What WAX Crypto Is All About

What WAX Crypto Is All About

It stands for Worldwide Asset eXchange and is a blockchain for trading virtual things in games and virtual worlds, like rare and collectible items. WAX Crypto is a name for this type of blockchain. 

More than $41 billion is spent on virtual goods each year by nearly 400 million gamers. Blockchain can help an economy that is already virtual and based on limited goods. It can help make it more decentralized, easier to work with, more transparent, and more efficient. To be one of the first, WAX Crypto thinks it can combine the appeal of games with the growing power of the Blockchain. 

This article explains What WAX Crypto Is All About.

Watch the below video on What WAX Crypto Is All About:

  • WAX stands for what? 

It stands for Worldwide Asset eXchange and is a blockchain for trading virtual things in games and virtual worlds, like rare and collectible items. WAX is a name for this type of blockchain. The WAX blockchain is a decentralized marketplace and platform for making apps and games that aren’t controlled by anyone else. It focuses on video games and virtual goods. If you use the WAX platform, you can actually own your virtual assets and trade them with anyone who is on it, instead of having to rely on a single video game provider or network. Those who own virtual goods can also be aware that the products are proven to be rare and can’t be made at the game creator’s request. 

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WAX: Who Made It? 

WAX and OPSkins both have the same CEO at the moment, named William Quigley. In 1997, Jonathan Yantis, who is now the COO of WAX, was one of the first people to use virtual goods. Their company is called WAX. 

A look back at the past. 

* In 2004, a peer-to-peer secondary market for selling things from World of Warcraft for money starts to emerge. In 2017, the WAX ICO is over. In 2015, OPSkin was started, and it soon became the main place to trade video game assets. 

What makes it so different? 

The WAX blockchain is unique because the team behind it has a lot of experience in the virtual goods trade market. Many people use OPSkins, and there have been a ton of transactions and buys on their platform. By having the people who make OPSkins also make the WAX protocol, they bring in specific knowledge and experience from their field. 

This means that EOS apps that were made on WAX can easily be moved to WAX because the WAX blockchain is completely backwards compatible with the EOS blockchain. They even have a $25,000 competition called #BuildOnWax to get people to move their EOS dapps to WAX. 

What else is there? 

Use Delegated Proof of State (DPOS) to make the WAX blockchain faster and more scalable. This is done by people who own WAX tokens voting for 21 “Guilds” on the WAX network. These “Guilds” get money for making blocks on the network. 

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Making WAX: What is the process of making WAX? 

In the WAX ICO, 64,750,000 WAX tokens were sold for $9.6 million, which is how much money was made. During the ICO, tokens called ERC20 on the Ethereum platform were used to pay for things. 

The first block or genesis of the official WAX blockchain had a total of 1,850,000,000 tokens in it. It’s now possible to trade old ERC20 WAX tokens for WAX tokens that are native to the new blockchain thanks to the launch of the WAX blockchain’s main network. 

To get WAX, what’s the best way? 

It is possible to buy or sell the WAX token on big exchanges like Huobi. You’ll need a wallet that can work with the WAX blockchain in order to use the new WAX native coins. Also, when you stake or make blocks, you get WAX. 

WAX can be used for: 

WAX is mostly used as a payment and trading token, but it is also used in proof-of-stake to protect the blockchain. The WAX token can be used to buy virtual goods on the WAX platform. WAX is used to pay for fees when making and using smart contracts because it is the native token on the WAX blockchain, which is why it is used to pay for fees. 

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The Long Term 

It will be easier to use WAX in the future. As a whole, they want to use programs like the WAX Worker Proposal System and the WAX Creator Challenge to build a strong community of developers and apps. It’s called the Wax Worker Proposal System, and developers who work on the platform will get WAX tokens in exchange for their ideas. People who use the WAX Creator tool, which lets anyone make Non-Fungible Tokens (NFTs) like stickers, collectible carts, and art, get paid for it. More than 150,000 NFTs have already been made with the WAX Creator app, which lets you make them.

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