WAX stands for Worldwide Asset eXchange and is a blockchain built for trading virtual items such as rare and collectible items in video games and virtual worlds. WAX has created blockchain-based tools upon which dApps, marketplaces, and native non-fungible tokens (NFTs) are built.
Read on to learn everything you need to know about the WAX project and the WAX coin WAXP.
What Is WAX
WAX is an environmentally-friendly blockchain and protocol token designed to make e-commerce transactions faster, easier, and safer for users. It's purpose-built for e-commerce through Dapps (decentralized applications), NFTs, gaming, virtual worlds, and unique collectibles. Developers can easily build, launch, and distribute NFTs on the WAX blockchain.
The WAX Blockchain uses Delegated Proof of Stake (DPoS) as its consensus mechanism and is 100% compatible with the smart contract platform EOS, enabling developers to build decentralized applications (Dapps). WAX's custom features and incentive mechanisms are designed to optimize the blockchain's usability in e-commerce and encourage voting.
The platform offers:
- Dapp development and deployment on EOS
- WAX cloud wallet
- Decentralized random number generator.
WAX also has a WAXP-Ethereum (ETH) bridge that enables WAXP token holders to exchange their tokens for WAXE, an Ethereum-based ERC20 utility token. Users need to burn their WAXP tokens to pass WAX over the Ethereum bridge. They will then need to stake WAXE tokens in the Ethereum distribution contract.
The platform offers custom features and incentive mechanisms developed to empower optimized usability.
WAX Founders
William Quigley and Jonathan Yantis are co-founders of the protocol and WAX cryptocurrency.
They are pioneers in the crypto sphere and backed the world's first ICO and digital currency platform, Mastercoin, built on the Bitcoin blockchain.
Quigley invested in over 40 blockchain and crypto projects, including Tether. He is also the managing director at AI company Magnetic.
Jonathan Yantis started his career as a US Navy electronic weapons engineer. He's an early Bitcoin miner and blockchain investor. Yantis was a board member of Mastercoin and backed the Ethereum ICO.
Currently, Yantis is COO at WAX and the digital asset marketplace OPSkins.
The team launched WAX token through ICO, which ended on November 29, 2017, with a $9.600.000 raised. At the time of offering, the WAXP price was: 1500 WAX = 1 ETH.
To quote Quigley: "WAX was designed from the beginning to be incredibly energy efficient. WAX is 125,000 times more energy-efficient than Ethereum, and WAX is already carbon neutral."
How Does WAXP Work
To achieve speed and scalability, the purpose-built blockchain WAX uses Delegated Proof of State (DPoS) as its consensus mechanism in which token holders vote on delegates that act as validators for new blocks.
DPoS is a more democratic version of the traditional Proof-of-Stake model. It allows anyone to delegate their coins, and voting power is relative to the number of tokens staked. With DPoS, a delegate validates a block that is then confirmed by other delegates in the network. The transaction is approved, and a consensus is reached within seconds, allowing all participants to earn their staking rewards.
DPoS is also more energy-efficient.
WAX Labs allows users to vote on developer proposals about launching projects on the blockchain.
WAX uses the WAX Cloud Wallet, SSO, OAuth, a native RNG service, and a developer portal. The technology represents a blockchain architecture with 500 millisecond block times. It's free and leverages voting rewards to incentivize participation in the selection of block producers and proposals.
The WAX token is available for trade or purchase on major exchanges. To hold the new WAX native tokens, you will need a wallet compatible with the WAX blockchain. WAX is also the reward for staking or producing blocks.
WAX is used in proof-of-stake to secure the blockchain. It's also a payment and trading token used to pay fees when creating and using smart contracts. Users can also purchase virtual goods on WAX using the WAX token.
How to Buy WAXP
WAXP is available on Binance, KuCoin, Huobi Global, Upbit, Gate.io, and other cryptocurrency exchanges.
The total supply of WAXP tokens is 3.77 Billion. The coin reached its all-time high of $5.01 on December 21, 2017.
WAXP implements token burning, which means restricting the number of tokens in circulation to avoid inflation. There is no max supply for WAXP.
To buy WAXP, choose an exchange that supports both fiat and cryptocurrency and follow these easy steps:
- 1. Open an account on an exchange that supports WAXP: Remember that most exchanges require an email address, phone number, and proof of ID to register.
- 2. Deposit funds into your account: Depending on the exchange, you can fund your account with a bank transfer, credit or debit card, or cryptocurrency from a crypto wallet.
- 3. Buy WAXP.
- 4. Find a secure wallet to store WAXP.
