Blockchain projects developed for NFT, WAX is considered a prominent project and receives a lot of attention from the crypto community. If you are looking to find out what is WAX, what potential this project has, whether to invest or not, then watch Covemarkets for a detailed analysis right below.
What is WAX (WAXP)?
WAX stands for Worldwide Asset eXchange, this is a marketplace built on Blockchain, with the aim of making transactions of digital assets (especially those in the gaming field) faster, easier and safer.
Basically, the WAX platform will give millions of traders the opportunity to create virtual booths on a single decentralized platform. Fiduciary, security, and payment services will all be utilized by these businesses to entice more people to join this expanding ecosystem.
WAX is an online marketplace for buying and selling weapons, costumes, and equipment. This platform was developed on the Ethereum blockchain to support the development of a reliable P2P marketplace using smart contracts. More than 400 million gamers now use WAX as a playground globally.
Background of WAX
- WAX coin was created by the founders of OPSkins, a decentralized marketplace for virtual assets.
- The WAX Token is a utility token that allows virtual asset traders to list their items on a decentralized marketplace in exchange for fees. These fees are used to pay for the costs of running the marketplace and are paid to those who provide liquidity to the marketplace.
- The WAX blockchain is based on the EOSIO software from Block.one. The WAX mainnet launched on June 30th, 2018.
- The WAX team is led by CEO Malcolm CasSelle, who is also the co-founder and president of OPSkins. Other notable members of the team include CTO William Quigley and Jonathan Yantis.
- The company is headquartered in Los Angeles, California.
How Does WAX Work?
WAX Protocol is a decentralized blockchain solution aimed at the transfer and exchange of virtual goods and services. An original BitShares invention known as the Delegated Proof of Stake (DPoS) consensus mechanism was used in order to support the huge trade volumes required by these exchanges. Users can stake their WAX tokens to become Guilds.
Guilds are verifying WAX platform nodes. The WAX platform will initially include 64 Guilds, but when more games and servers are introduced, this number will rise.
In addition to validating the blockchain, Guilds will have additional responsibilities for completing them. For a Guild to be selected, they must first submit a proposal to the network stating the games they will serve, the percentage of fees they will share with committed users, and how they will monitor the dealers. Transfer Agents.
Unlike the bots currently used by OPSkins, the WAX platform will use the Transfer Agent. They are charged with making it easier for the buyer and seller to move products in the following ways:
- Set up pick-up and delivery by communicating with both the vendor and the customer.
- Check to make sure the asset is real.
- Verify the authenticity of that property.
- Use a digital signature on the Payment Performance Contract to confirm they have received the assets.
- Deliver the property to the buyer.
What Problems Does WAX Solve?
The problem that WAX poses
The WAX team addresses issues relevant to the gaming industry today:
More than 400 million gamers purchase virtual in-game goods worth more than $50 billion annually. Gamers constantly run the danger of having their virtual assets (game stuff) stolen as a result of this exchange and purchase. And it is this problem that causes the game industry to be limited to 50 billion USD.
The absence of such a dependable single market has resulted in the fragmentation of the whole gaming sector.
WAX solves the problem
The project team’s objective was to develop a virtual asset repository with a worldwide scope keeping the aforementioned problems in mind. These properties are open to exchange, trading, buying, and selling by anybody coming in and out at any moment.
To build confidence and lower the cost of middlemen, this market must be built on decentralized Blockchain technology.
In order to address the aforementioned issues, OPSkins (a platform for exchanging virtual commodities in video games) created the WAX Protocol.
Direct consumers of the marketplace that WAX Platform is constructing are NFT dApps.
The WAX Team
WAX is led by a team of industry veterans, serial entrepreneurs, and community leaders. We have experience in online marketplaces, e-commerce, digital goods, and blockchain technology.
- William Quigley: Co-founder and Managing Director of Clearstone Venture Partners, co-founder and CEO of Opskins Group, Inc., an equity partner at TMT Investments, a founding member of the UCLA Blockchain Lab, and a board member of WAX. The CEO of OPSkins and WAX, earned his bachelor’s in accounting from the University of Southern California and his master’s in business administration from Harvard University. Additionally, William is promoting the growth of other businesses in the cryptocurrency industry, including Tether, GoCoin, and Mastercoin.
- Malcolm CasSelle – President & Chief Technology Officer: President of WAX, CTO of OPSkins Group, Inc., the world’s largest marketplace for virtual assets, co-founder of Tronc, Inc. (NASDAQ: TRNC), former CTO of SeaChange International, Inc., and Digital Asset Holdings Board Member
WAX coin has partnerships with multiple companies, including Jagex and OPSkins.
- Jagex, the developer of popular video games RuneScape and Old School RuneScape, is using WAX coin to power its new, blockchain-based game items economy.
- OPSkins, a major marketplace for virtual game assets, has integrated WAX coin into its marketplace, allowing users to buy and sell virtual assets with WAX coin.
- The World Blockchain Forum has also partnered with WAX coin to promote the use of blockchain technology in the gaming industry.
What Is WAXP Token?
WAXP is the main native token in the ecosystem and has the following functions:
- Use tokens as a means of payment when buying items on the marketplace.
- Use tokens as gas fees in the WAX blockchain network.
- Staking reward: Pay rewards when users stake tokens.
