Today we’re looking at a lesser-known altcoin called WaltonChain, as per the request of one of our Invest Diva members, Mike. What is WaltonChain? How is its coin performing against the USD and other cryptocurrencies? Read on!
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What is WaltonChain?
WaltonChain, or how it’s known to the crypto crowd, WTC, is a China-based company. It claims to have created a “Value Internet of Things” ecosystem combining the blockchain technology with something called RFID.
- Value Internet of Things or VIOT, creates a business ecosystem integrating the real world with blockchain.
- Walton is an acronym for “Wisdom Alters Label Trade Organization and Network”. It is also the name of the man who patented the RFID in 1983, Charles Walton.
- RFID stands for Radio-frequency identification. It refers to a simple process that would enable a true merging of a digital value with a real-life physical object. It provides a unique identifier for things like mobile and credit card payments.
WaltonChain aims to create a more efficient market. A business ecosystem that would allow industries and products with RFID technology within the Internet of Things to establish a solid environment.
With that, members can have access to fast and cheap transactions by establishing a connection between nodes, chains, products and the Internet of Things. These will all be supported and operated by WaltonChain.
Of course, our only source to research about WTC at this point is to read through their proposals and decide whether they are genuine about their claims and ambitions.
However, they have been able to sign partnerships with companies such as China Telecom’s Zhangzhou branch, as well as the US-based company, Loci, which has created a platform for IP research.
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The China Telecom Zhangzhou partnership is aiming to help to build a smart city. The full support from China Telecom Zhangzhou will promote the innovative construction of blockchain-based Value Internet of Things and the development of the innovative layout of commercial ecosystem applications by Waltonchain.
WTC Price Action
WaltonChain ranks 40 in terms of coin market cap. At the time of writing, has been down 11%. After falling from the all-time-high levels above $42 back in January, it’s been having a hard time breaking above the resistance level of $27.34.
Versus Bitcoin, it is currently testing the lower band of the daily Ichimoku cloud. The current price of 0.002 falls on the 50% Fibonacci retracement level, as well as a previous resistance.
The Tenkan, Kijun and Chiko lines of the Ichimoku Kinko Hyo are sending mixed signals at this point.