WAX (WAXP)
| Category | Details |
|---|---|
| Website | https://wax.io/ |
| @WAX_io | |
| Telegram | wax_io |
| https://www.reddit.com/r/WAX_io | |
| Contract Addresses | |
| ethereum | 0x2a79324c19ef2b89ea98b23bc669b7e7c9f8a517 |
WAX, short for Worldwide Asset eXchange, is a blockchain platform designed to make e-commerce transactions faster, easier, and more secure. It primarily focuses on facilitating the trading of virtual items, such as video game assets and digital collectibles. WAX provides a decentralized marketplace that enables users to trade virtual goods globally with minimal friction.
History of WAX
WAX was developed by the team behind OPSkins, a leading marketplace for trading virtual items. The platform was officially launched in 2017 after a successful initial coin offering (ICO) that raised significant funding to support its development. OPSkins identified the need for a decentralized system to address the challenges associated with fraud and payment issues in the virtual goods market, which led to the creation of WAX.
How WAX works
WAX blockchain and consensus
WAX operates on its own blockchain, which is based on the Delegated Proof of Stake (DPoS) consensus mechanism. This model allows for faster transaction processing and greater scalability compared to traditional proof-of-work blockchains. In DPoS, a limited number of validators, known as block producers, are elected by WAX token holders to validate transactions and maintain the network.
WAX token (WAXP)
The native utility token of the WAX platform is WAXP. It serves multiple purposes within the ecosystem, including enabling transactions, staking for voting rights, and accessing various services on the blockchain. WAXP holders can participate in the governance of the network by voting for block producers and other important proposals.
Smart contracts and dApps
WAX supports smart contracts, enabling developers to build decentralized applications (dApps) on its platform. This functionality allows for the creation of diverse applications, including marketplaces, gaming platforms, and more. The WAX blockchain's compatibility with EOSIO software makes it easier for developers to port existing dApps from the EOS blockchain to WAX.
WAX ecosystem
WAX Cloud Wallet
The WAX Cloud Wallet is a user-friendly wallet solution that simplifies the onboarding experience for new users. It eliminates the need for complex private keys and integrates seamlessly with various dApps and marketplaces in the WAX ecosystem. Users can easily manage their WAX tokens and digital assets through this wallet.
NFT marketplace and digital collectibles
WAX is particularly known for its robust support for non-fungible tokens (NFTs) and digital collectibles. The platform has become a popular choice for creators and collectors of NFTs due to its low transaction fees and efficient network. Several NFT marketplaces and projects, including well-known brands, have launched on WAX, offering a wide range of digital assets for trading.
Use cases of WAX
Gaming
One of the primary use cases for WAX is in the gaming industry. The platform provides a secure and efficient marketplace for trading in-game items, skins, and other virtual assets. By leveraging blockchain technology, WAX ensures the authenticity and ownership of digital goods, reducing the risk of fraud and enhancing the gaming experience for players.
Digital art and collectibles
WAX has become a significant player in the digital art and collectibles space, enabling artists and creators to tokenize and sell their work as NFTs. The platform's low fees and high throughput make it an attractive option for artists looking to reach a global audience and monetize their creations.
E-commerce
Beyond gaming and digital art, WAX is exploring opportunities in the broader e-commerce sector. By providing a decentralized marketplace and secure payment solutions, WAX aims to streamline the buying and selling of digital and physical goods, offering a seamless experience for both buyers and sellers.