What is WAX (WAXP)? All information about the WAX ​​. project

• General overview of WAX (WAXP)
• What is WAX (WAXP)?
• What is WAX Protocol?
• Main components of WAX
• How WAX (WAXP) Works
• WAX project development roadmap
• Project development team, investors and partners of WAX
• General overview of the WAXP . token
• What is the WAXP token used for?
• Basic information about the WAXP . token
• WAXP Token Allocation
• The most prestigious place to trade and store WAXP tokens today
• Future of WAX, should invest in WAXP token or not?
• summary

General overview of WAX (WAXP)

What is WAX (WAXP)?

WAX (Worldwide Asset Exchange) is an exchange, buying and selling NFT items and characters in many different games. With its technology, WAX allows users to trade multiple digital or physical assets instantly and securely anywhere in the world. Users can also create their own NFT, build their own online store using B2B tools provided by WAX.

What is WAX Protocol?

WAX Protocol is a blockchain that operates under the Delegated Proof of Stake (DPoS) mechanism and is compatible with EOS . This platform is designed with high scalability and various service layers, providing a specialized infrastructure to build the digital goods market. WAX Protocol is a decentralized blockchain solution powering the WAX ​​marketplace.

Main components of WAX

WAX consists of the following key components that work together:

• Consensus mechanism : WAX uses a DPoS consensus mechanism designed with multiple block producers (WAX Guild), providing computing power to the WAX ​​network.
• Office of inspector general (OIG) : A watchdog for the WAX ​​network consisting of a committee of 3 Inspector Generals (IGs). The agency will publish a monthly ranking report on the performance of the WAX ​​Guilds. Based on the data from the report, the community can make more informed decisions when voting for WAX Guilds.
• NFT standards : WAX mainnet currently supports two NFT standards, Simple Assets and Atomic Assets. The NFT standard on the WAX ​​blockchain allows users to perform operations such as minting, burning, or transferring NFTs with no gas fees.
• WAX bridge : A bridge that will allow users to convert WAXP tokens into Ethereum-based WAXE tokens.

How WAX (WAXP) Works

Using the Delegated Proof-of-Stake (DPoS) consensus mechanism, WAX will authorize or select representatives (WAX Guild) to ensure the operation of the network through the WAXP token staking process. The WAX ​​Guild are the validating nodes of the WAX ​​blockchain.

In order to be selected, the Guild management team needs to submit a proposal to WAX and specify the game they will serve, the percentage of the profits to be divided among the users who have backed, and how the agents will be transferred. Transfer Agents.

Transfer agents are entrusted to facilitate the transfer of goods between users. Agents will only be approved for one game or server and cannot change this link. Dealers must also stake a certain amount of WAXP tokens, but not more than 25% of the total value of the Settlement Execution Contracts. Every time a successful transaction is made, the agent will be rewarded with a percentage of the fee in WAXP tokens.

The steps to perform a transaction of an agent include the following steps:

1. Liaise with sellers and buyers to arrange pick up and delivery.
2. Control the property from the seller.
3. Verify the authenticity of that property.
4. Digitally sign the Settlement Execution Contract that they have received the assets.
5. Deliver the property to the buyer.
6. Digitally sign the Settlement Execution Contract that they have successfully delivered the assets.

WAX project development roadmap 

As a long-standing project, up to now, all previous development plans of WAX have basically been completed. In the future, the project will continue to focus on perfecting its products such as launching WAX Cloud Wallet 3.0, WAX Cloud Wallet Mobile, adding DeFi features...

Project development team, investors and partners of WAX 

Development team

The development team behind WAX are the same people who created OPSkins, one of the global market leaders for virtual assets in video games. In which, the two main founders of WAX include:

• Jonathan Yantis : Jonathan was a former US Navy weapons electronics engineer. Then in 1997, he created the first virtual item trades in titles like Ultima Online, Everquest and World of Warcraft. He was also an early investor of the cryptocurrency market through the Mastercoin project when he raised 5,000 BTC in backing with a then value of $500,000.
• William E. Quigley : He is an incubator, investing in creating more than 40 different projects related to Bitcoin, blockchain and cryptocurrencies, notably Tether (USDT) and GoChain. He and Jonathan Yantis were early backers and the largest investors in Mastercoin, the technical precursor to Ethereum and the world's first ICO. The Mastercoin team invented the concept of a blockchain-based smart contract. Before coming to blockchain, he held many positions of advisors and senior managers of many big banks and companies such as Walt Disney, Arthur Andersen. William is also a co-founder of Clearstone Venture Partners, the world's first consumer Internet investment firm.

