What is Wax? All You Need to Know About WAXP

The gaming Industry since its inception, has continued to grow, generating billions of revenue each year. Adding blockchain technology to the gaming world has opened doors to a player-owned economy that allows users to own digital assets. WAX, a platform that powers top-ranking blockchain games, is a major party in making this a reality.

What is WAX Blockchain?

Worldwide Asset eXchange, popularly called WAX, is a blockchain designed particularly for e-commerce transactions. It facilitates high-speed, secure, and easy transactions for all network members. It was built to trade digital assets in the virtual world and video games.

The WAX blockchain is a decentralized hub and dApp platform for NFTs and other virtual assets. Players, through the platform, can truly own their digital assets and trade with other users. It is currently one of the most popular platforms for trading digital assets in the blockchain ecosystem.

It uses a Delegated Proof of Stake (DPoS) mechanism compatible with EOSIO, an open-source blockchain platform developed to ensure secure digital platforms. WAX boasts a platform with a block time of around 500 milliseconds and no transaction fees for its customers.

History of WAX

The journey of WAX dates back to 2015 when William E. Quigley and Jonathan Yantis first conceived it; the pair desired a blockchain where any user could create, buy, sell, and trade various digital assets or items.

They developed upon the idea, and in 2017 WAX was released, and WAX attracted several gaming companies and created a platform for these companies to launch their NFT collection. Later several game developers and NFT creators joined the group of interested parties with their world-class games and dApps, which increased the popularity of WAX, making it one of the most popular gaming platforms out there, earning the title “King of NFTs.”

The platform continued growing and hit another major milestone by launching the Alien World Metaverse in 2020. It was dubbed as the most-played blockchain game on earth due to the different features of WAX it utilizes.

How Does WAX Blockchain Work?

Worldwide Asset eXchange (WAX) uses a dPoS consensus algorithm that depends on groups of block producers known as WAX Guilds to control the production of blocks.

The WAX blockchain produces a block every thirty seconds, and only one WAX Guild can create blocks at a particular time within a specific time, increasing efficiency. Once the allocated time elapses, the block is skipped, and as a way to prevent block skipping, WAX doesn’t reward Guilds that produce less than 50% of their scheduled blocks.

As a way to increase the community’s interest in selecting WAX Guilds, WAX has adopted a tokenomics model that allows members to vote, stake, and receive rewards.

WAX makes use of its native token WAXP to perform several activities on the blockchain. All you need to do is connect a compatible wallet to the Ethereum bridge and convert the WAXP tokens to WAXE. You then deposit WAXE and ETH tokens into the WAXE-ETH liquidity pool to earn WAXE-ETH liquidity pool tokens.

The next step is to stake the WAXE-ETH token in exchange for the WAXG token and ETH rewards. In exchange, the WAXG token can be used to vote and be burnt to earn more ETH from the piggy bank pool.

Asides from the DPoS consensus, WAX uses a few other smart contracts and other technologies like Byzantine fault tolerance, which prevents double spending on the platform by stopping Guilds from producing two blocks with the same height and time stamp.

Features of WAX: dPoS, Carbon-Neutral Blockchain and Cloud Wallet

WAX is a Web3 ecosystem that supports a variety of games, meta verses, and NFTs. It offers various features that users and developers need to access and launch NFTs.

To be able to accommodate several users and developers while providing an adequate system for them, WAX has implemented the following features:

Carbon-Neutral Blockchain

Worldwide Asset eXchange (WAX) is a certified carbon-neutral blockchain which makes it 66,454 times more energy efficient than Bitcoin. It means it uses less energy compared to what the traditional blockchain would use and emits a lot more carbon.

Popular blockchain, Bitcoin makes use of the PoW (proof of work) consensus. As the value of BTC increases, users would need to acquire heavy mining equipment leading to increased carbon emissions the size of small-sized nations. Conversely, WAX produces less than 0.01 percent carbon emissions when compared to Bitcoin.

Delegated Proof of Stake Consensus Mechanism

WAX utilizes the DPoS consensus mechanism, combining the POW (proof of work) and POS (proof of stake) consensus. This allows users to hand their coins over to selected parties, giving them the power to validate transactions. This voting power is directly proportional to the number of tokens staked. However, users don’t need to battle for computing advantage since the energy consumption is the same across several boards.

