What is WAX?
The WAX coin, or WAXP, is a protocol token native to the WAX platform. The latter is a Web3 ecosystem powered by purpose-built blockchain technologies. It’s centered around NFTs and GameFi.
WAXP is one of the three tokens powering the WAX platform. The other two are WAXE and WAXG. WAXP token can be converted into WAXE - a utility token based on the ERC-20 token standard. On the other hand, WAXG serves as a governance token. It can be earned by staking WAX tokens.
Furthermore, WAXP holders are eligible to receive staking rewards by staking their tokens on supported wallets, such as Lynx or Scatter. The next step is voting on the WAX blockchain. Stakers can vote in Guild Voting, Proxy Voting, and Worker Proposal Voting. By casting their vote, holders receive WAX staking rewards.
Just like the majority of cryptocurrencies, WAX price experiences volatility. In order to make an informed purchase decision, you can have a more in-depth look at the WAX price history on the graph above.
What are the Main Features of WAX?
WAX stands for the Worldwide Asset eXchange. As mentioned in the What is WAX section, WAX is a blockchain-powered platform. One of its core features is the WAX blockchain.
The WAX blockchain is an EOS-compatible blockchain that provides the tools necessary to launch blockchain-based projects. It’s mainly targeted at NFT collections and GameFi projects, however, WAX can be used for dApps, marketplaces, and exchanges, among many other projects.
There are over 30,000 unique dApps launched on the WAX ecosystem. Some of the most popular projects on WAX include Funko, Capcom, Topps, and Blockchain Brawlers.
The WAX blockchain operates using a Delegated-Proof-of-Stake (DPoS) consensus mechanism. When it comes to block production, WAX ensures that one block is produced every 0.5 seconds. This means that users can benefit from near-instantaneous transactions. Moreover, there are no transaction fees on the WAX blockchain.
Its e-commerce operations are supported by WAX-exclusive products and services, including WAX Cloud Wallet, SSO, and OAUTH.
The WAX Developer hive is an educational platform within the WAX ecosystem where users can overview WAX documents, code samples, and more educational content.
The community of WAX is filled with people from diverse backgrounds, including collectors, creators, gamers, merchants, dApp, and game developers.
WAX claims to be completely carbon neutral. This means that it doesn't require a massive amount of computing power to be running WAX. According to WAX, it uses only 0.000223 Terawatts per year, unlike Ethereum, which uses up to 28, or Bitcoin, which uses up to 72 Terawatts per year.
This puts WAX in an advantageous position when compared to other major players in the blockchain industry, such as Ethereum or Bitcoin.
According to its website, WAX receives over 500,000 daily visitors, holds over 13,000,000 user accounts, and has processed more than 23,000,000 transactions.
Don't forget to check the current WAX price via the graph above before making any purchase decisions.
Who Developed WAX?
The WAX crypto project was co-founded by Jonathan Yantis and William Quigley in 2017.
Before the inception of WAX, Jonathan Yantis worked as a weapons electronic engineer at US Navy. He’s currently a COO at WAX and OPSkins.
William Quigley has successfully completed his studies at Harvard and earned an MBA. After his studies, William Quigley became a venture capitalist. Prior to co-founding WAX, he worked as a managing director at Idealab.
WAX wasn’t his first project in the crypto sector. William Quigley has been part of huge blockchain projects such as Tether, a major stablecoin pegged to the US Dollar, GoCoin, a cryptocurrency payment platform, and Mastercoin, the first ICO platform.