- Voting: users can use tokens to vote for proposals from guilds (minimum 10 tokens needed to vote).
WAXP belongs to the Utility Token type, it is used to pay service fees, buy and sell, exchange in WAX Platform. This token also participates in the DPoS consensus mechanism. WAX Token was initially issued under the ERC-20 standard on Ethereum. At the time of writing (July 21, 2019), WAX is taking place on the Mainnet and allowing token holders to swap from ERC-20 to their Native Token.
Basic Information About WAXP
- Token Name: WAX Token
- Ticker: WAXP
- Blockchain: WAX Blockchain
- Token Type: Utility Token, Governance
- Contract: 1064487b3cd1a897ce03ae5b6a865651747e2e152090f99c1d19d44e01aea5a4
- Total Supply: 3,770,303,327 WAX
- Circulating Supply: 3,770,303,327 WAX
- Token sale: 35%
- Market Development: 35%
- Contributors and Advisors: 15%
- Wax team and Founders: 20%
Price of WAXP Today
- WAXP price today is $0.09912
- Volume 24h: $15,000,188
- Market Cap: $211,227,734
What is WAXP Used For?
WAX Token has the following uses:
- WAX Token is used to reward Guilds who participate in validating and creating Blocks.
- WAX Token is used as currency for direct purchase of virtual items.
- WAX Token is used to vote for Guilds.
- WAX Tokens are used as gas fees inside the WAX Blockchain network.
- To be eligible to move their dApp (EOS) to the WAX Platform, developers must stake WAX Token.
- Holders of tokens have the option to hold WAX Tokens and earn prizes in return for their WAX commitments.
How to Buy WAXP Tokens?
The WAXP token can be bought on several exchanges including Binance, FTX, Coinbase, Uniswap, Huobi Global, KuCoin, and DigiFinex. The token is traded against other major coins like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Binance Coin (BNB).
How to Store WAXP Coins?
As I mentioned above, WAX is in the process of Mainnet and token holders need to swap from ERC-20 to their Native Token.
The WAXP token is an ERC20 token and can be stored in any Ethereum-compatible wallet. Some popular wallets that support ERC20 tokens include: MetaMask, MyEtherWallet, Guarda, Coinomi,…
Goals of WAX
WAX Coin has multiple goals.
- For one, it wants to make dApps easier to use.
- Another goal is to reduce transaction fees. Currently, using Ethereum can be expensive. WAX Coin hopes to lower these costs by allowing dApp developers to pay transaction fees with WAX tokens. In theory, this will help reduce the overall cost of using a dApp.
- The last goal is to speed up transactions. WAX Coin plans to do this by using a Delegated Proof-of-Stake consensus algorithm. This algorithm is designed to be faster than Ethereum’s Proof-of-Work algorithm.
Prospect Of WAXP
WAXP is the new way to trade virtual goods – fast, easy, and secure. Wax is developed by the founders of OPSkins, the world’s leading marketplace for online video game assets with over $150 million in annual transactions. Wax is designed to be the safest and most convenient way to create, buy, sell, and trade virtual items on the blockchain. Wax can help you trade any virtual item including in-game items such as skins, keys, stickers, and more.
The WAX team has a long and successful track record with developing digital marketplaces, and they are aiming to bring their experience and knowledge of the industry to the blockchain.
The project has strong partnerships with some of the biggest names in the gaming industry, and they are working on integrations with popular games and platforms. The Wax team is also planning to launch their own decentralized exchange (DEX), which will allow users to trade virtual items without the need for a centralized platform. The Wax token is an ERC20 token that will be used to power the Wax ecosystem.
How to earn WAXP tokens?
There are a few ways to earn WAXP tokens. You can buy them on exchanges like Binance, Kucoin, and IDEX. You can also earn them by participating in the WAX Token airdrop program.
Should you invest in WAX?
While WAX may have potential, it is also a very new and unproven cryptocurrency. As with any investment, there is always a risk of loss, and investors should do their own research before investing in any cryptocurrency.
Is investing in WAXP risky?
There is always risk involved when investing in cryptocurrency. The price of WAXP can go up or down and it is important to do your own research before investing.
Why is WAX popular?
WAX is popular because it allows users to buy, sell, or trade virtual items easily and securely. WAX also provides a marketplace for developers to create and sell their own virtual items.
Is it the right time to buy WAXP?
WAXP may be a good investment for you, but it is important to do your own research and make your own investment decisions.
What can I buy with WAXP?
There are a variety of things you can buy with WAXP, including games, in-game items, and digital collectibles.
How is WAX different from other blockchain projects?
There are a few key ways in which WAX is different from other blockchain projects:
- WAX is designed specifically for the creation and trading of virtual items.
- WAX has its own native currency, WAX Tokens, which are used to power the ecosystem.
- WAX has a unique governance model that allows for decentralization while still providing a high degree of security.
- WAX has built-in support for multiple languages, making it more accessible to a global audience.
Can I convert WAX coins to other currencies?
How can I find more information about WAX?
You can find more information about WAX on the official website or on the WAX blog.
As a result, the article has given you the definition of WAX as well as crucial details regarding the WAXP project and token. I hope you have a firm understanding of the WAXP token, which will help you decide whether or not to buy WAX. The project’s information is available at Covemarkets.com. Best wishes.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.