Introduction to WAX crypto (WAXP)
Direct from the desk of Dane Williams.
An introduction to WAX crypto (WAXP), the blockchain ecosystem specifically focused on NFTs and the P2E gaming space.
WAX stands for Worldwide Asset eXchange and is a blockchain specifically focused on NFTs and the P2E gaming space.
Not only home to hundreds of thousands of users playing NFT-based games, WAX also positions itself as one of the most eco-friendly blockchains on the market.
In this WAX crypto guide, we take an extremely detailed look at the WAX blockchain and its token (WAXP) from top to bottom.
Let’s dive right in.
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Introduction to WAX crypto (WAXP)
WAX was co-founded by William Quigley and Jonathan Yantis in 2017.
Quigley is the current CEO of both WAX and OPSkins, while Yantis serves as the company’s (yes, WAX is essentially a company) COO.
In case you’re not familiar with the gaming space, OPSkins is a leader in the industry and already serves millions of customers who have completed millions of trades and purchases on their platform.
Even if you’re not a gamer, I’m sure you’ve heard of Counter Strike: Global Offense (CS:GO).
Well, they’re the company that pioneered selling skins and in-game items over there.
Yeah, having experienced players like this contributing to the NFT and P2E space via WAX is a pretty big deal.
Exciting!
How does WAX work?
Running EOSIO software at its core, WAX bears the same link to Dan Larimer’s thoughts on blockchain governance as we do here on Hive.
Rather than using the energy-inefficient Proof-of-Work consensus mechanism, the WAX Blockchain uses what is called Delegated Proof-of-Stake.
Or simply shortened to DPoS.
WAX uses Delegated Proof of Stake (DPoS)
Again, if you understand Hive’s governance system of witnesses, you will quickly grasp WAX’s use of 21 energy-efficient guilds being delegated the responsibility of keeping the chain functional and secure.
To use the WAX blockchain, you’ll essentially end up staking WAX for CPU, NET and RAM resources.
We go into a little more detail around resources in the following section of this guide to WAX, but the basic premise is that these finite resources work similarly to Hive’s Resource Credits.
Dictating how many transactions each account and the blockchain itself can handle at any one time.
Using this consensus mechanism, the WAX blockchain can support 500-millisecond block times and zero-fee transactions for anyone choosing to use the network.
Not to mention that by voting on consensus and helping secure the chain, users are also able to earn WAX staking rewards.
This use of rewards is not only great for users, but serves a very specific purpose.
By monetising voting, it incentivises those using the chain to participate in governance and keep the block producers with the best intentions in power.
Again, this process of staking WAX for rewards is something we go into a little more detail in a following standalone section of this guide.
But that’s the basics of why and how WAX’s DPoS consensus mechanism is employed..
Final thoughts on how WAX works
In summary, WAX is not only trying, but they’re succeeding in making NFTs appeal to the mainstream.
By focusing on cultivating their image as a green blockchain, WAX is able to generate mainstream press.
Something that just feeds back into normies using their extremely well branded NFT marketplaces and network as a result.
To say that they know what they’re doing from a blockchain marketing and brand partnerships point of view, would be the understatement of the century.
WAX are masters of this arena.
On the flip side however, their EOSIO backed system of resources is something that has the potential to hold them back from truly reaching their potential.
Only time will tell!
Best of probabilities to you.
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