WAX is short for Worldwide Asset Exchange. The main purpose of the WAX network is to become a decentralized trading platform for transactions with various game items. The potential audience of WAX exceeds 400 million people. The honesty of deals with game objects provides technologies of smart contracts and blockchain. Transactions between WAX nodes are recorded in a blockchain. The network speed exceeds 3000 transactions per second. There is no commission for transactions, instead, there is small inflation in the form of the constant issue of new coins.
What tokens are used in the Wax network?
The main unit in the Wax network is WAXP tokens. 35% of the total number of tokens were sold on the market. In total, developers have sold to users 64 750 000 tokens. The consensus protocol Delegated Proof of Stake (DpoS) is used to confirm transactions between cryptocurrencies nodes. In practice, this means that there is no mining in the Wax network, and all the coins were created simultaneously with the launch of the network. To earn new coins with Staking the user needs a wallet Lynx, Sqrl, Scatter, or another compatible wallet. Also, WAXP tokens are used for voting in the network. You can give your vote for different guilds, a total of up to 30 guilds. The total force of votes cast for the guild is considered by the number of WAXP tokens from the voting. Voting for the guild is necessary to determine a new group of WAX nodes, which will confirm the number of WAXP tokens. The system also has reserve guilds, which will confirm transactions between WAX nodes, if the main guild can not do so. In total, there are 21 main guilds and 36 reserve guilds in the network.
What role do WAX nodes play in the network?
WAX nodes deal with confirmation of transactions in the network. The block in the network appears every 0.5 seconds. If WAX nodes do not behave honestly, they have imposed sanctions. Not-honest blockchain node providers are deprived of the right to process transactions and receive remuneration for it. The BFT algorithm is used to prevent forks, prohibiting guilds from creating blocks at the same height or with the same timestamp. To connect via API, special WAX nodes are used. To prevent spam from being sent through the WAX nodes API, the Patroneos technology is used. If the public WAX node stops working and needs to be restored, there is no need to re-synchronize the blockchain. Instead, it is enough to take the blockchain state snapshot which can be passed to the public node as a URL.
What are the technical features of Wax?
The WAX network has both dApps and smart contracts. With WAXP tokens, dApp developers can rent the computing power they need. Prices for NET (network bandwidth), CPU, and RAM are determined by the balance of supply and demand. Because computing resources need to be purchased, the network is not clogged with spam. Every smart contract has an address through which to access it. One transaction can be addressed to several smart contracts at once. There is a Random Number Generator (RNG) on the blockchain so that the values used in smart contracts are random.
What are the options of using Wax?
In the Wax wallet, you can store various NFT tokens that correspond to different game items. There is a WAX NFT Creator toolkit that allows you to create your NFT assets. With WAX ExpressTrade, trades are made between free public nodes that happen instantly. WAX Explorer differs significantly from other block explorers. All game objects are shown as images, including 3D. WAX Marketplace is a set of APIs for developers. WAX All Access allows you to access WAX-enabled sites through Facebook, Google, Wechat, Steam, and other messengers and social networks.