I don’t know who is already aware but by chance I found an article where he talks about a presentation a new technology called Waltonchain fundamental for the realization of the concept of Value Internet of Things (VIoT). The Value of the Internet of Things (VIoT) tries to integrate the RFID technology with the Blockchain technology, at the base of Bitcoin, to create a new commercial ecosystem where the true interconnection of all the objects takes place.
In this historical period, the information society is entering an unprecedented phase of development, where objects can be connected to one another thanks to the internet. This could be defined as the third step in the evolution of the computer industry, which follows the invention of computers and the Internet, or the Internet of Things (IoT). The IoT technology contains two fundamental elements: the first is the internet as a core and foundation, the second is the exchange of information between the objects, that is the so-called interrelation between object and object.
However, there is a problem that limits this evolution. For the Internet of Things it is complicated, under the current central structure, to realize true autonomous cooperation and effective transactions, since the relevant parts of these relationships often belong to different stakeholders with complex and uncertain relationships of trust. Therefore, the collaborations and transactions of the current IoT devices can only be carried out under the same trust domain. Devices to collaborate and trade must be provided or verified by the same IoT service provider, and this significantly reduces the commercial value of IoT applications.
From these considerations comes the concept of Value Internet of Things (VIoT), which based on the introduction of blockchain technology in the Internet of Things, seeks to solve the problem of centralization in the face of the development process of the IoT. Blockchain is a decentralized transaction storage and storage technology based on cryptographic principles; with a distributed point-to-point network, it can achieve permanent storage of an ordered record of transactions that is indestructible, tamper resistant, open and traceable, recognized as the best choice to address the challenges listed above. In the ecology of the blockchain, people can trade securely without having to establish relationships of trust, because every transaction is well recorded in the “public ledger” of the blockchain, which makes it the perfect solution for the issues of trust and equity in the world virtual Internet.
As we all know, Bitcoin appeared in 2009. After 9 years, Bitcoin’s total market capitalization exceeded $ 30 billion, making Bitcoin a successful application of blockchain technology in the field of digital currency. Ethereum has introduced smart contracts to program the complex rules of the contract in the blockchain via code. The smart contracts can be automatically executed when the agreed conditions are reached, consequently, the scope of the blockchain has been extended; Namecoin and Datacoin extend the object of the blockchain from the record of electronic money exchanges in the era of Bitcoin, to the domain name, to user data and to other fields.
As an organic component of the distributed blockchain implementation, the consensus mechanism has also undergone full development; as a result, several important consent mechanisms have appeared:
POW – Labor Proof – also known as a mining mechanism. Adopted by Blockchain in advance of all to dominate the generation of blocks. However, it involves the consumption of resources by the machines in charge of the mining operation.
POS – Proof of interest – born as an improvement of the POW allows to reduce the actual time of mining, but does not solve the problem of the resources consumed.
DPOS – Proof of delegated interest – based on tokens, can greatly reduce the number of nodes and reach consensus quickly, but requires the existence of tokens. Some applications without tokens are limited.
In conclusion i understood that VIoT technique means to connect the labels of objects, events, people and other entities of the real world with the virtual world through the underlying hardware platform thanks to RFID technology, which combined with blockchain that provides value and builds trust, it will allow us to reach the true interconnection of all things.
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