WAX Cloud Wallet

The WAX cloud wallet can send and receive funds and is available on multiple devices. It can also be used to store NFT collectibles in central storage. The WAX cloud wallet can also be connected to decentralized applications (dApps) and require users to manage private keys. In addition, the platform’s dashboard allows users to stake holdings and vote for WAX Guilds.

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https://www.mycloudwallet.com/

WAX Labs

WAX Labs is a feature that allows users to pitch ideas to the users on the platform. Users who have ideas and would like to bring these ideas to life and need extra funding could pitch their business plans. All they need to do is submit all necessary documents, ideas, and other details that allow users to evaluate the project’s feasibility properly.

Once the plan is submitted, every platform member has the right to vote on the project. The weight of a user’s vote depends on the number of tokens staked. For a project to be funded, around 10% of the accredited voters must vote on the project, and half of those voters must agree on the proposal. The admin can terminate the project but has to give a proper reason for the termination.

WAX Block Explorer

This feature records individual transactions on the WAX Blockchain. WAX provides a user-friendly platform that allows users to view ongoing transactions in visual 3D. The interactive 3D feature allows users to understand the data they see without having technical knowledge.

Users can also view the 3D rendering of their digital asset along with the owner’s record, transaction data, and other related data.

WAX NFTs

WAX has introduced a new twist to the world of NFTs with their new Carbon-neutral NFTs. Although they are still connected to physical objects, these NFTs are slightly different because they are carbon offset vIRL NFTs. Once an NFT is redeemed, a sampling tree is planted by the National Forest Foundation for every dollar spent on NFTs. This is in line with WAX’s desire to reduce its carbon footprint until it achieves carbon-negative status after achieving carbon neutrality.

The platform’s NFTs can be purchased on primary and secondary marketplaces, but major sold on secondary marketplaces like AtomicHub, Collectibles.io, and Myth.Market. The Primary Marketplaces don’t have as many NFTs, and most NFTs are sold out within minutes of their launch.

Decentralized Applications (dApps)

Developers can utilize the WAX platform to launch high-performance dApps. The Developer Hive can give developers in-depth knowledge of product development. It also allows developers to deploy EOSIO dApps on the WAX mainnet since WAX is fully compatible with EOSIO smart contracts.

Popular NFT Projects On WAX

WAX has a plethora of NFT projects on its platform, but there are some projects that caught the attention of users and are amassing loads of funds and interest. Some of the popular projects include Street Fighter, Topps, and Hot Wheels.

Street Fighter

Street Fighter is a one-on-one fighting-style game with memorable K.O. scenes and epic combat. Due to this, users have been able to capture moments that can be used as NFTs. These NFTs appeal to old and new users who are in love with the game.

Topps

Fans of Major League Baseball would love the Series 1 NFTS of MLB cards. These are a huge success and give users the chance to get cards from their favorite teams.

Hot Wheels

Hot Wheels NFT garage launched its first series on the WAX network. They released several packs giving fans the chance to own popular cars.

What is WAXP?

WAXP is the native token of the WAX blockchain. It allows users to own NFTs and participate in the WAX ecosystem. The ticket can be burnt or swapped to WAXE or WAXG, depending on what the user plans to do with the token.

WAXP Tokenomics

The token’s total supply is capped at 3,770,303,327 WAX, and it will be distributed in the following way:

• 35% of the total market supply will be allocated to token sales
• 30% will belong to market development
• 15% will be shared among contributors and advisors
• WAX team and WAX founders will hold 20% of WAXP tokens

Is WAX A Good Investment?

WAX is ahead of most of its peers and is a booming ecosystem that has achieved great success in the gaming sector and has gathered the support of several NFT followers and well-established gaming brands.

It is bound to keep growing and could set itself as a household platform with its great team, well-laid-out plan, and strong fundamentals. Its carbon-neutral NFTs are the first of its kind and are bound to increase in popularity. It possesses features that will lead it to reach its full potential.

How to own WAXP?

Users can get WAXP tokens by using the various crypto exchanges out there. WAXP is available on exchanges such as Gate.io. To start trading, users only have to create a Gate.io account and complete the KYC procedure, then review the procedure to buy WAXP on the spot or in future markets once they have added funds to their account.

Take Action on WAXP

Check out the price of WAXP today and start trading your favorite currency pairs.

• WAXP/USDT