What Is WAX (WAXP)?
WAX stands for Worldwide Asset Exchange. According to the website, WAX is the world’s most proven eco-friendly blockchain network. The WAX blockchain facilitates the trading of non-fungible tokens (NFTs), collectibles, and video games on the network. WAX is a platform that claims to provide everything that a brand needs while launching a successful non-fungible token collection. From games and decentralized applications (DApps) to exchange and marketplace, WAX’s motive is to be one platform for all digital needs.
The pre-existing digital market working on blockchain networks is suffering from hindrances. One such barrier is if the blockchain is ready to handle the number of users already prepared to use it. Also, the speed of transactions per second is essential for better scalability. Further, extra room for significant growth of the platform is also aimed at. Thus, WAX was designed to solve a specific set of problems in the digital goods market.
The WAX platform solves the problem for various entrepreneurs and businesses who wish to generate an active income. The platform also helps such developers to participate in the growing global digital marketplace. According to the whitepaper, the WAX platform uses the WASP strategy, which helps facilitate decentralized applications and helps reach the desired customers. The WAX protocol includes its native blockchain, a decentralized marketplace, decentralized virtual item trading, and an asset generation platform. The protocol also includes a decentralized wallet where users can keep and save their cryptocurrencies and transaction information.
The whitepaper also states that the WAX blockchain combines a layer of services on the platform, which provides customers with a full suite of blockchain-based tools. Developers can use such tools for creating and trading virtual items with anyone around the world. The WAX protocol uses the delegated proof-of-stake (DPoS) consensus mechanism. This helps in incentivizing the nodes working on the blockchain. This consensus mechanism optimizes the performance of the applications on the blockchain.
Also, the website claims that the WAX protocol is a carbon-neutral blockchain that uses an environment-friendly process in working with NFTs. Other consensus mechanisms like proof of work use a massive amount of energy to process transactions and mine. The equation-solving process includes more power, which releases a high level of carbon dioxide. Thus, the consensus mechanism used secures energy while minting NFTs.
WAX is the native cryptocurrency of the WAX protocol. WAXP denotes the ticker name of the WAX token. As stated in the whitepaper, it is an ERC20 token. The token is a governance token. A user can stake several WAX tokens and vote for the betterment of the platform. The token also incentivizes nodes that provide developers with computational resources.
History of Wax (WAXP)
The WAX platform was founded in 2017. The whitepaper was released on August 30, 2019. The cofounders of the WAX platform are William E. Quigley (CEO) and Jonathan Yantis (COO). Along with them, the team includes Lukas Sliwka (CTO) and Malcolm CasSella (strategic advisor).
How Are New Wax (WAXP) Tokens Created & Earned?
The WAX token is used for staking, rewarding, and voting purposes. The maximum total supply of the WAX token is 3.72 billion WAXP. According to the platform’s whitepaper, WAX staking reward is a system that rewards users who stake their tokens. This helps in increasing participation by the community. A user can earn a newly minted token by staking an amount via their digital wallet. Such staking gives the stakers some voting rights, which helps them represent their views, informing the future of WAX. Through such voting, the voters get incentivized through new WAX tokens.
Moreover, the DApp developers also stake tokens to get a reservation in system resources such as CPU and network to run their apps. The nodes provide resources such as RAM, network, and CPU. In such a way, the nodes that provide these resources get incentivized via developers and gain WAX tokens.
