WAX (WAXP)
WAX, which stands for Worldwide Asset eXchange, is a specialized blockchain platform and protocol token designed to enhance e-commerce transactions by making them faster, simpler, and more secure. The platform aims to provide a seamless experience for users engaging in digital commerce, leveraging blockchain technology to address common challenges in the e-commerce industry.
History of WAX
WAX was developed with a focus on optimizing e-commerce transactions through blockchain technology. The protocol was designed to meet the needs of both traditional e-commerce and the emerging market of digital assets such as non-fungible tokens (NFTs). The development of WAX was guided by the goal of creating a blockchain that is both user-friendly and technically robust to support a wide range of applications in the digital commerce space.
| Ticker | WAXP |
| Category | Protocol |
| Website | https://wax.io/ |
| @WAX_io | |
| Telegram | wax_io |
| https://www.reddit.com/r/WAX_io | |
| Contract Addresses | |
|---|---|
| ethereum | 0x2a...17 Copied! |
How WAX works
Consensus mechanism
WAX employs the Delegated Proof of Stake (DPoS) consensus mechanism, which is known for its efficiency and ability to process a high volume of transactions quickly. DPoS involves a voting system where token holders delegate their voting power to elect a group of trusted block producers, also known as guilds, who are responsible for validating transactions and maintaining the blockchain. This method allows for faster consensus and reduces the computational resources required for transaction processing.
Compatibility with EOS
The WAX Blockchain is fully backward compatible with EOS, another well-known blockchain platform. This compatibility allows developers to easily port applications and smart contracts between the two blockchains, enhancing WAX's utility and appeal to developers familiar with the EOS ecosystem.
Blockchain architecture
The WAX Blockchain architecture is specifically tailored to support e-commerce. It features a 500 millisecond block time, which ensures rapid transaction processing. Additionally, the platform is designed to be fee-less for customers, removing a significant barrier to adoption and use in digital commerce scenarios.
Tools and features
WAX Cloud Wallet
The WAX Cloud Wallet is an integral component of the WAX ecosystem. It provides users with an easy-to-use interface for managing digital assets and interacting with decentralized applications (dApps) on the WAX Blockchain. The wallet supports single sign-on (SSO) and OAUTH, enabling seamless access to various services and applications.
RNG service and developer portal
WAX offers a native Random Number Generator (RNG) service, which is essential for applications requiring randomness, such as gaming and lotteries. Additionally, WAX provides a comprehensive developer portal, offering resources and tools to facilitate the development of dApps, marketplaces, and other blockchain-based solutions.
Incentive mechanisms
WAX incorporates several incentive mechanisms to encourage active participation in its ecosystem. Voting rewards are provided to token holders who participate in the selection of block producers and the approval of proposals. This incentivization ensures a democratic and participatory governance model, aligning the interests of stakeholders with the network's growth and success.
Applications of WAX
WAX's suite of blockchain-based tools has enabled the creation of a diverse array of applications, including decentralized marketplaces and native NFTs. These applications leverage WAX's robust infrastructure to offer users and developers a reliable platform for trading digital assets, creating innovative dApps, and engaging in secure e-commerce operations.