WAX is developing a distributed trading platform for virtual goods used in video games. Among the many things that gamers trade and sell online are virtual currencies and “skins,” the in-game equivalent of real-world clothing and accessories.
The group has concluded that existing centralized solutions have flaws due to their reliance on antiquated cross-border payment systems and issues related to a lack of trust that goods will be delivered or not stolen.
QPSkins, which debuted in 2015 as a hub for the sale and purchase of digital content, is responsible for the creation of the project.
In contrast to the current QPSkins platform, WAX intends to be a decentralized platform where users can set up their own online shops to exchange virtual goods without having to rely on a trusted third party.
Buyers, sellers, settlement agents, appraisers, affiliates, and listing agents are the typical participants in the gaming market.
Security and transparency are prioritized on the WAX platform, which is why they’re implementing blockchain technology and smart contracts for their transaction settlement services.
WAX maintains that the benefits of a borderless, decentralized marketplace outweigh the hazards involved.
The project’s initial focus is on the gaming industry, but the infrastructure is being built with adaptability in mind.
The WAX (Worldwide Asset eXchange) blockchain was developed with the goal of facilitating green e-commerce via dApps (decentralized applications), NFTs (non-fungible tokens), games, virtual worlds, and rare collectibles.
The WAX blockchain makes it simple for developers and brands to create, publish, and disperse NFTs to an international audience.
Many popular companies have already begun selling NFTs on WAX, including Topps (Major League Baseball), Capcom (Street Fighter), Atari, Funko, Lionsgate, and many more.
The Princess Bride, Saw, and William Shatner, Deadmau5, and Weezer are just a few of the movies and musicians whose official NFT collections WAX has released.
The WAX Blockchain Developer Hive is the one-stop shop for any size organization, from the Fortune 500 to independent programmers, to begin creating for WAX.
These tools, which include robust APIs and a smart contract quickstart, make it simple for developers to release on their NFT marketplaces and attract a huge audience worldwide.
What is WAX?
WAX, which stands for “Worldwide Asset eXchange,” is a blockchain designed for exchanging in-game assets like rare and collectible items.
When it comes to video games and digital collectibles, the WAX blockchain shines as a decentralized marketplace and dapp platform.
Instead of relying on a single video game service or network to store and manage their virtual assets, WAX users can do so independently.
Furthermore, owners of virtual items can rest assured that more of them cannot be generated at will by the game’s developer.
Who Invented WAX?
Current WAX and OPSkins CEO William Quigley. When it comes to virtual products, WAX’s current COO, Jonathan Yantis, has been at the forefront of the industry since 1997. They both helped start WAX.
What sets WAX apart from similar blockchains?
WAX employs a DPoS consensus mechanism, wherein token holders elect delegates who validate blocks on the network through voting.
Delegation of tokens allows token holders to give another party the ability to verify transactions on the network without themselves having to do so.
By allowing anyone to act as a coin delegate, DPoS improves upon the original Proof-of-Stake protocol by making the protocol more democratic.
Also Read: What Is Blockchain Bridge?
Moreover, the staked number of tokens equates to a weighted voting power.
One delegate verifies a block, and the rest of the delegates in the network verify the block’s validity.
Within seconds, everyone has reached consensus on the transaction, allowing them to collect their staked rewards.
When compared to Bitcoin’s Proof-of-Work (PoW), in which miners validate blocks and earn rewards by solving complex mathematical equations, DPoS is a much more energy-efficient option for the network.
Power of Work is an extremely energy-hungry process due to the high computing power requirements. WAX uses only 0.00023 TW, while Bitcoin can use up to 72 TW per year.
Token holders have a say in which new blockchain projects get greenlit thanks to initiatives like WAX Labs.
What can you do with WAX?
In addition to its role in proof-of-stake, which helps keep the blockchain secure, WAX is used primarily as a means of exchange and payment.
The WAX token can be used to buy virtual goods on the WAX platform.
WAX is used for smart contract fees because it is the native token on the WAX blockchain.
The Future
Advances in the WAX protocol and network are the primary goals of WAX’s future.
Now that they have a fully functional blockchain, they plan to expand their community, developer base, app selection, and overall ecosystem with the help of initiatives like the WAX Creator contest and the WAX Worker Proposal System.
Developers who contribute to the Wax Worker Proposal System and help it grow will be rewarded with WAX tokens.
Non-Fungible Tokens (NFTs) like stickers, collectible carts, and art can be created with the help of the WAX Creator program’s straightforward WAX Creator tool, and their creators are rewarded in WAX.
More than 150,000 NFTs have been made using this WAX Creator program.
