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What is the WAX ​​Blockchain? $WAXP and $WAXE

What is the WAX ​​Blockchain?  $WAXP and $WAXE

From decentralized applications or dApps to games and non-fungible tokens (NFTs), if a brand wants to launch a successful exchange in the digital market, they turn to WAX. The Worldwide Asset eXchange is a purpose-built Blockchain e-commerce platform for unique virtual collectibles that creators can launch to a global audience.

WAX has developed a distributed virtual goods trading platform that features video game merchandise such as skins and currency. It’s in-game money, accessories, and clothing equivalents, and it’s not affected by antitrust laws or legacy international payment solutions. The native token of the platform is WAXP, which, despite market turmoil, predicts a steady price increase for 2023.

Brands launched on WAX include Atari, Capcom, Topps, Lionsgate and Funko. The exchange also features NFTs for films and artists including Saw, The Princess Bride, Deadmau5, Weezer and William Shatner.

A Brief History of WAX

If you need to deploy stellar dapps, the WAX ​​platform has it all, whether it’s NFT or cryptocurrency related. Blockchain was launched in 2017 and contains the tools to make your journey a success to make e-commerce transactions safer, easier and faster.

WAX was developed as a resource for digital trading and e-commerce incentivization through Blockchain, encouraging voting for decentralization. William Quigley and Jonathan Yantis worked with the OPSkins team to create the ICO WAX.

Network-based, a blockchain-based toolkit facilitates the creation of decentralized NFTs and marketplaces, as well as games and P2E applications. For its consumers, there are no fees for gas or transactions that use the blockchain 500 per millisecond block time.

WAX is considered the most convenient, fastest and safest way to create, sell or buy virtual and physical digital collectibles. The creators had a backstory

for creating artifact trading resources, especially for World of Warcraft, during their OPSkins days.

The platform’s co-founders have been pioneering the virtual product markets since 1997, and while William Quigley is the CEO of WAX, Jonathan Yantis serves as the COO. In 2004, they developed a peer-to-peer merchant for World of Warcraft merchandise for cash, and in 2015 they created OPSkins to trade game assets.

How does wax work?

Any Web 2.0 or 3.0 game development and NFT industry, be it a studio, publisher, or magazine, has resources in the WAX ​​ecosystem. The platform is designed to deploy blockchain and decentralized services to offer digital products related to their customers’ transactions.

While it goes unnoticed, WAX has built a reputation as a solid enterprise in the face of fierce competition in the NFT market from platforms like Solana, Tezos, and Ethereum. It has gained prominence as a network for virtual items and digital collectibles, a highly efficient and widely used choice for enthusiasts.

WAX embodies a global accessibility mission and, based in the Cayman Islands, provides thousands of dApps to users in a wide variety of markets. Other P2E games here include powerful blockchain games such as Prospectors, Alien Worlds, and Farmer’s World.

Besides collecting and PFP, P2E games are the dominant feature of WAX with the largest projects on the web. The ability of the blockchain to facilitate millions of transactions makes it the most transactional and widely used ecosystem in the world, although it is available for various assets.

WAX uses the Delegated Proof of Stake, DPoS consensus protocol, advertised as environmentally friendly, and helps users earn cryptocurrency to validate blocks. It is energy efficient and creates energy efficient NFTs to offset carbon emissions as part of its sustainability mission.

How do you transact cryptocurrencies, NFTs and other digital products on WAX?

The WAX ​​Blockchain team has experience in the specific industry they target, making virtual item trading a differentiating factor in the ecosystem. Its design is secure, green and efficient, it combines protocol microservices and blockchain layers to meet the needs of developers.

WAX is a tokenomics blockchain model that allows community members to stake or vote and receive rewards. Some of the critical microservices and blockchain-based tools to accompany WAX integration include;

Delegated Proof of Stake Consensus Mechanism

The WAX ​​blockchain uses the DPoS consensus mechanism, which combines Proof of Work or POW and PoS. In this environment, your delegated coins allow validators to have the right to approve transactions.

The voting strength of this protocol is weighted in proportion to the number of tokens you own, so there is no need to calculate dominance. Also, even though the voting is real-time and the WAX ​​Guilds manage block production, the power consumption of the WAX ​​DPoS consensus remains stable.

