These two are often mentioned in the same sentence as the top contenders for the supply management on blockchain use case. 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it is not on GitHub, WTC is a centralized security product where we are dependent on some central company’s internal unpublished project.
So this project is pretty much the opposite of every definition and core idea of blockchain as an innovation and technology. It would really kill a lot of concerns (valid ones) if they simply did what other teams do from the get go – make everything open source and transparent.
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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