What is WAX network
WAX (Worldwide Asset eXchange) is a blockchain network designed to facilitate the creation and trading of digital assets such as in-game items, virtual real estate, and collectibles. The WAX blockchain uses Delegated Proof of Stake (DPoS) consensus mechanism and is built on top of the EOSIO software.
One of the key features of the WAX blockchain is its ability to enable the creation of non-fungible tokens (NFTs) in a cost-effective and user-friendly way. This has made it popular among developers and creators who want to build and trade NFTs without having to deal with the technical complexities of blockchain development.
The WAX blockchain also offers a variety of tools and services to support developers, including an easy-to-use marketplace for buying and selling digital assets, a wallet for storing and managing assets, and a suite of APIs for integrating WAX functionality into applications and websites.
Overall, the WAX blockchain network is focused on creating a decentralized platform for the exchange of digital assets that is accessible, secure, and cost-effective for users of all levels of technical expertise.
The history of WAX network
The WAX (Worldwide Asset eXchange) blockchain network was founded in 2017 by William Quigley and Jonathan Yantis, who were also co-founders of OPSkins, a leading marketplace for buying and selling in-game items. The founders recognized the potential for blockchain technology to revolutionize the digital asset economy and decided to create a blockchain platform specifically designed for the creation and trading of digital assets.
In December 2017, WAX conducted an initial coin offering (ICO) and raised $80 million in just 64 hours, making it one of the most successful ICOs at the time. The funds were used to further develop the platform and expand its reach.
In June 2018, WAX launched its mainnet, which is built on top of the EOSIO software and uses Delegated Proof of Stake (DPoS) consensus mechanism. The mainnet enabled users to create and trade digital assets, including in-game items and virtual real estate, in a decentralized and secure manner.
In November 2018, WAX announced a partnership with the blockchain-based game development platform, Unity, which would allow Unity developers to easily create and trade digital assets on the WAX blockchain.
In 2019, WAX launched its own blockchain-based marketplace for buying and selling digital assets, called the WAX Marketplace. The marketplace offers a user-friendly interface and a variety of features, including instant transactions, low fees, and support for both fungible and non-fungible tokens.
In 2020, WAX continued to expand its partnerships and collaborations, including with major gaming companies such as Atari and Capcom. The platform also launched a new feature called WAX Cloud Wallet, which makes it easy for users to create and manage their digital asset wallets without the need for complex technical knowledge.
Today, the WAX blockchain network continues to grow and evolve, with a strong focus on creating a decentralized platform for the exchange of digital assets that is accessible, secure, and cost-effective for users of all levels of technical expertise.
How WAX network works
The WAX (Worldwide Asset eXchange) blockchain network works by providing a decentralized platform for the creation and trading of digital assets. Here are the key components of how it works:
- Blockchain: WAX is built on top of the EOSIO software and uses a Delegated Proof of Stake (DPoS) consensus mechanism to secure the network. The blockchain is used to record and verify transactions, and it provides a transparent and immutable ledger of all digital asset ownership and trading activity.
- Digital Asset Creation: Users can create digital assets, such as in-game items, virtual real estate, and collectibles, on the WAX blockchain. These assets can be either fungible (such as cryptocurrencies) or non-fungible (such as unique in-game items or collectibles).
- Smart Contracts: WAX uses smart contracts to automate the creation and trading of digital assets. Smart contracts are self-executing programs that can be programmed to automatically execute certain actions when predefined conditions are met. For example, a smart contract can be programmed to automatically transfer ownership of a digital asset to a buyer once payment has been received.
- WAX Marketplace: The WAX Marketplace is a decentralized marketplace where users can buy and sell digital assets. The marketplace provides a user-friendly interface and features such as instant transactions, low fees, and support for both fungible and non-fungible tokens.
- WAX Cloud Wallet: The WAX Cloud Wallet is a user-friendly wallet that enables users to manage their digital assets and interact with the WAX blockchain. It provides an easy way to create and manage wallets, as well as to securely store and transfer digital assets.
Overall, the WAX blockchain network provides a decentralized and secure platform for the creation and trading of digital assets, with features that make it accessible and user-friendly for users of all levels of technical expertise.
Can WAX network be trusted
As with any blockchain network, the trustworthiness of the WAX (Worldwide Asset eXchange) blockchain network depends on several factors, including its security, decentralization, and transparency. Here are some factors that contribute to the trustworthiness of the WAX blockchain network:
- Security: The WAX blockchain network uses a Delegated Proof of Stake (DPoS) consensus mechanism to secure the network, which makes it less vulnerable to 51% attacks and other types of attacks. Additionally, WAX has implemented various security measures, including multi-factor authentication, SSL encryption, and smart contract audits, to help protect user assets.
- Decentralization: WAX is designed to be a decentralized platform, which means that no single entity has control over the network. The network is secured by a global network of block producers who are elected by token holders, ensuring that no single entity can control the network.
- Transparency: The WAX blockchain is transparent, meaning that all transactions and digital asset ownership are recorded on the blockchain and are publicly visible. This provides transparency and accountability, as users can verify the ownership and authenticity of digital assets on the blockchain.
- User-Friendly: WAX has created a user-friendly platform that makes it easy for users of all technical levels to create, buy, sell, and manage digital assets. This has made the platform more accessible and trustworthy for users who may not have extensive technical knowledge.
Overall, the WAX blockchain network has implemented various measures to ensure its security, decentralization, and transparency, which contribute to its overall trustworthiness as a blockchain platform for the creation and trading of digital assets.
How to use WAX network
Using the WAX (Worldwide Asset eXchange) blockchain network involves several steps, including creating a digital asset, buying or selling digital assets on the WAX Marketplace, and managing your digital assets with a WAX-compatible wallet. Here is a step-by-step guide on how to use the WAX blockchain network:
- Create a Digital Asset: To create a digital asset on the WAX blockchain, you can use a WAX-compatible wallet, such as the WAX Cloud Wallet, to create a new digital asset. You will need to provide details about the asset, including its name, description, and other relevant information.
- Buy or Sell Digital Assets: Once you have created a digital asset, you can buy or sell it on the WAX Marketplace. To do this, you will need to have a WAX-compatible wallet that can be used to buy and sell digital assets on the marketplace. You can browse the marketplace to find digital assets that you want to buy, or you can list your digital asset for sale and wait for a buyer to purchase it.
- Manage Your Digital Assets: After you have bought or sold digital assets on the WAX blockchain network, you will need to manage them using a WAX-compatible wallet. The WAX Cloud Wallet is a user-friendly wallet that allows you to manage your digital assets and interact with the WAX blockchain. You can use the wallet to securely store and transfer your digital assets, as well as to view your transaction history and other relevant information.
Overall, using the WAX blockchain network involves creating, buying, and selling digital assets on the WAX Marketplace and managing your digital assets with a WAX-compatible wallet. The process is relatively straightforward and can be done using user-friendly tools that are designed to make the process accessible to users of all technical levels.