Waltonchain uses the Waltonchain Proof of Contribution (WPoC) consensus mechanism, which includes three different components: Proof of Work, Proof of Stake, and Proof of Labor. PoS and PoW act as Sybil control mechanisms, reducing the risk of attacks by 51%. The Proof of Labor is a new consensus mechanism for data transfer and token exchange between different parent, child, and cross-child chain nodes in a Waltonchain network. This cross-chain data transfer is useful for finding and authenticating data on the Waltonchain network in the future by extracting hashes based on the data characteristics and storage of the parent chain. In addition, cross-chain token exchanges are done through an atomic swap-based ledger that records all transactions between the child and parent chains.
The smart contract language supported by Waltonchain is Turing complete, facilitating complex business logic and applications. However, smart contracts always run independently on all nodes, which is costly in terms of both computation and storage. To solve this, the Waltonchain Foundation has set its own data pattern on smart contracts. This simplifies the logic, reduces gas consumption, standardizes operations, and provides output data in standard format (such as Json). A set of smart contract libraries has been designed and built that can query, access, and reuse smart contracts via the event function index. After retrieving the relevant standard data files, you can implement data interactions between your application and other child chain systems.
Use of Native tokens in the ecosystem:
The Waltonchain (WTC) coin enhances its platform that combines blockchain and track microchips to create a supply chain management system.