What Is WAX (WAXP)?

WAX (WAXP) is a purpose-built blockchain, that is designed to make e-commerce transactions faster, simpler, and safer for every party involved.

The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism. It is fully compatible with EOS.

The custom features and the incentive mechanisms developed by WAX are intended to optimize the blockchain’s utility specifically for use in e-commerce, with the goal of encouraging voting on proposals.

To make this possible, WAX created a suite of blockchain-based tools, which decentralized applications (DApps) marketplaces and non-fungible tokens can be built upon.

Services such as WAX Cloud Wallet, SSO, and OAUTH support e-commerce operations, the latter being a native RNG service and a developer portal. WAX’s blockchain architecture supports 500-millisecond block time and zero-fee transactions for customers. It also makes use of voting rewards to incentivize participation in the selection of block producers and improvement proposals.

WAX features a WAXP-to-Ethereum (ETH) Bridge

The Bridge allows WAXP token holders to convert their tokens into WAXE, which is an Ethereum-based ERC20 utility token.

Users willing to participate in WAX tokenomics need to burn their WAXP tokens in order to get WAXE through the Ethereum bridge. They will then need to stake the WAXE tokens on the Ethereum distribution contract.

WAX (WAXG) Staking and Governance

WAXG is an Ethereum-based ERC-20 governance token that is distributed to WAXE stakers. The distribution is based on a set timetable and is proportionate to the percentage of the WAX Economic Activity pool. The token holders can govern the allocation and distribution of economic value on the platform as a result.

The WAX Economic Activity pool is a smart contract that accumulates a percentage of generated WAX fees and can be converted into ETH for distribution to WAXE stakers. It can also be given to WAXG token holders that decide to burn the tokens they already have.

The WAX network’s DPoS consensus is secure against the corruption of a significant minority of producers. Token holders can select WAX guilds by voting in a continuous approval system. They can get an opportunity to produce blocks, and token holders can persuade other token holders to vote for them.

WAX Block Production and Authorization

A block gets produced on the WAX blockchain every 0.5 seconds; as such, one WAX guild is authorized to produce a block at any given point in time. If a block does not get produced at the scheduled time, the block for that time slot is skipped. When one or more blocks end up getting skipped, another gap in the blockchain of 0.5 seconds or more is added.

WAX guilds do not receive WAX rewards if they produce 50% or less of the scheduled blocks, which discourages skipping blocks.

WAX has created a full suite of blockchain-based tools that allow anyone to trade digital or physical items instantly and securely.

Team

WAX was co-founded by William Quigley and Jonathan Yantis.

William Quigley studied at the University of Southern California and then worked at Disney. After leaving Disney in the early 1990s, he got an MBA at Harvard and became a venture capitalist. Over time, he became the managing director at Idealab. Alongside creating WAX, he is also the managing director at Magnetic.

Jonathan Yantis works as the chief operating officer at WAX and as the chief operating officer at OPSkins

Roadmap

Where to store Wax (WAXP)

A trusted wallet provider for your Wax (WAXP) token could be Trust Wallet — a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place.

Similarly, a user-friendly option to keep your $WAXP secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting to their MetaMask wallet.

On the other hand, if you are looking for a safe offline storage solution, we recommend the leading hardware wallet provider Ledger.

Atomic Wallet is a popular custodial wallet option that can hold a wide variety of cryptocurrencies such as WAXP making it highly desirable for users who wish to have a varied portfolio.

All ERC-20 tokens including Wax (WAXP) can be stored on the Ethereum blockchain using MyEtherWallet, allowing users to interact with the network without additional software.

Where to buy and sell Wax (WAXP)

You can Buy & Sell Wax (WAXP) by heading over to the Buy Coins page of our website. Wax (WAXP) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $WAXP has never been easier, simply place your order and provide your wallet address. Once your payment arrives Wax (WAXP) will be sent directly to your wallet.

If you choose to Sell Wax (WAXP) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.

Wax (WAXP) Resources:

Website: https://on.wax.io/wax-io/
Block Explorer: https://wax.bloks.io/
Twitter: https://twitter.com/WAX_io
Medium: https://wax-io.medium.com/

Disclaimer: The information provided in this article is intended for informational purposes only. It is the reader’s responsibility to complete their own research and due diligence.