AlanWatts33
Power Member
- Nov 27, 2016
- 573
- 266
By creating the genesis block (ETA: Feb 2018), WTC-ERC-20 will be transformed to Waltoncoin (digital token in the Waltonchain ecosystem). Here are some basic informations for the future functions/value of WTC-Tokens:
- Issuing sub chains: Issuing sub chains such as the production sub chain, storage sub chain, logistics sub chain and sales sub chain needs to consume WTCs. Of course, issuing sub chains is not the privilege of the Waltonchain team, as any Waltonchain ecosystem user can consume WTCs to issue its own sub chains in the Waltonchain ecosystem. The consumed WTCs are used to allocate the accounting node wallet to support the parent chain –PoST mechanism. Simplified: WTC will be the gas (like in NEO) of Waltoncain ecosystem.
- Dividend interest: Waltonchain team officially issues important sub chains, such as the sales sub chain used in stores (assuming the token is A coin), and the transaction sub chain used in the retail industry (assuming the token is B coin). In the above high-frequency circulation sections, even if the transaction fee for each transaction is very small, many small fees can add up to a substantial number. Therefore, in order to ensure the robustness of the sub-chains and the parent chain at the same time, the allocation mechanism regarding the consumed fees needs some innovative adjustments. The majority (e.g. 90%) is assigned to the accounting node wallet of the sub chains, and the minority (e.g. 10%) is assigned to the accounting node wallet of the parent chain. Simplified: This will be one of the main features of WTC, because WTC profits from all sub chains.
- Credit and mortgage system: The account on the parent chain can form a credit mechanism. As the circulation and consumption amount of sub chains increases, the credit value of the corresponding account of the parent chain increases. Here is an application scenario: a customer needs to pay for his consumption at A store, A store supports A coin, but the customer does not have any A coin, then the customer can pay by mortgaging parent chain WTCs (in a frozen state), A store and the customer sign an smart contract on the chain automatically to set an agreed time to return A coins, when such WTC coins will be unfrozen. Correspondingly, the creditability of this account increases, and the number of WTCs needed for mortgage decreases. However, if the A coins failed to be paid back, the number of WTCs frozen for mortgage will increase correspondingly. Simplified: WTC can be used as build-in-credit-mechanism to secure inter sub chain transactions.
- Distributed asset exchange: If we exchange assets on the parent chain, the parent chain will be able to exchange the assets of any sub chain tokens on any sub chain. This allows the sub chains to interact with each other and opens up many collaboration opportunities to allow cross-chain asset transactions, which is also a required function in the Waltonchain ecosystem in the long term.
*Simplified: WTC will be the necessary link between cross-chain asset transactions.
- Distributed voting and governance system: This system will be the core of decentralization in the future. Safe and anonymous voting will be available for all sub chains on the parent chain. Simplified: WTC will be part of a voted-based trust mechanism (like in DNT).
- Decentralized exchange: All the coins on the sub chains can be traded in the decentralized exchange on the parent chain, where the digital currency used to act as an intermediary is WTC. Simplified: WTC will be the like BNB of Waltonchain ecosystem.*
As i mention before: WTC will be an all-in-one-token with many functions and benefits. Not like other coins/tokens we have an added value! It's not just a voting coin or - more worse - just a investment without function.
Source: Whitepaper v.1.0.3.
