WAX (WAXP) Graphics
What is WAX (WAXP)
The Worldwide Asset eXchange, or WAX, is a global decentralized marketplace designed for the buying, selling, and trading of virtual assets. WAXP, the native token of the WAX blockchain, plays a vital role in this ecosystem. This article aims to elucidate WAX, its market value, supply, technology, history, purpose, founders, advantages and disadvantages.
What is WAX (WAXP)?
WAX is a purpose-built blockchain and protocol token designed to make e-commerce transactions faster, easier, and safer for all participants. The WAX blockchain uses Delegated Proof of Stake (DPoS) as its consensus mechanism and is fully compatible with EOS. The WAXP token is used for all the transactions and fees within the WAX platform.
Founders and History
WAX was founded by William Quigley and Jonathan Yantis in 2017. Quigley is a venture capitalist and entrepreneur with a deep understanding of the cryptocurrency and blockchain technology industry. Yantis, an expert in virtual goods, introduced the concept of digital item trading in 1997 and was at the forefront of creating virtual item sales platforms.
The WAX project was born out of the recognition of the need for a decentralized marketplace that could overcome the fraud and security issues plaguing online digital goods trading. The founders leveraged their experience with OPSkins, a marketplace for online video game assets, to develop the WAX platform.
Purpose and Vision
WAX aims to democratize the virtual goods marketplace much as platforms like eBay and Amazon did for physical goods. It strives to provide a decentralized platform where anyone can create and operate their own virtual marketplace without investing in security or payment processing.
Technology and Supply
As a blockchain, WAX was designed to enable new types of decentralized applications (dApps) focused on e-commerce and NFTs (non-fungible tokens). To ensure the efficiency and scalability of the WAX platform, it utilizes a DPoS consensus algorithm, a variant of Proof of Stake (PoS).
As of my knowledge cutoff in September 2021, the total supply of WAXP tokens was 3,770,303,327. However, the total and circulating supply can change as more tokens are minted or burned. It’s advised to check real-time data from a reputable crypto market source for the most current information.
Strengths and Limitations
One of the key strengths of WAX is its specialization in the trading of virtual goods, with robust security measures and a user-friendly interface. The use of blockchain technology also provides transparency and reduces the likelihood of fraud.
Furthermore, WAX enables anyone to create a virtual goods marketplace, potentially opening the market to a vast number of participants. The platform also benefits from the established user base of OPSkins, giving it a potential head-start over competing platforms.
However, WAX does face some challenges. The platform’s success heavily depends on its adoption by the existing online gaming and e-commerce communities. This adoption could be influenced by factors like the platform’s ease of use, the value of the WAXP token, and the number and quality of items available for trade.
Additionally, like many other cryptocurrencies, WAXP’s price can be highly volatile, and its value may fluctuate significantly, impacting users and traders on the platform.
Conclusion
WAX represents a comprehensive solution to the problem of creating a secure and decentralized marketplace for virtual goods. The WAX blockchain and WAXP token offer a novel approach to this increasingly prominent aspect of the digital economy. Its success will likely hinge on its ability to attract a critical mass of users and provide a consistently secure, efficient, and user-friendly platform.
As always, potential users and investors should thoroughly research and understand WAX and its associated risks before participating. Blockchain-based projects present opportunities and risks, and it is essential to remain informed and cautious.
How To Buy WAX (WAXP)
Are you ready to jump into the world of cryptocurrency and want to know where to buy WAX (WAXP) ?The largest exchanges currently traded with WAX (WAXP) are Binance , Kucoin , Huobi Global , and . You can find other exchanges that make listings .
About WAX (WAXP)
| Contract | |
| Website | https://wax.io/ |
| Explorers | Bloks |
| Community | |
| API idd | wax |
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