Waltonchain [WTC], the IoT enabled blockchain from South Korea, has updated its whitepaper with the progress the company has made so far and the direction they are going. The updated whitepaper was released on 4th September and is called as “Whitepaper 2.0“. Waltonchain officially announced the release of the new whitepaper through their Twitter handle.

According to the official blog post by Waltonchain:

“Waltonchain has been committed to leading humanity into a reliable digital life via blockchain. In its development, Waltonchain has made many technological breakthroughs and innovations, and reached a new milestone. On this basis, the Waltonchain team has upgraded the white paper accordingly. We proudly announce the official release of Waltonchain White Paper 2.0”

The new whitepaper reveals a new concept called “Chain clusters”. Chain clusters are a group of secondary child chains which are reorganized and grouped together to form a large business blockchain ecosystem. The chain clusters complement the already existing concept of VIoT (value internet of things), a concept proposed by Waltonchain.

Waltonchain also proposes a new kind of consensus algorithm called “Proof of Labor (PoL)”. According to the whitepaper, PoL is a consensus mechanism for data transmission and token exchange between various parent chain, child chain and cross-child-chain nodes on the Waltonchain network.

Smart contracts with custom data support have also been proposed.

Current Waltonchain price

Waltonchain lost 15% of its value in the past 24 hours, due to massive Bitcoin dump which has caused the entire cryptocurrency market to enter a bearish state. Waltonchain is currently trading at $3.76 and has a market capitalization of $151 Million.

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