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97
Posted by
#wtchodl
15 days ago
Moderator of r/waltonchain

Waltonchain's Pro Arguments.

Intro: As I'm writing out the pro-arguments for the Monthly Skeptics thread on r/cc, I wanted to share the information i've summarized with our community here as well. Hopefully others can find it helpful (plus I can always have a post reference to it for the all-in-one). - If i've missed anything please feel free to comment below and i'll update this list.

Waltonchain Pro-Arguments.

  • Embedded hardware that writes directly to the blockchain without the vulnerability of an api., allowing true decentralization.

"I do realize that there are other companies focusing on blockchain and IoT, such as Iota and Vechain, which is a Chinese project as well. But their value propositions are still very different than ours. Vechain’s coordination is done through an API and they are not fully decentralized. Our project is coordinated by blockchain and RFID, so our chips correspond the private keys to the blockchain directly and is fully decentralized. Besides, currently there is no RFID chip firm that can develop, produce and sell such chips on its own. Mostly, clients procure from Japanese, Korean or American suppliers. In that way, setting up Silitec as our technical support company offers us a strong strategic advantage."- Waltonchain COO Monitor Chan.

22 comments
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I cant stop buying this shit, and I cant for the life of me understand why other people are not doing the same.

The vast majority of people are scared of losing even a cent. It would take inside info from bill gates for them to buy Microsoft shares. One of my friends who has over 100k in savings freaked out when his shares lost $300. As far as Waltonchain to the crypto communities/crypto aware people, most people still dont know much about walton. If you are in the reddit you get so much news and you are constantly like "holy shit!" but to most crypto ppl its just another alt amongst the crowd.

6 points · 15 days ago

they dont understand

2 points · 15 days ago

For me the reason to sell most of my wtc position was because of the loss of trust after the Twitter campaign and a few comments from the team.

I see great potential in this tech, but wtc as team has to start again to be trusted.

Just my reasons why. Have a great day.

No problem, thanks for your input, best of luck with your investments. Conversely I felt that twitter snafu was insignificant in the grand scheme of things.

Walton will be top 10 very soon. 🚀🚀

Just a quick glance over, and what I see is lovely. Keep it up!

Boggles my mind why WTC isn’t one of the top projects in the space, but eventually I believe it will be

#wtchodl
Moderator of r/waltonchain, speaking officiallyOriginal Poster2 points · 15 days ago

Awesome, thank you for the feedback!

6 points · 15 days ago

We need more encouraging people like you!

9 points · 15 days ago · edited 15 days ago

Verge got 51% attacked 3 times is much more highly valued than WTC. Think about how undervalued that makes it. We are at a very early stage for crypto. People are willing to hold verge even though its very risky just to do so. Once t his space matures WTC will have a higher valuation than BTC.

The world were entering is going to be increasingly more technological. WTC value will grow exponentially higher than something like NEO. This is like investing into amazon at $5

I do think that Walton will be a top blockchain in this space, and I am quite comfortable holding it.

That said, I realize that this is an unpopular opinion, but..

I don't believe or even think it possible for any coin or open blockchain to permanently usurp Bitcoin. You can make the argument that with the number of estimated "lost" Bitcoin, Ethereum briefly surpassed Bitcoin's market cap in June 2017. I hate Ripple/XRP, but it's market cap briefly topped Bitcoin during the bubble in December 2017 when it reached around $4 per xrp (100 billion supply, I don't care if Ripple has only sold 39 billion on the market).

Bitcoin's value proposition is that it is a money/payment network that no person, government, or corporation controls, that anyone in the world is free to use. Decentralized, censorship resistant, open access, open source. Any other project in this space is controlled by a central entity or company. No project in this space comes close to Bitcoin in this regard, nor could any other project replicate the way that Bitcoin grew without a centralized entity controlling its growth and development.

I've been in this space since late 2013. The same arguments you hear against Bitcoin today are the exact same arguments you'd hear against it back then. There are always significant trade-offs for and against these arguments.

  • "Other blockchains have better features" - more advanced features lead to more possible bugs and vulnerabilities on the base blockchain (assets, voting, colored coins, etc.); these features can be built on Bitcoin's 2nd layer protocols (lightnings, sidechains, etc.)

  • "Other blockchains are faster" - block size/times are just a few lines of code, the truth is that there are significant negative trade-offs for larger block sizes (more bandwidth usage, less people able to run full nodes, less decentralization) and block times (new blocks take time to propagate across the network, faster block times mean more orphaned blocks. Its just not possible to scale for global usage on-chain. Bitcoin will have blocksize increases in the future, but optimizations need to be made as well.

  • "Mining is centralized, ASICs are bad, proof-of-work is wasteful" -

    • Miners use pools to keep income steady, among other things, Mining pools don't control all of the hash-power directed towards their pool, i.e. Bitmain does not control all of the hashrate pointed towards the mining pools they operate.

    • Bitcoin ASICS have recently started hitting a ceiling in efficiency, ASICS are no longer obsoleted every few months. New manufacturers are entering the Bitcoin ASIC space, we're going to witness increasing decentralization when it comes to Mining power and manufacture over the next few years.

    • Bitcoin is the most secure blockchain/network in existence, no other project comes close. Proof-of-work is what provides the security for Bitcoin, all other consensus algorithms are untested at the scale of Bitcoin. A common argument against proof-of-work is that Bitcoin currently can process 7 transactions per second and uses X amount of electricity to do so - Therefore a transaction costs Y amount of electricity. Proof-of-work is just there to secure the network, in years, eventually Bitcoin (and other blockchains) will be Millions of transactions per second using base layer, 2nd layer and higher scaling. The amount of electricity used doesn't need to increase exponentially for this to occur.

