Launched in 2017, WAX (WAXP) is a blockchain specifically developed to enhance e-commerce transactions by making them quicker, easier, and more secure for everyone involved. It operates on a delegated proof-of-stake (DPoS) system and is fully compatible with EOS.
WAX's unique features and incentive systems are crafted to maximize the blockchain's effectiveness in e-commerce, aiming to motivate users to vote on proposals.
To achieve this, WAX has developed a range of blockchain-based tools that serve as the foundation for decentralized application (DApp) marketplaces and non-fungible tokens (NFTs).
Services such as WAX Cloud Wallet, SSO, and OAUTH bolster e-commerce activities, with OAUTH offering a built-in RNG service and a developer portal. The WAX blockchain is designed to support 500-millisecond block times and allows zero-fee transactions for users. Additionally, it encourages participation in the selection of block producers and proposal improvements through voting rewards.
Who Founded WAX?
The creators of WAX are William Quigley and Jonathan Yantis.
William Quigley attended the University of Southern California and later worked at Disney. After his time there in the early 1990s, he earned an MBA from Harvard and entered the world of venture capital. Eventually, he became the managing director at Idealab. Along with WAX, he also holds the position of managing director at Magnetic.
Jonathan Yantis serves as the chief operating officer at WAX as well as at OPSkins.
What Distinguishes WAX From Others?
WAX offers a WAXP-to-Ethereum (ETH) bridge, enabling holders of WAXP tokens to convert them into WAXE, an ERC20 utility token on the Ethereum network.
To engage in WAX's tokenomics, users must burn their WAXP tokens to acquire WAXE through the Ethereum bridge. These WAXE tokens then need to be staked on the Ethereum distribution contract.
WAXG is another Ethereum-based ERC-20 governance token, distributed to those staking WAXE. Its distribution follows a set schedule and is proportional to the share of the WAX Economic Activity pool. Token holders have a say in managing the platform's economic value allocation and distribution.
The WAX Economic Activity pool is a smart contract collecting a portion of the fees generated by WAX, which can be converted to ETH for distribution to WAXE stakers. Additionally, it can be given to WAXG token holders who choose to burn their tokens.
How Many WAX (WAXP) Tokens Are in Circulation?
As of February 2021, there are 1,513,825,734 WAX (WAXP) tokens circulating, with a total supply capped at 3,770,303,327 WAXP.
How Does WAX Ensure Network Security?
The WAX network's DPoS consensus mechanism safeguards it against potential corruption by a substantial minority or producers. Token holders can vote continuously to select WAX guilds, giving them a chance to generate blocks and encouraging other token holders to vote for them.
A new block is created on the WAX blockchain every 0.5 seconds, with one WAX guild authorized to produce a block at any given moment. If a block isn't produced on schedule, that particular time slot is skipped. Should one or more blocks be skipped, it results in another gap of 0.5 seconds or more in the blockchain.
WAX guilds receive no rewards if they produce only 50% or less of the scheduled blocks, discouraging block skipping.
WAX has developed a comprehensive suite of blockchain-based tools that allow anyone to trade digital or physical goods instantly and securely.
Where Can You Purchase WAX (WAXP)?
If you're interested in acquiring WAX (WAXP), you can do so on various exchanges, including:
