What is WAX Blockchain? $WAXP & $WAXE

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

WAX has developed a distributed virtual trading platform that features video game items such as skins and currencies. These are cash, accessories and clothing equivalents in the game, all without relying on antitrust or antiquated cross-border payment solutions. The platform’s native token is WAXP, which, despite market turmoil, has a steady price increase forecast for 2023.

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

A brief history of WAX

If you need to deploy brilliant decentralized applications, the WAX ​​platform has all the necessary provisions, whether NFT or cryptocurrency related. Packed with the tools to make your journey a success, Blockchain was launched in 2017 to facilitate safer, easier and faster e-commerce transactions.

WAX was developed as a digital commodity resource and blockchain e-commerce stimulator, encouraging a vote for decentralization. William Quigley and Jonathan Yantis, along with the team that developed OPSkins, worked to pioneer the founding of WAX’s ICO.

At the base of the network, a set of Blockchain-based tools facilitates the building of decentralized NFTs and marketplaces alongside P2E games and apps. There are zero gas or transaction fees for consumers, who leverage the blockchain’s 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 background

to create resources for artifact trading, specifically for World of WarCraft, in their OPSkins days.

The co-founders of this platform have been pioneers in virtual product marketplaces since 1997, and while William Quigley is WAX’s CEO, Jonathan Yantis serves as COO. They developed a peer-to-peer outlet for World of WarCraft merchandise for cash in 2004 before creating OPSkins in 2015 for in-game asset trading.

How does VOX work?

Any web 2.0 or 3.0 operative in game development and the NFT segment, be it a studio, publisher or magazine, has resources in the WAX ​​ecosystem. The platform’s intended use is to deploy Blockchain and decentralized services to offer digital products related to the customer’s business.

Despite flying under the radar, WAX has earned a reputation for reliability in the face of fierce NFT market competition from platforms such as Solana, Tezos and Ethereum. It has risen to prominence as a network for virtual objects and digital collectibles, a highly effective and widely used choice for enthusiasts.

WAX embodies a global accessibility mission and, based in the Cayman Islands, provides users with thousands of dApps across a wide range of marketplaces. Among other P2E games, it is home to hard hitting Blockchain titles including Prospectors, Alien Worlds and Farmer’s World.

Besides collectibles and PFP work, P2E games are a dominant feature of WAX, with the largest projects in the chain. Blockchain’s ability to facilitate millions of transactions makes it the most transacted and widespread ecosystem anywhere, even though it is available for different assets.

WAX uses a Delegated Proof of Stake, DPoS, consensus protocol touted as environmentally friendly and helps users earn crypto for block validation. It is energy efficient and creates energy efficient NFTs for carbon offsetting as part of the sustainability goal.

How do you trade crypto, NFTs and other digital products on WAX?

The WAX ​​Blockchain team has experience in the specified industry they target, making virtual commodity trading the distinctive factor in the ecosystem. The design is secure, environmentally friendly and efficient, combining protocol microservices and Blockchain layers to fulfill the needs of developers.

WAX is a tokenomics Blockchain model that allows community members to stake or vote and receive rewards. Some critical microservices and Blockchain-based tools for escorting WAX integration include;

Delegated proof of stake consensus mechanism

WAX Blockchain uses a DPoS consensus mechanism that combines Proof of Work or POW and PoS. In this environment, the delegated coins allow your validators to have the power to approve transactions.

The power to vote on this protocol is weighted proportionally to how many tokens you have, so there is no need for data dominance. While voting is real-time and WAX Guilds manage block production, energy consumption on WAX’s DPoS consensus is stable.

WAX Cloud Wallet

You can easily access WAX Blockchain applications with the network’s Cloud Wallet, which does not require private key management. The feature is available on desktop and mobile and acts as a repository for collectibles in addition to the normal functions of sending or receiving crypto.

Connecting the WAX ​​Cloud Wallet to dApps helps with the controls on the dashboard to vote in the guild while staking your inventory. Signing up using your social media account or email is also easy for an easy-to-use but robust application. Here you will, among other things, exchange ERC-20 $WAX tokens, view NFTs and vote proposals.

Carbon neutral

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

The resulting carbon credits from WAX Blockchain operations go to 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 of Bitcoin or Ether.

WAX Labs

WAX visionaries and pioneers bring innovations to life at WAX Labs, a funding source where up-and-coming developers can pitch ideas and submit proposals for consideration. Votes evaluate business plans once submissions are made and evaluate the feasibility of innovative projects.

At WAX labs, users and token holders can vote on a project once the proposal is submitted, and the more coins a user has, the heavier their voting rights. A project receives funding approval when 10% of registered voters vote and half of them agree on the innovativeness.

Grow NFTs

Carbon neutral vIRL NFTs are a first in WAX and, like traditional tokens, are tied to physical objects. When you redeem one, a $1 tree is planted by the National Forest Foundation as an initiative to reduce WAX’s carbon footprint.

After achieving carbon neutrality, this endeavor will continue until the WAX ​​Blockchain reaches carbon negative status. NFTs are sold on various primary and secondary marketplaces and you can use native $WAX tokens to buy them.

WAX Block Explorer

Introduced in 2018, Block Explorer processes higher transactions than any other Blockchain and provides an overview of individual transactions on the WAX ​​Blockchain. It is a user-friendly feature that allows you to see a visual format of transactions in 3D interactive.

With the WAX ​​block explorer, you won’t worry about the technical terms of transactions as you can understand asset data. You will also see a 3D rendering of all NFTs you own and related ownership and transaction details.

DApps and governance

As a purpose-built environment that is energy efficient, the WAX ​​blockchain performs extremely well when building and deploying dApps. A Developer Hive in the ecosystem contains quick-start guides, in-depth guides, and reference APIs for product development.

Blockchain talks smart contracts in EOSIO using the WAX ​​network which has cheaper gas fees and free accounts. Use variants of the WAX ​​token, be it WAXP, the protocol utility coin, WAXG and WAXE, an Ethereum ERC-20 variant.

WAXG is the governing symbol of the platform and you can earn it by staking WAXE in the liquidity pool. You can also use this coin for voting purposes or receive ETH after burning them.

WAX Tokenomics and Blockchain Roadmap

A future roadmap for the WAX ​​Blockchain comes from the WAX ​​Advisory Council, whose members include Marvel, Unity and Atari executives. Among other prominent industry stakeholders, council members provide input on the platform’s development goals as posted on their official website.

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

The Tokenomics model for WAX Blockchain is a hybrid with Ethereum blockchains to integrate the best features of both ecosystems. That means a WAXP holder benefits from successes of Ether in the DeFi space and the NFT market.

Last word

WAX Blockchain is a thriving environment that has already achieved a number of milestones compared to its more well-known counterparts. The ecosystem is now five years old, having gained the support of recognized brands with tens of thousands of NFT enthusiasts.

A practical framework for future projects requires a solid foundation, strong fundamentals, a workable roadmap, utility and a good team. WAX Blockchain has all of these plus the achievement of carbon neutrality as an industry first for an NFT marketplace.