Investors and partners

In 2017, WAX raised more than $80 million from its ICO event, with 64,750,000 WAXP tokens sold. Some famous names involved in investing in WAX include OKX Blockdream Ventures, Hashed, HyperChain Capital, BlockAsset Ventures…

Currently, WAX is also a partner with many blockchain and game projects such as Kyber Network, Bancor, CryptoKitties...

General overview of the WAXP . token

WAXP is the native utility token of the WAX ​​platform, released in 2017. 

What is the WAXP token used for?

WAXP is used in the following functions:

• Transaction Fees : WAXP is used to pay transaction fees on the WAX ​​network, similar to Ethereum's ETH.
• Governance : WAXP token holders can submit and vote on proposals that affect network development.
• Staking : Users stake their WAXP tokens to participate in the network's consensus mechanism with the same reward as WAXP tokens.
• NFT and GameFi : Users can use WAXP tokens to buy, sell, and trade NFT across different apps, products, games in the WAX ​​NFT ecosystem.
• WAX DeFi : WAXP tokens can be converted into ERC-20 WAXE tokens via WAX's cradle bridge. Users who add liquidity to the WAXE-ETH pair will be able to redeem WAXG tokens. WAXG is the new governance token of WAX on Ethereum. WAXG token holders can vote on the governance of the WAX ​​economic activity group. Additionally, WAXG holders can burn their tokens to receive an ETH distribution from the PiggyBank Pool.

Basic information about the WAXP . token

WAXP

• Ticker: WAXP
• Blockchain: WAX Blockchain
• Token Type: Utility
• Total Supply: 3,770,303,327 WAXP
• Circulating Supply: 2,050.874.540 WAXP

WAXP (ERC-20)

• Ticker: WAX
• Blockchain: Ethereum
• Token Type: Utility
• Token Standard: ERC-20
• Smart Contract: 0x39Bb25…D98022
• Total Supply: 1,850,000,000 WAXP

WAXP Token Allocation

• WAX Team and Founders: 20%
• Contributors and Advisors: 15%
• Market Development: 30%
• Token Sale: 35%

The most prestigious place to trade and store WAXP tokens today

Currently, you can buy, sell, trade WAXP on many major cryptocurrency exchanges such as Binance, KuCoin, Huobi, OKX...

To store WAXP tokens on the WAX ​​network, you can create a WAX Cloud Wallet at https://wallet.wax.io/dashboard . If it is an ERC-20 standard WAXP token, you can store it on e-wallets that support this standard such as MetaMask, MyEtherWallet, Trust Wallet… In addition, you can also store WAXP directly on your wallet. The exchange listed this coin.

Future of WAX, should invest in WAXP token or not?

WAX is a global peer-to-peer NFT marketplace where commodities and various NFT items are traded in games developed based on blockchain technology. WAX aims to create a new generation of virtual asset traders. Anyone can run their own, fully functional, easy-to-use NFT marketplace. It also helps them solve other costly technology problems such as fraud prevention, payment fulfillment, product reviews, standardized catalogs, bridging, etc.

According to statistics from the project, WAX is serving more than 400 million users and processing more than 23 million transactions per day with more than 30,000 different Dapps. Future growth will depend heavily on the improvement of WAX's core products and services to attract more users as more and more new NFT markets are born.

If you have faith in the WAX ​​project, you can absolutely buy WAXP and stake them. This not only helps you create a passive income source with attractive interest rates, but also contributes to the growth of WAX.

If you are a trader, analyze the market situation for yourself at that time before making a decision to invest in WAXP. 

summary

Through this article, you have somewhat grasped the basic information about the WAX ​​project and the WAXP token. Hope this article will help you get the necessary information and make the right investment decisions.

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