While VeChain has a nice track record of solid partnerships and live mainnet, a former community darling WTC essentially has no mainnet. Even though, they like to claim they have a mainnet – since it is not public yet and it is under extensive “testing”, it perfectly fits the definition of a testnet.
Add to that the fact that WTC still uses their ERC 20 token – the picture looks as grim as it gets.
When you consider WTC being a closed source project, you really have to put in some serious imagination work and mind distortion to say Waltonchain is a decentralized and censorship resistant project. You can’t find any plans, code, or tests for the ERC 20 token swap on GitHub. Since it is not on GitHub, WTC is a centralized security product where we are dependent on some central company’s internal unpublished project.
In addition to all of this, it appears that the team (different sectors of it) sold a substantial amount from their purse couple of days ago, sending the price into an even bigger abyss. Here are couple of posts from their subreddit, from the holders who noticed these sales and wonder the logic behind these sales when the price is at record lows.
Human Resources: 160,000 (WTC) was sent FROM the address 0x511fb75a1e1526a3732a49e90d35d84d785f4f1b TO the address 0x553399c5a5c46aedc19594f9917a7678657db83d
Marketing: 80,000 (WTC) was sent FROM the address 0x188616e2d481d17190655b8112250912139fb118 TO the address 0x553399c5a5c46aedc19594f9917a7678657db83d
R&D: 120,000 (WTC) was sent FROM the address 0xe12e727dee902cbb27227f924003dd421210cbb5 TO the address 0x553399c5a5c46aedc19594f9917a7678657db83d
Operations: 40,000 (WTC) was sent FROM the address 0x2b2267ecb305f81573058487f64393ba03191d80 TO the address 0x553399c5a5c46aedc19594f9917a7678657db83d
I know comms are not Waltonchain’s strong card but as a hodler I’d like to be informed about market sells in Binance. I understand they need funding, but they could have sold OTC at least.”
“They withdrew amounts from every department, looks like a funding operation. I appreciated the fact that they identified the addresses in the last slack AMA including ICO refund address – that was my very own question to them, so I’ll hand them that for transparency (even if we had to ask to get them disclosed).
But picking the worst market day of 2018 to sell 2% of the foundation holdings for the first time at yearly low. They’re either disconnected from what’s going on in markets and follow their own funding schedule or fear lower prices.
My issue here is that I even before today I did not see any event that will hold the price in these market conditions up to mainnet and demonstration of a working blockchain product. And that’s in Q2 2019. And now there’s foundation selling in the open market on top of this? Is there going to be more transfers to Binance?”
The project initially started by focusing on logistics processes, but are looking to expand their ecosystem by developing smart contract applications and childchains for things like smart cities and agriculture. Waltonchain uses RFID chips that can display a location through radio frequency on their own management information system. Waltonchain aims to make the logistic process more transparent and authenticate products. Waltonchain also uses a similar payment system as VeChain by using Waltoncoins. They have been planning a full ecosystem with decentralized apps, ICOs, child chains, and RFID integration since their whitepaper.
This all sounds great in theory but if they can’t provide full transparency and do a basic thing like a token swap – that is a big red alert in my eyes no matter how great they sound on paper.
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