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About WAX

Vance Wood

Vance Wood

November 17, 2020

4 min read

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ICO WAX was completed in 2017. The WAX platform is developed by the founders of OPSkins, leaders in the global online video game market. The WAX blockchain is powered by smart contracts. It uses a Delegated Proof of Stake (DPoS) consensus algorithm and is compatible with EOS, allowing decentralized applications built on EOS to be copied to WAX.

The developed custom WAX functions and mechanisms are designed to optimize the use of blockchain in digital commerce. Thanks to the WAX platform, players actually own their digital artifacts and can sell and exchange them without going through a centralized video game provider. WAX members can be sure that digital assets (in-game currency, weapons, "skins") transferred or purchased through the platform are protected from copying.

The WAX platform allows you to view available products for sale in real-time. Using blockchain, WAX users get access to the entire global marketplace and guaranteed security and transparency.

What are the advantages of the WAX platform?

The WAX platform will give millions of traders the ability to create virtual stores on a single, decentralized platform. Platform tools include services (WAX cloud wallet, SSO, and OAUTH) to support digital payment transactions.

A typical playground is made up of buyers, sellers, settlement agents, appraisers, affiliates, and listing agents. The WAX platform provides decentralized settlement services for all members. At the same time, it provides security and transparency using blockchain and smart contracts.

A decentralized marketplace reduces risk, increases the liquidity of in-game items, and eliminates the problem of traditional cross-border payment systems. The project is currently focused on the gaming industry, but its infrastructure is being designed to be flexible for other use cases.

How do the WAX platform and functionality work?

To start using the WAX platform, you need to become a buyer or seller of any virtual gaming asset on the marketplace.

The WAX platform operates on the Delegated Proof-of-Stake (DPoS) consensus algorithm, vote confirmation, transaction confirmation, and blockchain building. Users give votes based on the number of WAX tokens they have, thereby electing Guild representatives (21), which guarantees users reliable and secure transactions on the network.

Guilds are users who have submitted their suggestions to the system for a specific game they want to submit. They indicate their way of performing their duties and the number of WAX tokens they share with the users who voted for them. This scheme provides seamless transactions with the selection and tracking of transmission agents. And also the transfer of contact information of buyers and sellers to them.

Transfer agents are intermediaries in the movement of goods. Therefore, they sign contracts ("Settlement Execution Agreement") for the purchased goods after they have been delivered to the buyer. For completing the process, the agent receives his commission in the form of WAX tokens.

Users - are the owners of the WAX ​​project tokens. Regular users who create transactions.

Contract - automatic accounts responsible for the execution of smart contracts.

Any user actions are taken into account as a motivating factor on the platform. It also has its inner rating system.

Characteristics of the WAX token

WAX - is exchange service tokens that can be used to tokenize and exchange virtual goods for cryptocurrency. WAX tokens can be used for more than just video games. Digital asset owners using WAX tokens can convert their virtual assets to physical assets.

The exchange of virtual assets involves value transfer agents and users who are directly responsible for transferring game artifacts. Additionally, shipment is controlled by representatives of 21 Guilds (supervisory committees), DPoS algorithm, and rating systems.

The maximum number of WAX tokens is 185 million.
During the ICO, 64,750,000 WAX tokens were sold for $ 9.6 million.
15% - distributed in the form of remuneration to contributors and consultants;
20% - to the founders and the WAX project team;
30% - for remuneration and market development;
35% - for sale.

How to get a WAX token?

The token is available for purchase and exchange on major cryptocurrency exchanges such as:

  • Huobi Global;
  • Kucoin;
  • Bitfinex;
  • HitBTC
  • Bithumb
  • Upbit

WAX trades daily in the $ 1-2 million range, popular trading pairs are:

  • KRW (Korean Won) / WAX;
  • BTC /WAX
  • ETH /WAX

Any ERC20 compatible EOS wallet is suitable for storing and performing exchange operations with the WAX token. Including MyEtherWallet, Trust Wallet, and hardware wallets from Ledger, Archos, and others.

Vance Wood

Vance Wood

November 17, 2020

4 min read