Waltonchain Whitepaper

Abstract

The Inevitable Trend of Internet Technology Innovation:
The Value Internet of Things
We are in an era where new technologies lead to social changes. In the age of
information and the Internet, human collaboration and communication break
through time and space constraints, and the world becomes an overall interactive
platform.

In recent years, the Internet has entered a new business format of
“Internet +”. In this stage, a new form of economic and social development of
“Internet + all traditional industries” driven by knowledge and social innovation
2.0 provides a broad network platform for the reform, innovation and
development of various industries.

At present, the information age is entering an unprecedented important stage
of development where the objects can be connected to each other through the
Internet; this stage is called the third wave of the development of the world
information industry following the computer and the Internet: the age of the
Internet of Things (IoT). Internet of Things technology contains two meanings: first,
the core and foundation of the Internet of Things is still the Internet, the Internet
of Things is an extension of the Internet; second, the client side of the Internet of
Things extends to the information exchange and communication between any
objects, which is so called object-to-object interrelation.

However, from the Internet, to the “Internet +” and then to the Internet of
things, all stages have failed to solve the problem of localization of information
dissemination (e.g. centralization). It is difficult for the Internet of things under the
current central structure to accomplish the real autonomous cooperation and
effective transactions, because the relevant parties of such cooperation and
transactions often belong to different stakeholders with complex and uncertain
trust relationship. Therefore, the collaboration and transactions of the current
Internet of Things devices can only be carried out under the same trust domain,
the devices to collaborate and trade must be provided or verified by the same
Internet of Things service provider, which significantly reduces the true commercial
value of the Internet of Things applications.

In this context, we put forward the concept of the “Value Internet of Things
(VIoT)”, focusing on introducing the blockchain technology into the Internet of
things, to solve the problem of centralization facing the development process of
the Internet of Things. The blockchain is a decentralized transaction record &
storage technology based on cryptographic principles; with a distributed
point-to-point network, it can achieve the permanent storage of orderly
transaction record which is undeletable, tamper-resistant, open and traceable, so
it is recognized as the best choice to meet the above challenges. In the ecology of
the blockchain, people can trade safely without trust established in advance,
because every transaction is well recorded in the “public ledger” of the blockchain,
which is a perfect solution to the trust and equity issues of the Internet virtual
world. The inevitable trends of the Value Internet of Things are shown in Figure
1.1.

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Waltonchain Whitepaper

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