WAX Cloud Wallet

You can easily access WAX Blockchain applications with an online cloud wallet that does not require private key management. This feature is available on desktop and mobile devices and acts as a vault for collectibles, in addition to the normal functions of sending or receiving cryptocurrency.

Connecting your WAX Cloud Wallet to dApps helps with the controls on the Guild Voting Dashboard when you stake your assets. Signing up using a social media account or email is also easy for an easy-to-use yet robust app. Here you will be able to trade ERC-20 $WAX tokens, view NFTs, and vote on proposals, among other things.

carbon neutral

WAX is a certified carbon neutral blockchain that is almost 66,000 times more efficient than Ethereum or Bitcoin. In numerical terms, the main grid of this ecosystem emits 211 tons of CO2 per year in exchange for 473.04 MWh, which is only a fraction of what is emitted by traditional blockchains.

Carbon credits received from WAX Blockchain operations support green projects around the world. NFTs in this ecosystem have helped offset about 4 million tons of carbon emissions compared to the energy-intensive POW mining operations of Bitcoin or Ethereum.

WAX Laboratories

WAX visionaries and pioneers bring innovation to life at WAX Labs, a funding source where future developers can submit ideas and submit proposals for consideration. Voices evaluate business plans after submission of applications, evaluating the feasibility of innovative projects.

In the WAX ​​Labs, users and token holders can vote on a project after submitting a proposal, and the more coins a user has, the more voting power they have. A project is approved for funding when 10% of registered voters have voted and half of them agree with its innovative potential.

WAX NFTs

Carbon-neutral NFT vIRLs are the first in WAX and, like traditional tokens, are associated with physical objects. When you redeem one, one $1 tree sapling is planted by the National Forest Fund as an initiative to reduce WAX’s carbon footprint.

Having achieved carbon neutrality, this work will continue until the WAX ​​blockchain becomes carbon negative. NFTs are traded on various primary and secondary markets, and you can use your own $WAX tokens to purchase them.

WAX Block Explorer

Introduced in 2018 and processing more transactions than any other blockchain, Block Explorer provides records of individual transactions on the WAX ​​blockchain. This is a handy feature that allows you to view transactions in a visual format in interactive 3D.

With the WAX ​​Block Explorer, you won’t have to worry about the technical terms of transactions as you can understand the asset data. You’ll also see a 3D rendering of any NFTs you own and related ownership and transaction details.

Decentralized Applications and Governance

As a purpose-built, energy-saving environment, the WAX ​​Blockchain delivers high performance when building and deploying dApps. The developer hive in the ecosystem contains quickstarts, detailed guides, and reference APIs for product development.

The blockchain communicates with smart contracts on EOSIO using the WAX ​​mainnet, which offers cheaper gas fees and free accounts. Use variants of the WAX ​​token, be it WAXP, the protocols utility coin, WAXG and WAXE, the Ethereum ERC-20 variant.

WAXG is a platform governance token and you can earn it by staking WAXE in a liquidity pool. You can also use this coin to vote or get ETH after burning them.

WAX Tokenomics and Blockchain Roadmap

The future roadmap for the WAX ​​Blockchain comes from the WAX ​​Advisory Board, which includes executives from Marvel, Unity, and Atari. Among other prominent industry stakeholders, board members contribute to the development goals of the platform published on their official website.

Some developments from the recent WAX roadmap include the development of an Ethereum altcoin bridge and a partnership with Capcom. In addition to supporting ERC token variant upgrades, the team is actively working to complete DeFi projects and improve the WAX ​​Cloud Wallet.

The WAX ​​blockchain tokenomics model is a hybrid with Ethereum blockchains to integrate the best features of both ecosystems. This means that the WAXP holder benefits from the success of Ethereum in the DeFi space and the NFT market.

Final word

The WAX ​​Blockchain is a thriving environment that has already reached many milestones compared to its more established peers. The ecosystem is now five years old and has gained the support of established brands with tens of thousands of NFT enthusiasts.

A practical foundation for future projects requires a solid foundation, strong foundations, a feasible roadmap, utility, and a great team. The WAX ​​blockchain has it all, plus achieving carbon neutrality as the industry’s first NFT marketplace.

Written by khirou

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