Possibly the most important aspect of blockchain technology is the ability to verify transactions at each step of the chain. The integrated distributed ledger platform allows for users to know where their currency is going, and where it came from. More importantly, it allows others to verify that the ledger is balanced and fair. As such, there’s a push to integrate blockchain technology with both real-world objects and the Internet of Things. Where some cryptocurrencies are aiming to provide the internal framework for the IoT, WaltonChain is one of several hoping to bring real-world objects into the distributed ledger.
Their system works by combining blockchain tech with RFID technology. Through this, they attach a one-time-use identification tag to an item. That tag then allows customers and producers to track the item through every step of the global supply chain – and validate it upon purchase. WaltonChain’s technology would help to make counterfeiting a thing of the past. The system makes it impossible for malicious third parties to create an item with a valid tag.
Global Blockchain Technology Expo 2018
The Global Blockchain Technology Expo is a major event held by the BlockTrain group in Silicon Valley. Bringing together blockchain experts and company heads from around the globe, they discuss the various developments that have occurred in the blockchain space. Alongside the expected networking potential, the expo also awards projects that they believe are the most promising in the upcoming year. WaltonChain earned the award for Most Promising IoT Solution of the Year – despite some stiff competition.
The integration of RFID technology is a game changer in the world of IoT assignment of blockchain IDs. It permanently affixes the ID to the item, rather than simply listing it in a digital ledger. While both help to combat counterfeiting and fraud, only WaltonChain’s solution does so through direct manufacturing process in the real world. Unsurprisingly, this combination of emerging technologies won WTC the award – and shows the confidence everyone has in the project.
Alibaba Group Partnership
Of course, WaltonChain isn’t going it alone. Like any proper blockchain project, they’re hard at work building strategic partnerships that will help them bring their product to market. WaltonChain recently partnered with the Alibaba group as a member of their IoT Connectivity Alliance. Alibaba is one of the largest eCommerce sites in the world, and one of the most globally well-known companies based in China. They created the alliance specifically to create standard operating procedures for IoT devices. Rather than waiting for a disparate number of differing IoT protocols, the alliance will help form easy, efficient systems that will encourage the growth of the industry.
For their part, WaltonChain provides experience in integrating digital services with physical goods. Alibaba provides tremendous capital and a far-reaching customer base. Together with the other members of the alliance, their stated goal of a standardized IoT protocol could well become a reality. However, they are aware that this is only the beginning of the industry. Standardization is only one component, with development and adoption operating alongside it.
Competition and Market Volatility
The constant flux of the cryptocurrency market took a toll on WaltonChain in the early part of this year. Their first big break out occurred just before the market correction in January. Luckily, they’ve recovered since then and now show great growth potential. While VeChain also offers digital verification of real-world goods, there are two factors to consider. VeChain uses a chipset-based validation system, and the market is easily large enough for both projects to flourish.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…