Currently, Worldwide Asset eXchange, also known as WAX, is one of the most successful cryptocurrency exchanges. It is a blockchain and protocol token created with the goal of making e-commerce transactions safer, simpler, and faster for everyone involved.
The WAX has created a set of blockchain-based technologies that allow a variety of decentralized apps, markets, and nonfungible native coins (NFTs). Because of the enormous demand for NFT-focused coins and tokens, WAX has become one of the best-performing cryptocurrency platforms. Keep reading to know more about WAX.
What is WAX?
WAX is a purpose-built blockchain that was launched in 2017 with the goal of making e-commerce transactions faster, easier, and more secure for all parties involved. Delegated proof-of-stake (DPoS) is the consensus process used by the WAX blockchain, which functions well with EOS.
The WAX-developed unique features and incentive mechanisms are intended to optimize the blockchain’s value for usage in e-commerce, with the aim of promoting proposal voting.
To achieve this goal, WAX developed a set of blockchain-based tools that can be used to establish decentralized application (DApp) markets and nonfungible tokens.
E-commerce operations are supported via WAX Cloud Wallet, SSO, and OAUTH, the latter of which is a native RNG service and a developer portal. Customers may benefit from a 500-millisecond block time and zero-fee transactions thanks to WAX’s blockchain design. It also uses voting incentives to encourage involvement in block producer selection and enhancement ideas.
WAX: roots and history
William Quigley and Jonathan Yantis co-founded WAX.
Jonathan Yantis is the chief operating officer of WAX and OPSkins.
After graduating from the University of Southern California, William Quigley started working for Disney. He got an MBA from Harvard and became a venture investor after leaving Disney in the early 1990s. He rose through the ranks at Idealab to become the managing director. He is the managing director of Magnetic as well as the creator of WAX.
How does WAX work?
WAX has a WAXP-to-Ethereum (ETH) bridge that allows WAXP token holders to transfer their tokens into WAXE (an ERC20 utility token based on Ethereum).
Users interested in WAX tokenomics must burn their WAXP tokens in order to get WAXE over the Ethereum bridge. The WAXE tokens must then be staked on the Ethereum distribution contract.
WAXG is an ERC-20 governance token based on Ethereum that is given to WAXE stakeholders. The allocation follows a predetermined schedule and is proportional to the WAX Economic Activity pool’s percentage. As a result, token holders have control over the allocation and distribution of economic value on the network.
The WAX Economic Activity Pool is a smart contract that collects a percentage of produced WAX fees and converts them to ETH for payout to WAXE stakers. It can also be handed to WAXG token holders who want to burn their existing tokens.x
Why choose WAX?
The DPoS consensus of the WAX network is immune to the corruption of a substantial minority of producers. Token holders vote in a continual approval procedure to choose WAX guilds. They may be able to construct blocks, and token holders could be able to persuade other token holders to vote in their favor.
Every 0.5 seconds, a block is created on the WAX blockchain; as a result, only one WAX guild is permitted to create a block at any given moment. The block for that time slot is skipped if a block is not created at the planned time. When one or more blocks are skipped, a new gap of 0.5 seconds or more is designed for the blockchain.
WAX guilds do not earn WAX awards if they create 50% of the planned blocks or less, which encourages skips.
WAX has developed a comprehensive suite of blockchain-based technologies that allow anybody to immediately and securely exchange digital or physical objects.