Understanding the WAX Blockchain
- WAX enables the creation, and deployment of NFTs, GameFi, and DeFi solutions.
- WAX uses the dPoS consensus algorithm.
The blockchains of Ethereum and Bitcoin use a proof-of-work (PoW). Crypto miners invest in more powerful mining rigs as the value of ETH and BTC tokens has increased over time to meet up with proof of work Blockchain challenges.
Blockchain protocols are springing up with improved network design to serve the lapses of proof of work Blockchains; energy consumption is minimized and a new consensus mechanism is introduced. One of the Blockchain protocols with an improved consensus mechanism from proof work is WAX.
Worldwide Asset eXchange WAX, is a Proof of Stake carbon-neutral Blockchain ecosystem that serves as a transaction gateway for NFTs, collectibles Video games, and dApps. It is a global transaction plug for users to mint, buy and sell physical or virtual assets.
WAX is based on a delegated proof of stake mechanism (DPoS), which operates in a completely distinct transaction validation approach from the conventional Proof of stake or proof of work and is designed to make NFT transactions for users faster, easier, and safer.
WAX DPoS allows transactions to be approved by one of 21 energy-efficient guilds delegated by WAX token holders. There is no competition for processing power domination in WAX DPoS, as there is in Ethereum and Bitcoin PoW chains.
This means that, while Ethereum and Bitcoin energy usage grows by terawatts every month, the WAX blockchain’s energy consumption remains relatively low.
WAX is being built using a customized version of the EOS operating system. WAX vIRL NFTs come with a variety of dynamic features, such as app/video game integrations, marketing tools, and V-commerce capabilities, which allows users link a vIRL NFT to a physical item and transfer ownership without having to physically ship anything until a collector is ready to claim it as their own. Every vIRL NFT is created on the WAX Blockchain, which is both energy-efficient and carbon neutral. WAX gives its users access to several dApps and an intriguing NFT marketplace. Many of the world’s best blockchain play-to-earn games are also based on the network.
Features of the WAX Blockchain
WAX built bespoke features and incentive systems to improve the blockchain’s e-commerce usability and incentivize voting on guilds and proposals.
WAX Cloud Wallet: WAX Cloud Wallet is a cryptocurrency wallet that makes it easier to log into WAX blockchain applications without having to manage private keys. To use the cloud wallet, intending users visit the login site wallet.wax.io to create an account and start by sending funds to the wallet. WAX Cloud Wallet is a portal to outstanding NFT collections, dApps, video games, and marketplaces. It also offers an easy gateway to purchase, sell, trade, and give NFTs.
Staking is available on the WAX Cloud Wallet, where users stake WAXP to enhance token scarcity; this is achieved when users set aside their tokens which are stored until they reclaim them and accrue benefits over time. Users who stake WAX tokens get the privilege to vote and earn voting rewards. The WAX Cloud Wallet has many other features that make up an amazing user experience.
WAX NFTs: WAX is a protocol dedicated exclusively to digital commodities. The superset of virtual objects from video games and potentially tokenized products from consumer e-commerce is WAX’s target market for digital goods. NFTs using Simple Assets Open-source Standards gain the support of WAX. WAX ExpressTrade WAX Blockchain to generate, mint, and store the NFTs it manages using a microservice called WAX-On on WAX Blockchain. The WAX Blockchain offers games, dApps, exchanges, digital marketplaces, and more, to aid users to launch a successful NFT collection. Collectors can use vIRLs to keep their collectibles valuable by trading, selling, and ultimately increasing the value of their inventory.
Users are provided with guides on how to mint and release NFTs on the WAX blockchain. Some brands that have successfully launched their NFTs on Wax Blockchain include Funko, Topps, Capcom, and several others. NFT games are also available on WAX to give game lovers an ownership right to the games they play.
WAX Developer: On WAX, developers can create or improve dApps and games. WAX makes it simple to create and deploy high-performance, secure dApps. Full documentation, quickstarts, code samples needed to set up a local WAX environment and write smart contracts are available in the WAX Developer Hive. In addition, developers can be sure to work on a safe and environmentally sustainable blockchain.
WAX allows game publishers to monetize clients who would otherwise not buy or spend money on their games. Publishers can begin to give vIRLs using WAX while non-paying gamers in free-to-play games spend large amounts of time in the game.
To further engage and enhance developers’ experience on the platform WAX makes available Blockchain programming guides; how to develop blockchain dApps on WAX, or how to duplicate an EOS dApp. One of the guides available on WAX on how developers can launch their next great app on WAX is the ‘Deploy your dApp on WAX’ guide.
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WAX Token Model, Team, and Partnerships
WAX was founded by William Quigley and Jonathan Yantis, the project already has a long list of Investors, Kosmos Capital, HyperChain capital, JRR Crypto, Moonchain Capital, BlockAsset Ventures, Gumi Cryptos, HASHED, Pantera Capital, and many others.
The WAX Token model is intended to encourage a variety of actions that will help to expand the WAX ecosystem, including staking, incentives, and voting. WAX tokens include WAXP, WAXE, and WAXG.
The WAXP token will be exchanged for the WAXE token at a 1000:1 ratio. In other words, 1,000 WAXP tokens can be exchanged for 1 WAXE token. WAX is used in the purchase of NFTs, staking, and voting.
WAXE is a new ERC20 Ethereum utility token. Token Contract Address: 0x7a2Bc711E19ba6aff6cE8246C546E8c4B4944DFD. Maximum supply: 3,700,000 WAXE and Initial Supply: 3,700,000 WAXE.
If a WAX Token holder wants to participate in the WAX tokenomics, they must first burn their WAXP tokens to get WAXE (through the Ethereum bridge) and then deposit WAXE and ETH into the WAXE-ETH Liquidity Pool.
WAXE-ETH Liquidity Pool is a liquidity pool for the trading pair WAXE-ETH. The WAXE-ETH Liquidity Pool token will be awarded to those that deposit a combination of WAXE and ETH into the liquidity pool. The ERC20 token received when depositing WAXE and ETH into the Liquidity Pool is known as the WAXE-ETH Liquidity Pool token. The Liquidity Pool token can be placed in the WAX Economic Activity Pool to earn WAXG and ETH as well as other benefits.
WAXG is an ERC-20 token with a Maximum supply: of 10,000,000 WAXG and an Initial supply: of 10,000,000 WAXG
Users who stake their WAXE-ETH in the WAX Economic Activity Pool will receive WAXG. WAXG can be used to do either of these two things: burn it and receive ETH from the PiggyBank pool, or vote with them to modify Governance parameters.
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