What is WAX Blockchain (WAXP)? How Does it Work?

The gaming industry has a huge growth potential. According to a recent update, game players spend around $50 billion on virtual items every year. However, most of these items are fungible which means that more than one player can own the same item. Similarly, gamers often lose their collections due to hacking attacks.

The blockchain industry can overcome these problems while providing a range of other benefits including efficiency, transparency, and interoperability. WAX blockchain is designed to provide all these benefits with its expanding toolkit.

What is WAX Blockchain?

WAX, aka Worldwide Asset eXchange, is a blockchain network designed to support the trading of digital assets. The platform is primarily focused on virtual collectibles and video games. The game players can use this platform to buy, sell, and exchange in-game items from online games.

It’s designed to resolve the trust issues that the players experience in a traditional gaming environment. Similarly, it provides a reasonable alternative to traditional cross-border payment systems.

A traditional gaming marketplace consists of multiple participants including buyers, sellers, affiliates, appraisers, settlement agents, and listing agents. WAX blockchain is designed to offer a secure and transparent environment with its decentralized transaction settlement services. Over the years, it has become an attractive choice for brands that are willing to launch their own NFT collections.

The network uses a combination of delegated proof-of-stake consensus protocol and EOSIO to offer excellent speed and scalability to the users. This project is backed by QPSkins which has a significant reputation in the trading of digital assets. The stats show that the WAX blockchain supports more than 30,000 DApps and marketplaces.

Many renowned gaming brands like Street Fighter, Mattel, Atari, and SAW have listed their digital assets on this platform. There’s a common belief that QPSkins has played an essential role in attracting those brands.

WAX Blockchain Brief History

The WAX network was introduced by Jonathan Yantis and William E. Quigley in 2015. By 2017, the platform introduced an environment for gaming brands where they could launch their NFT collections. The platform achieved remarkable growth when renowned game developers and NFT creators joined it.

The network achieved a milestone of 10 million users in early 2020. So, the team decided to airdrop an equal amount of NFTs among its users. Later on, the platform distributed William Shatner’s memorabilia among its community members. And within nine minutes, 125,000 digital photos of William’s memorabilia were sold.

In mid-2020, WAX blockchain made another landmark achievement by launching Alien Worlds metaverse. This game uses multiple features of the WAX ecosystem.

WAX Blockchain Important Features

WAX offers a range of features the brands may need to launch a successful NFT collection.

Carbon-Neutral

WAX emits only 211 tons of carbon dioxide per year while consuming 473.04 MWh. Thus, it’s 66,450 times more energy efficient compared to the leading blockchain network, Bitcoin. Bitcoin node operators use hefty mining rigs to solve complex puzzles. Therefore, the entire network’s emissions are too high.

As compared to Bitcoin and Ethereum, the WAX network produces only 0.01 percent carbon emissions. And the network also supports a huge number of green projects worldwide.

WAX Cloud Wallet

WAX Cloud Wallet is easily accessible through desktop and mobile devices. It enables users to store NFT and gaming items in a single place while allowing them to send and receive funds. Similarly, users can easily connect these wallets to a range of decentralized applications.

WAX NFTs

The WAX network has introduced the vIRL NFTs that are linked to the physical assets. Thus, the users can get ownership of different physical items without having to get a delivery. The users can purchase WAX NFTs on the primary and secondary marketplaces.

Collectibles.io, AtomicHub, and Myth.Market are some of the leading secondary marketplaces where users can trade vIRL NFTs. It’s a bit difficult to find an NFT on the primary marketplace because they’re sold within a few minutes of the launch. However, the users can stay updated about upcoming sales by following the official social media channels.

WAX Labs

WAX pioneers and visionaries can submit their ideas along with the required documents and detailed information. The community members vote on these ideas after evaluating the feasibility of the project. The voting strength of a user is determined based on the tokens they’ve staked.

A project is approved if 50% of the voters are in favor of the project. It’s worth noting that 10% of the registered voters must participate in the voting process otherwise, the funding won’t be approved.

Governance

The users can participate in the governance process by staking their WAXG tokens. They need to stake their WAXE tokens in the WAX-ETH liquidity pools to acquire the WAXG tokens. The token holders can burn WAXG tokens to receive ETH or they continue participating in the voting process as long as the tokens are staked.

WAX Block Explorer

WAX is the first blockchain network that provides a visual display of individual transactions. The users can understand the data with the 3D interactive features of the network even if they don’t understand the technical terms. The users can also check the transaction records, ownership details, 3D rendering, and other pieces of information about the NFTs they own.

Decentralized Applications

The developers can easily deploy high-performance decentralized applications on this network. The platform provides quickstart guides, API references, in-depth tutorials, and samples in the Developer Hive that a developer may use for product development.

The developers can also deploy their EOSIO DApps on this network because it’s fully compatible with EOSIO smart contracts.

WAX Tokenomics

WAXP is the primary token of the WAX network that is used to purchase in-game items and other NFTs. With a circulating supply of 3.3 billion tokens, WAXP has a market cap of $189 million. It ranks among the 200 best cryptocurrencies in terms of market cap. The WAX network has two other tokens known as WAXE and WAXG.

The users can convert their WAXP tokens to WAXE at a ratio of 1,000 WAXP to 1 WAXE. WAXE tokens can be staked to earn staking rewards. The users receive WAXG tokens for staking WAXE. They can burn their WAXG tokens to receive ETH or they can keep those tokens to participate in the network’s governance.

Conclusion

WAX Blockchain revolutionizes the gaming industry by addressing fungibility and security issues through its decentralized platform. Backed by QPSkins, WAX attracts renowned gaming brands, offering efficiency and transparency. With carbon neutrality, WAX Cloud Wallet, vIRL NFTs, WAX Labs, governance, block explorer, and DApp support, it provides a comprehensive solution.

Feel free to get in touch with us if you need more information about how the WAX blockchain works. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the crypto market.