Article Summary, Automatically Generated By AI
About WAX
Key Points:
- WAX (WAXP) is a purpose-built blockchain for e-commerce transactions.
- Released in 2017, it uses delegated proof-of-stake (DPoS) consensus mechanism.
- Custom features and incentive mechanisms optimize the blockchain for e-commerce.
- Co-founded by William Quigley and Jonathan Yantis.
Founders:
- William Quigley: studied at USC, worked at Disney, and became a venture capitalist.
- Jonathan Yantis: COO at WAX and OPSkins.
Unique Features:
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About WAX: The Pioneering Blockchain for Virtual Goods and Digital Collectibles
Introducing WAX (WAXP): The Pioneering Blockchain for Virtual Goods and Digital Collectibles
WAX (WAXP) is a bespoke blockchain, launched in 2017, specifically designed to facilitate seamless, secure, and efficient e-commerce transactions, benefiting all parties involved. The WAX blockchain employs delegated proof-of-stake (DPoS) as its consensus mechanism, ensuring a high degree of compatibility with EOS.
The bespoke features and incentive mechanisms pioneered by WAX are designed to maximize the blockchain’s utility, particularly in the realm of e-commerce, with the ultimate goal of fostering a culture of active participation in the voting process for proposals.
To facilitate this vision, WAX has developed a comprehensive suite of blockchain-based tools, empowering the creation of decentralized application (DApp) marketplaces and non-fungible tokens.
Notably, WAX offers a suite of services, including the Cloud Wallet, SSO, and OAUTH, which collectively facilitate seamless e-commerce operations. Additionally, the platform features a native RNG service and a comprehensive developer portal. The WAX blockchain architecture is designed to support an impressive 500-millisecond block time, enabling zero-fee transactions for customers. Furthermore, the platform incorporates a voting reward system, which incentivizes participation in the selection of block producers and drives improvement proposals.
The Visionaries Behind WAX: Meet the Founders
WAX was co-founded by the visionary duo of William Quigley and Jonathan Yantis, who brought their innovative spirit and expertise to the table.
William Quigley pursued his academic endeavors at the University of Southern California, followed by a stint at Disney. Upon departing Disney in the early 1990s, he went on to earn an MBA at Harvard, subsequently transitioning into a successful career as a venture capitalist. His professional trajectory led him to assume the role of managing director at Idealab, while concurrently co-founding WAX and serving as managing director at Magnetic.
Jonathan Yantis holds dual roles as Chief Operating Officer at WAX and OPSkins, respectively.
Unveiling the Unparalleled WAX Advantage
Notably, WAX boasts a seamless WAXP-to-Ethereum (ETH) bridge, empowering WAXP token holders to effortlessly convert their tokens into WAXE, a versatile Ethereum-based ERC20 utility token.
Individuals seeking to engage with WAX tokenomics must undergo a token swap, where they relinquish their WAXP tokens in exchange for WAXE via the Ethereum bridge. Subsequently, they are required to stake their acquired WAXE tokens on the Ethereum distribution contract.
WAXG is an Ethereum-based ERC-20 governance token, allocated to WAXE stakers in accordance with a predetermined schedule, proportionate to their percentage stake in the WAX Economic Activity pool. Consequently, token holders are empowered to govern the allocation and distribution of economic value within the platform.
The WAX Economic Activity pool is a sophisticated smart contract designed to accumulate a predetermined percentage of generated WAX fees, which can subsequently be converted into ETH for distribution to WAXE stakers. Additionally, it can be allocated to WAXG token holders who opt to relinquish their existing tokens through a burning process.
The Circulating Supply of WAX (WAXP) Coins: An Overview
As of February 2021, WAX (WAXP) boasts a circulating supply of 1,513,825,734 tokens, with a capped maximum supply of 3,770,303,327 WAXP.
The WAX Network’s Robust Security Mechanisms
The WAX network’s Delegated Proof of Stake (DPoS) consensus mechanism boasts robust security against the corruption of a significant minority of producers. Through a continuous approval system, token holders are empowered to select WAX guilds by voting, thereby granting them the opportunity to produce blocks. Furthermore, token holders can exert influence over other token holders, persuading them to cast their votes in their favor.
A block is generated on the WAX blockchain at an interval of 0.5 seconds, with one WAX guild authorized to produce a block at any given moment. Should a block fail to materialize at its scheduled time, the designated time slot is skipped, resulting in a gap in the blockchain of 0.5 seconds or more.
In the event that WAX guilds produce 50% or fewer of the scheduled blocks, they are not eligible to receive WAX rewards, thereby discouraging the practice of skipping blocks.
WAX has developed a comprehensive suite of blockchain-powered solutions, empowering individuals to seamlessly and securely trade digital or physical assets in real-time.
Where to Acquire WAX (WAXP): A Comprehensive Guide
If you’re keen on acquiring WAX (WAXP), you can do so through various reputable exchanges, including the following:
- The esteemed Binance
- Crypto.com, a prominent player
- Huobi Global, a stalwart in the industry
- Upbit, a notable exchange
- HitBTC, a seasoned platform
- Bithumb, a stalwart in the Asian market
- Bitfinex, a venerable institution
For a comprehensive understanding of the intricacies of cryptocurrency purchasing, CoinMarketCap’s definitive guide provides a wealth of knowledge, covering everything you need to know.
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