What is Wax (WAXP)?
Worldwide Asset eXchange, or WAX, is a blockchain that trades virtual goods like rare and collectible items in video games and virtual worlds.
A platform called WAX claims it can give brands everything they require to start non-fungible token collections successfully.
The goal of WAX is to be a single platform for all digital requirements, from games and decentralized applications (DApps) to exchange and marketplace.
WAX developed custom features and incentive mechanisms to maximize the blockchain’s utility, particularly for use in e-commerce and to promote voting on proposals.
To enable this, WAX developed a set of blockchain-based tools on top of which non-fungible tokens and marketplaces for decentralized applications (DApps) can be constructed.
Who Are the Founders of Wax?
2017 saw the launch of the WAX platform. On August 30, 2019, the whitepaper was made public.
E. Quigley (CEO) and Jonathan Yantis are the co-founders of WAX technology. (COO). The group also comprises Malcolm CasSella (CTO) and Lukas Sliwka. (strategic advisor).
What Makes Wax Unique?
Holders of WAXP tokens can exchange their tokens for WAXE, an ERC20 utility token built on Ethereum, using WAX’s WAXP-to-Ethereum (ETH) bridge.
Stakeholders of WAXE receive WAXG, an ERC-20 governance token built on Ethereum.
The distribution is proportionate to the WAX Economic Activity pool amount and depends on a predetermined schedule.
As a consequence, the platform’s economic value can be distributed and allocated by token holders.
How Many WAXP is in Circulation?
There are 2,449,401,266 WAXP coins in circulation, and the maximum quantity is unknown.
How is the Wax Network Secured?
The WAX blockchain uses Delegated Proof of State (DPOS) as its consensus mechanism for speed and scalability.
This is accomplished by allowing owners of WAX tokens to cast votes for one of 21 WAX “Guilds” that receive rewards for creating blocks on the WAX network.
On the WAX blockchain, a block is created every 0.5 seconds; as a result, only one WAX guild is permitted to create a block at any given moment.
The block for that time slot is skipped unless created at the designated time.
Another 0.5-second or longer gap is introduced to the blockchain when one or more blocks are ultimately skipped.
Block skipping is discouraged by WAX guilds not earning WAX incentives if they create 50% or fewer of the planned blocks.
Thanks to the comprehensive array of blockchain-based technologies developed by WAX, anyone may immediately and securely exchange digital or tangible goods.
How Can Crypto Investors Use Wax (WAXP)?
Aside from being utilized in proof-of-stake to safeguard the blockchain, WAX is mainly used as a payment and trade token.
On WAX, users can use the WAX token to buy virtual items.
In addition to being used to pay for the creation and use of smart contracts, WAX serves as the native token on the WAX blockchain.
Voting, rewards, and staking are all done with the WAX token.
According to the platform’s whitepaper, the WAX staking reward mechanism compensates users that stake their tokens. This encourages greater community involvement.
Where to Buy WAXP?
- Is the term WAXP similar to WAX?
The WAX protocol’s native coin is called WAX. The ticker name for the WAX token is WAXP. It is an ERC20 token, as specified in the whitepaper.
- WAX coin: Is it a good investment?
Due to several variables, including the sizable community, solid fundamentals, integrations with other institutions, etc., the WAXP token is a successful investment option.
- How much does 1 WAX cost?
The current value of 1 WAXP is $0.07.