What is WAX?

WAX (WAXP) is a purpose-built blockchain, launched in 2017, that strives to streamline e-commerce transactions, making them more efficient, simpler, and safer for all parties involved. The WAX blockchain utilizes a delegated proof-of-stake (DPoS) consensus mechanism and is fully compatible with EOS. WAX has developed custom features and incentive mechanisms that aim to enhance the blockchain's utility for e-commerce, encouraging voting on proposals. WAX has also created a suite of blockchain-based tools upon which decentralized application (DApp) marketplaces and non-fungible tokens can be built. Services such as WAX Cloud Wallet, SSO, and OAUTH are designed to support e-commerce operations.

How does WAX work?

The WAX blockchain architecture supports 500-millisecond block time and zero-fee transactions for customers. It also uses voting rewards to incentivize participation in the selection of block producers and improvement proposals. WAX features a WAXP-to-Ethereum (ETH) bridge that enables WAXP token holders to transition their tokens into WAXE, an Ethereum-based ERC20 utility token. Users willing to participate in WAX tokenomics need to burn their WAXP tokens to get WAXE through the Ethereum bridge. They then need to stake the WAXE tokens on the Ethereum distribution contract. WAXG, an Ethereum-based ERC-20 governance token, is distributed to WAXE stakers based on a set timetable and is proportionate to the percentage of the WAX Economic Activity pool.

What are the potential use cases for WAX?

WAX aims to enhance the blockchain's utility specifically for use in e-commerce. It provides a suite of blockchain-based tools upon which decentralized application (DApp) marketplaces and non-fungible tokens can be built. Services such as WAX Cloud Wallet, SSO, and OAUTH are designed to support e-commerce operations. The WAX Economic Activity pool is a smart contract that accumulates a percentage of generated WAX fees and can be transitioned into ETH for distribution to WAXE stakers. It can also be given to WAXG token holders that decide to burn the tokens they already have.

What is the history of WAX?

WAX was co-founded by William Quigley and Jonathan Yantis. Quigley, a University of Southern California graduate, worked at Disney before becoming a venture capitalist and eventually the managing director at Idealab. He is also the managing director at Magnetic. Yantis serves as the chief operating officer at WAX and at OPSkins. The WAX blockchain was released in 2017 with the aim of making e-commerce transactions more efficient, simpler, and safer. The WAX network's DPoS consensus aims to protect against the corruption of a significant minority of producers, with token holders selecting WAX guilds by voting in a continuous approval system.