  • "A small number of addresses own a majority of Bitcoin" - These addresses are most often wallets controlled by exchanges, that are serving millions of customers, so it is misleading. Ownership distribution of Bitcoin is more distributed than other blockchains, and will only improve over time. That said, I can't believe people still store their money on exchanges.

The truth is that many of the features or use-cases available on other blockchains can happen on Bitcoin as an on-chain fork, in one of the upper protocol levels of bitcoin, and even Bitcoin interacting with other blockchains on these upper layers. For this reason, I'd like to see Waltonchain pursue eventual interoperability with Bitcoin and Ethereum.

I believe that Bitcoin will eventually become the global store of value and most widely used currency, but there is still room for other blockchains to be used alongside it. Bitcoin has the most adoption, is the most developed, and is the closest to solving scalability.

If you don't like Bitcoin because you think that Bitcoin has been making alts bleed, and you feel it is responsible for alts and Walton's USD price declining, as I have been reading in many of the posts here over the past few months, bemoaning BTC trading pairs (this has also been a complaint that I've continuously seen since 2013). Another frequent argument I've seen against Bitcoin is that "alts have a higher potential gain" than Bitcoin.

I'd encourage you to try and not let these two things become a possible negative bias against Bitcoin. I realize this is very hard to do. I'd encourage anyone reading to always hold onto at least some Bitcoin.

Frequenting many different reddits, I always get the impression that Bitcoin is one of, if not the most, underrated open blockchains in this space.

I love wtc. I'm more bullish on it than any other token. But I'm trying to understand how people like us who won't be using the actual infrastructure that is coming will find value in the tokens. What is the reason for the token value increasing over time? What does the token do in regards to the technology that is being developed. I love Waltonchain, but I wonder if buying shares in a company like this is a better investment. No FUD here, just genuine interest. I'll keep buying tokens with each paycheck just to support the company but is that the only reason why we buy them? To help WTC? I just want to scratch their back whilst hoping they scratch their investors in return.

We are buying a piece of the Walton network. The literal gas that powers it (post conversion). The supply is scarce and I expect even more so once the token swap has taken place when new MNs and stakers come into play.

#wtchodl
Moderator of r/waltonchain, speaking officiallyOriginal Poster8 points · 15 days ago

There are 6 use cases the team put forward for the WTC above, if you read the white paper it details out the use cases for each of them.

As the number of transactions and interest increases on the network, the value of the token becomes the power that token holds, and the influence it holds in the network.

Given simple supply demand dynamics combined with the IoT ecosystem they are creating, gaining a token is more valuable than a share in a company.

A share is a traditional purchase of the stock of the company, a token literally can be used to power the parts of the network, it has much more use than a share in a corporation does, beyond speculative investment.

Mistake in original post: "all storefronts will be a masternode on the network" this is not only untrue, but impossible. MN status is determined based on 5k WTC balance at one address. There's not enough total supply of WTC for every potential store front to be a masternode. It sounds like you mean to say storefronts will be able to handle transactions using WTC.

#wtchodl
Moderator of r/waltonchain, speaking officiallyOriginal Poster2 points · 15 days ago

Yep it should be node, updated, this comes from their white paper page 33.

How is it fully decentralized if WTC is in full control of the RFID chips and readers ? Will they open source the software and hardware ?

From what i know, It’s a decentralized chain on a centralized project. Walton creates the RFID’s and sells them, but the decentralized community runs the chain which prevents hacking and counterfeiting.

So why call it decentralized then if one party has all power in hands ?

#wtchodl
Moderator of r/waltonchain, speaking officiallyOriginal Poster2 points · 15 days ago

Might be a good question for the AMA if you submitted it, I’m sure Monitor Chan has the ability to expand on it.

2 points · 14 days ago · edited 14 days ago

There are various levels of decentralization. If we consider the centralization of development resources then I'd say most blockchains are quite centralized, especially for emerging projects, but there's no way around it until greater adoption. How many developers do you think have a say in Bitcoin's, Ethereum, EOS etc. core development compared to the number of users they have?

I think that the best that can be done software-wise is to open-source the code (they will before token swap) and then hope that many parties will join to help maintaining & evolving the code. Until that happens Waltonchain will be the ones driving the software solution of the project and yes, this aspect will be centralized to some extent. However, that doesn't mean that there's operational centralization: Waltonchain still wouldn't be able to rule the network, unless they inject code allowing them to do so and that a majority runs off a new version of the code containing the exploit. We'd expect third-party audits for exploits & bugs on every new release of the network's code.

I think the protocols of today's internet (TCP/IP, HTTP, etc.) are pretty good examples of successful decentralized protocols and what we could expect for a widely adopted blockchain ecosystems.

As for the hardware, the situation is very similar and it would be interesting to see what they have to say. Silitec will most likely want to benefit from their hardware monopoly at first, but I'm sure as the ecosystem grows they will establish hardware standards that can be implemented by other manufacturers. Actually, although I know very little on hardware development, I'm pretty sure that as soon as the software will be open-sourced and algorithms will be known then any manufacturer could already produce chips that are compatible with Waltonchain, but the thing is that these chips wouldn't necessarily come with the strong decentralization & security guarantees offered by Walton's hardware. For that reason I think most consumers will opt for Waltonchain's hardware for a while.

Thanks so much for this detailed response. Can you provide me with a source where I can verify that WTC said they will open source the software before token swap ?

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