interest in Defi protocols?
Do Sang Hyuk: 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.
Mo Bing: We welcome the community to suggest ideas, we'll have a bounty for the brightest
5. How does your 2 token system operate? Why are 2 tokens required to achieve your desired goal?
Mo Bing: 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.
6. I see Waltonchain uses two-way authentication RFID Chip. What are the advantages of the two-way authentication RFID chip?
Mo Bing: 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
7. 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?
Mo Bing: 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 region.
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.
Live Q1. What is the difference between SMN and GMN and why both of them need to swap?
Do Sang Hyuk: SMN is 100K WTC holder and GMN is 5K WTC holder. They need to swap officially for the WTC in their addresses are locked for SMN and GMN identities.
Live Q2. How does the Shenzhen Blockchain Industry Alliance play in the future of Waltonchain in China?
Do Sang Hyuk: Silictec as one member of the SBIA would share marketing resources of this Alliance, so we can say the SBIA would provide more opportunities to Waltonchain.
Live Q3. For any Blockchain platform, Security, scalability & Interoperability are very important factors.. So, how does Waltonchain solve these major Problems from it's Blockchain?
Mo Bing: We chose to build our mainnet based 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.
Live Q4. What services or products can Waltonchain provide for enterprises?
Do Sang Hyuk: 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.
Live Q5. Many projects have died because of the bear market and COVID-19, how will you survive this?
Do Sang Hyuk: Yes, that's true. We have been through a lot of difficulties this year as well as many other projects. Especially a lot of our solutions users are retail enterprises, they had big damages in this Covid-19 environment. So we cut off some business departments and staff members connecting with the food industry, retails industry etc. to protect the core business.
Live Q6. How can Waltonchain profit from the Data they get, from scanning the RFID tags? Buzzword Big Data
Mo Bing: 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.
Live Q7. When do you expect new child chains?
Mo Bing: 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.
Dahee: Thanks both 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?
Do Sang Hyuk: 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 good news to share.
Mo Bing: Yes, we haven't seen one big question, "When GMN airdrop?"
We prepare to start it in the middle of August We thank all GMN holders for your support to Waltonchain!
Dahee: Awesome! Thanks for the great information. Thanks Mr. Do & Mr. Mo again for the great AMA today. 감사합니다! 谢谢！
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!