WTCUSD
Waltonchain / United States dollar
crypto

Waltonchain is a public distributed ledger created for enterprise use case with a focus on Internet of Things (IoT). According to the most recent whitepaper released in 2018, Waltonchain will use a Waltonchain Proof of Contribution (WPoC) consensus mechanism which includes three different components Proof of Work, Proof of Stake and Proof of Labor. PoS and PoW function as sybil control mechanisms and prevent the risk of 51% attacks. Proof of Labor is a new consensus mechanism for data transmission and token exchange between various parent chain, child chain and cross-child-chain nodes on the Waltonchain network. This cross-chain data transmission is the extraction of hashes based on data features and storage on the parent chain making it convenient to search for and authenticate data in the Waltonchain network in the future. In addition, cross-chain token exchange occurs via a ledger based on atomic swaps and records every transaction between child chains and the parent chain. The smart contract language supported by Waltonchain is Turing complete which facilitates complex business logic and applications. However, since smart contracts will run constantly and independently on all nodes, it is expensive in terms of both computation and storage. To solve this, the Waltonchain Foundation set up the unique Data Pattern for Smart Contracts which keeps the logic simple, reduces Gas consumption, standardizes operations and provides output data in standard formats (e.g. Json). They also designed and built a number of smart contract libraries where smart contracts can be queried, invoked, and reused via the event function index. After obtaining the relevant standard data file, data interaction between an application and other child chain systems can be achieved.