WAX (WAX ) Review – Crypto Coin Judge
What is WAX?
WAX is a Blockchain-based decentralized gaming platform and an ERC20 token, which allows for peer-to-peer trading of in-game items like skins and other virtual goods.
The key role of this platform is to decentralize exchanges while enabling users to make purchases of goods using a global token. Using WAX, you can create a marketplace for digital assets similar to other cryptocurrencies such as Bitcoin, Ripple, LiteCoin, IOTA, DASH, Stellar Lumens.
Developed by the founders of OPSkins, the decentralized platform is specifically crafted to considerably expand the $50bln market for selling and buying video game virtual items.
The platform allows trading for several other kinds of digital assets, thus virtually any asset that is worth tokenizing can gain benefits from WAX.
So, where OPSkins takes care of millions of digital items, WAX promises to tokenize them for trading anywhere.
Consumers globally face multiple challenges when it comes to selling or buying any digital object. Sellers and buyers generally live in different parts of the world and use different currency types to buy and sell any digital object.
Currency conversion costs, payment processing fees and credit card chargebacks gobble up the sales profits. This is primarily an issue for the small dollar-sized transactions. Moreover, since these are digital items, there are increased chances of fraud with them, compared to physical items that are physically shipped to a physical address.
For example, you live in USA and want to buy a digital item from a seller based in UK; you would certainly have to go through a difficult time doing so without paying cross border payment processing and high currency conversion fees. Counter-party challenges, existing in any situation where transactions take place between strangers, exist for either side.
WAX negates these challenges with the help of smart contracts, crypto coin, and blockchain-enabled settlement.
It facilitates digital merchandising (buying and selling) capabilities free to the end number of video gaming community and content websites that wishes to participate in the $50bln virtual item industry.
This way anyone who owns a website and is connected to the esports or video gaming industry can leverage the advantage of WAX to facilitate OPSkins like virtual item marketplace characteristics with almost zero effort.
Moreover, digital entrepreneurs will be able to offer their audiences the similar type of strong ecommerce capabilities that OPSkins allows for its customers.
Thus, when a consumer buys an item through WAX platform, it automatically and instantly completes the settlement process with all involved parties (for example; buyer, seller, settlement agent, affiliates, listing sites, etc). WAX in fact brings to you a new generation of digital item “powersellers” like others e-commerce platforms.
How WAX functions
The platform functions by enabling buyers to select an item, make payment in WAX tokens, and accept the item without leaving the website they are on. Thus, interacting with the platform, the buyers can view and purchase seller’s items.
Following are the applications that WAX is planning to roll out in near future.
WAX Connect: It allows building listing widgets, performing wallet transactions on remove wallets, and carrying out ideal onboarding of new users into the WAX platform.
WAX Node: It works as gateway to the entire WAX platform, comprising Guild and node discovery, API endpoints for WAX Connect and WAX Wallet, and most probably a naming service.
WAX Wallet: It allows its non-guild users to hold WAX tokens and take part like a DPOS delegate.
WAX Core: It enables forging of delegates, synchronizing blockchain, and comprise the complete developer API.
What is WAX token?
Built on Ethereum, it uses Ethereum’s smart contract features, and works as an only way for gamers to sell, buy, and trade assets on the exchange.
Aside from selling and buying, it also allows them to use the token in the platforms Delegated Proof of Stake consensus algorithm where delegated nodes or “Guilds” confirm transactions for a specific game.
WAX token sale and distribution
The WAX platform generated about 1,850,000,000 WAX tokens in a seed block. It allocated 64,750,000 WAX tokens for the entire token sale, which is just 35 percent of the total supply. Its further token distribution plan is as follows:
- 30 percent, it has decided to distribute to encourage new developers publishers so they can participate in the growing marketplace.
- 15 percent, it has reserved for contributors and advisors. This group has made a contribution of 16,800 ETH to acquire 5,040,000 WAX tokens.
- WAX will also offer free bonus to some of its contributors and advisors for their advisory work they will be doing for it.
- 20 percent, it has decided to retain for itself and for development, team and founders who will contribute to augment the WAX platform with important updates.
WAX team consists of William Quigley, the CEO, Malcolm CAsSElle, the President, Jonathan Yantis, the COO.
Similar to Enjin and Gameflip, WAX is also another gaming platform powered by blockchain. However, its catch is that it comes with the support of OPSkins that really matter when you are anew in any field. Moreover, this brings experience and some pedigree to the project.
Besides, the in-built user base is also expected to bring enormous benefits to it and its users. In view of all these goodies about WAX, it can be said that it may go a long way and get the expected outcomes for both the platform and its users. However, it is certainly a good proposal.
So, whenever you feel that you will be at loss if you invest here, it is better to understand what the creator of that crytpocoin wishes to offer you in future. With that in mind, you will be able to take the wise decision in terms of investment.
WAX in Media
Medium: What sets WAX apart from other Tokens?
Medium: Gaming The System — Blockchain Exchange Allows Gamers to Trade Items
WAX in Social Media