All you need to know about WAX Blockchain, best L1 solution for NFT and Gaming projects

Updated on 22 August, 2022 3:14 PM
1 min read

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    What is WAX blockchain?

    A blockchain and protocol token called WAX was created specifically to speed up, simplify, and secure online transactions. Without a doubt, one of the most popular blockchains for non-fungible tokens is WAX, also known as the Worldwide Asset Exchange.

    One of the most well-known networks for virtual goods and digital collectibles, it is a popular and very effective option for many NFT fans. And despite operating under the metaphorical radar, the blockchain has built up this reputation, as seen by the fact that WAX continues to lose the public's favor to Ethereum, Tezos, and Solana's viral collections and milestone sales.

    History of WAX Blockchain

    William Quigley and Jonathan Yantis, two pioneers in the crypto industry, created WAX in 2017. WAX, a Cayman Islands-based company that has a vision of worldwide accessibility, is marketed as the safest and most practical way to produce, buy, transfer, and exchange digital (and even tangible) products.

    Applications of the WAX Blockchain

    While WAX's rivals have widely distributed art NFTs, the blockchain has maintained its attractiveness as a home for digital replicas of traditional artefacts like trading cards, figurines, souvenirs, etc.

    A decentralised market, in WAX's opinion, will lower risks, boost in-game item liquidity, and eliminate geographical boundaries. As a result, the Worldwide Asset Exchange has become home to a number of leading brands, such as the baseball collectors brand Topps, the racing powerhouse NASCAR, the toy company Hot Wheels, and more.

    Users of WAX have access to thousands of decentralised applications (dApps) and a variety of distinctive markets. WAX is home to a number of notable blockchain games, including Alien Worlds, Farmer's World, Prospectors, and other cutting-edge play-to-earn games, in addition to general NFT marketplaces. Although the project's current concentration is on the gaming sector, the infrastructure is being created to be adaptable to different use cases.

    On WAX, virtual treasures are dominant, but in a separate sector, Web3 gaming, the blockchain is leading the pack. WAX made an enormous contribution to the concurrent popularity of NFTs and other chains. The WAX ecosystem appears to have grown even more as a result of an excessive concentration on luring Web2 gamers into the metaverse.


    How does WAX Blockchain work?

    A modified version of EOS is being utilised to develop WAX. Due to the huge number of transactions for in-game items, the team believes a high-throughput blockchain leveraging Proof-of-Stake(PoS) is essential for the scenario. Customised voting processes, dispute resolution options, and other features will be part of the blockchain. In PoS, users stake some of their cryptocurrency in exchange for the possibility to be chosen at random to be a block validator, earning cryptocurrency if chosen.

    By using a PoS system, WAX preserves its reputation as an energy-efficient company while simultaneously fostering user loyalty. In actuality, WAX consumes less energy during Proof of Work (PoW) than chains like Bitcoin and Ethereum do.

    The objective of the WAX Blockchain

    WAX, which according to its developers is a "purpose-built blockchain," seeks to improve the way businesses interact with their customers while also giving customers a distinctive, digitally native buying experience. In fact, WAX places such a high value on usability that network fee, which are already comparatively cheap, are eventually returned to the WAX community.

    How does one buy and sell cryptocurrency on WAX – tokenomics of WAXP

    Because WAXP is the original token of the WAX blockchain, it is used for NFT trading across the WAX ecosystem. Purchases of WAXP can be made on some of the more well-known cryptocurrency exchanges, including Binance and Uniswap, as well as through third-party in-wallet programs like Moonpay. Users will have to first register to a WAX Cloud Wallet account. All further transactions on the blockchain can be made using the WAXP from your prior said wallet.

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