WAX is a blockchain-based protocol token that seeks to make e-commerce transactions quicker, simpler, and more secure. The WAX Blockchain employs Delegated Proof of Stake (DPoS) as its consensus mechanism and is EOS-compatible. The custom features and incentive systems that WAX made are meant to improve the blockchain's use in e-commerce and encourage voting on guilds and proposals.
WAX has developed a suite of blockchain-based tools for the development of decentralized applications (dApps), native non-fungible tokens (NFTs), and markets. These tools include the WAX Cloud Wallet, SSO, and OAuth, a native RNG service, and a developer site to facilitate e-commerce operations. The resulting technology is a blockchain architecture with block times of 500 milliseconds, no fees for customers, and voting rewards to encourage participation in choosing block producers and proposals.
WAX is led by a highly qualified team with extensive experience in virtual trading. WAX was founded by William Quigley (CEO) and Jonathan Yantis (COO).
William Quigley studied at the University of Southern California and thereafter worked for Disney. He received an MBA from Harvard and has 25 years of experience as a venture capitalist with an emphasis on technology. He serves as the managing director for both Clearstone Venture Partners and Magnetic. Quigley was the first big investor in PayPal. He also started Tether, the first stable coin backed by fiat currency and the most traded cryptocurrency in the world.
WAX intends to be a decentralized platform where people can set up their own online stores to trade virtual goods without having to rely on a central third party. A standard gaming marketplace includes buyers, sellers, settlement agents, appraisers, affiliates, and listing agents. The WAX platform intends to provide decentralized transaction settlement services for all users, while maintaining security and transparency through blockchain technology and smart contracts.
WAX believes a decentralized marketplace will reduce risks, boost the liquidity of in-game items, and eliminate international restrictions. The project is now focused on the gaming business, but the infrastructure is being created to be adaptable for various use cases.
The WAX blockchain has a DPoS consensus mechanism, which combines PoW and PoS. In a DPoS system, you can delegate your coins and give others the authority to validate transactions. This voting power is weighted according to the total quantity of tokens. This configuration removes the need to battle for computing dominance, as the energy consumption on the WAX blockchain is very consistent.
WAXP is the native utility token for WAX and is utilized for the following functions: Governance: WAXP token holders are able to submit and vote on network development suggestions. Staking: Users who stake WAXP tokens to participate in network consensus receive WAXP tokens as reward. NFTs and GameFi: WAXP tokens can be used to buy, sell, and trade NFTs across numerous dApps, marketplaces, and emerging play-to-earn games in the WAX NFT ecosystem.
DATE NEWS/EVENTS IMPACT 23/01/2022 UNICEF celebrates 75 years with an NFT collection and WAX to carry out the largest NFT airdrop +20% Increase 22/08/2021 After Bitcoin's price hit $50k, many altcoins saw a significant rise, including WAX, Gnosis, and IOST +111% Increase 21/07/2021 WAX price rises as a result of increased network activity and a second NFT boom +37% Increase 18/02/2021 Arcade classic Street Fighter II introduces NFTs on the WAX +27% Increase
WAX is one of the best blockchains for gaming, NFTs, and digital assets. While its original success was primarily attributed to the availability of brand-partnered NFT content, the new roadmap has received popularity as a result of WAX's connection with Ethereum and a growing community of dApp developers. WAX is perhaps the most recognizable Web3 ecosystem for digital assets.
WAX