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What is Wax blockchain?

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Belemo
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In one of my previous posts, I discussed an NFT based game built on Wax blockchain. In this post, I decided to give a bit more information about the blockchain that the game is built on.

WAX is an acronym for Worldwide Asset Exchange. According to Dapprader.com, they are currently the no. 1 blockchain based on the volume of transactions and number of users.

WAX was designed to make transactions faster, easier and safer. Known as the King of NFTs, they are the world's leading decentralized video game and entertainment network that offer the safest way to create, sell, buy and trade NFTs anywhere around the world.

Founders of WAX

WAX was founded in 2017 by William Quigley and Jonathan Yantis. Both founders have wide experience in their industry.

William Quigley, a graduate of the University of California and an ex-staff of Disney is also an MBA graduate of Harvard and a managing director at Idealab and Magnetic. Jonathan Yantis is the chief operating officer at both OPSkin and WAX.

What they do over there?

WAX makes it easy for users to create, store, and trade NFTs. Creating NFTs is done in WAX Blockchain through the Simple Asset smart contract.,Simple Assets is called by other Dapps to manage their Digital Assets. It is a separate contract that serves as an additional guarantee that assets are managed by a reputable company.

Before creating NFTs, you would have to;

  • Complete the Docker Quickstart
  • Compile your Smart Contracts using WAX Contract Development Toolkit (WAX-CDT)
  • Finally, you would need to create a WAX Blockchain that can manage itself.

After doing these, the next step would involve deploying your NFT Smart Contract and to do this, you have to;

  • Unlock your wallet using Docker,

  • Create a new public/private key for your smart contract using cleos,

  • Create action in the simpleassets smart contract; and

  • Set the contract with the 'cleos set contract' command.

  • The final process of creating NFTs on WAX is testing the NFT smart contract. This is done by verifying the WAX NFT after it has been created.

Dapps on WAX Blockchain

The WAX Blockchain is home to quite the number of Dapps. The top 20 Dapps includes Alien Worlds, AtomicAssets, Atomic Markets, Splinterlands and a host of others that seamlessly combine smart contracts with NFTS.

Earning Rewards on WAX

WAX Blockchain provides rewards for both long and short term holders. These rewards are in the form of;

Staking Rewards

This is earned by staking tokens and voting for at least 16 Guilds. The reward earned is dependent of the number of Tokens you stake. Genesis Block Member (GBM) Rewards.

These rewards paid out to encourage civic engagement and reward long-term members of the community. GBM rewards are earned from staking and token swap. The other rewards available on WAX Blockchain are Guild and Future rewards.

The Coin

The WAX Blockchain is secured and Token holders can select WAX Guilds by voting. The WAX Token can be traded on Houbi, Bittrex, Upbit, HitBTC and Bitfinix. To create a WAX wallet and get closer to the action, click here.

Posted Using LeoFinance Beta