If you following Walton last year than you may remember that they released their "mainnet" on March 31st of 2018.https://medium.com/@Waltonchain_EN/waltonchain-mainnet-launch-announcement-6187912ff6f6In the medium article it states that the token swap would happen once the network became secure, and until then miners would mine test coins that would be swapped for the Erc20 coins. However, that time never came. The test coins were swapped for Erc20 tokens but the swap to full Walton tokens never happened.Just last month the team announced that they were releasing the "Fully Operational Mainnet," and they did so on April 24th.https://medium.com/@Waltonchain_EN/announcement-on-the-release-of-the-fully-operational-waltonchain-mainnet-a07246f81dadHere is where things get interesting.On May 7th the team shutdown the "test net" after it reached block 550,000! Calling it a test net or WTCT network to be exact is weird because when it was released there was no mention of it being a test net or getting "shut down" just over a year later. The reason I use quotes for shut down is because the team can't actually shutdown the network because it is made up of nodes they dont control, aka decentralization.Instead they deleted the explorer they had at waltonchain.net and will not redeem any coins mined after block 550,000. However, miners continue to mine on the network! This can be seen in this 3rd party explorer.http://wtcexplorer.io/Keep in mind that these miners are spending money for coins that the team wont redeem and therefore are worthless. Slight tangent, I find it shady that they team only announced the swap end in a few medium articles. So, any miner that doesn't follow the teams medium woul have no idea.The new mainnet is seen here. https://waltonchain.pro/pc/src/main.htmlSo this raising some big questions for the first mainnet. Mainly, what was its purpose. The first medium article showed that it would be the mainnet going forward with no mention of it getting shutdown or being a test net. Over 550,000 blocks and over 1 Million coins have been mined . Miners spent tons of money securing the chain just to have it shut down by the team. The chain is basically a high difficulty faucet coin distribution system, because all it did was distribute coins. The miners spent real money, to mine fake coins, on a chain that wont be used, and who's token have no value.To me this looks like Walton's first attempt at a mainnet that turned south and had to be jettisoned, however they can't shut it down due to nature of decentralization.Finally, the new mainnet has yet to have a real token swap away from erc20 and it is at block 81,000.
Submitted May 23, 2019 at 11:23AM
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