What is WAX (WAXP) Coin
WAX (WAXP) is a purpose-built blockchain, released in 2017, 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 application (DApp) 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 is a layer-1 network that aims to build an ecosystem for dApps, NFT collectibles and emerging play-to-earn games. The WAX protocol is a decentralized blockchain solution that powers the WAX marketplace, and focuses on the transfer and exchange of virtual goods and services. WAXP is WAX’s native utility token and is used in the following functions:
- Transaction fees: Similar to other blockchains like Ethereum that require gas fees to operate, WAX requires “resources” such as CPU, NET and RAM. Users and dApp developers will need NET, CPU, and RAM to perform actions on the WAX Blockchain. Each WAXP token staked corresponds with a certain amount of NET, CPU, and RAM. While users stake WAXP for NET and CPU resources, RAM is bought and sold through the RAM market due to its limited supply. Users can manage these resources directly in the WAX Cloud Wallet. Alternatively, dApp developers can stake these resources or provide RAM on behalf of their users.
- Governance: WAXP token holders can submit and vote on proposals to influence the network development.
- Staking: Users that stake WAXP tokens to participate in network consensus are rewarded with WAXP tokens.
- NFTs and GameFi: Users can utilize WAXP tokens to buy, sell and trade NFTs across various dApps, marketplaces and emerging play-to-earn games in the WAX NFT ecosystem.
- WAX DeFi: WAXP tokens can be converted to ERC-20 WAXE tokens at a 1,000 WAXP to 1 WAXE ratio. 2% of all secondary market NFT transactions on WAX are pooled each month, of which 20% of that amount of WAXP tokens are burnt and the remaining 80% are distributed to WAXE stakers.
WAX consists of the following major components working in conjunction:
- Consensus mechanism: WAX uses a delegated proof of stake system designed with 21 block producers (WAX Guilds), which provide computing power to the WAX network in exchange for a fixed monthly fee, paid out of token inflation.
- Office of inspector general (OIG): A watchdog agency for the WAX network staffed by a committee of 3 elected Inspector Generals (IGs). The agency publishes a monthly rating report on the WAX Guilds, covering current and prospective block products. This allows the community to make more informed decisions when voting for block producers.
- NFT standards: WAX mainnet currently supports two competing NFT standards; Simple Assets and Atomic Assets. The NFT Standards on the WAX blockchain allow for NFT operations such as minting, burning or transfers with no gas fees.
- WAX bridge: A bridge that will enable WAXP token holders to convert WAXP into ethereum based WAXE tokens.
How To Buy WAX (WAXP) Coin
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How Much is a WAX (WAXP) Coin
WAX (WAXP) coin prices are updated instantly in USD, Euro, Sterling currencies in the following table.
WAX (WAXP) Coin Review
You can learn more about WAX (WAXP) coin reviews and information on cryptocurrencies by visiting their official page available in the following.
Website https://on.wax.io/wax-io/ Whitepaper https/github.com/worldwide-asset-exchange/whitepaper Github https://github.com/worldwide-asset-exchange/wax-blockchain Medium https://medium.com/wax-io Telegram https://t.me/wax_io Discord https://discord.com/invite/dJtPetMdfb Youtube https/www.youtub