WAX WAXP
About
What Is WAX (WAXP)?
WAX (WAXP) is a purpose-built blockchain, released in 2017, that is designed to make e-commerce transactions faster, simpler and safer for every party involved. The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism. It is fully compatible with EOS.
The custom features and the incentive mechanisms developed by WAX are intended to optimize the blockchain’s utility specifically for use in e-commerce, with the goal of encouraging voting on proposals.
To make this possible, WAX created a suite of blockchain-based tools which decentralized application (DApp) marketplaces and non-fungible tokens can be built upon.
Services such as WAX Cloud Wallet, SSO and OAUTH support e-commerce operations, the latter being a native RNG service and a developer portal. WAX’s blockchain architecture supports 500-millisecond block time and zero-fee transactions for customers. It also makes use of voting rewards to incentivize participation in the selection of block producers and improvement proposals.
Who Are the Founders of WAX?
WAX was co-founded by William Quigley and Jonathan Yantis.
William Quigley studied at the University of Southern California, and then worked at Disney. After leaving Disney in the early 1990s, he got an MBA at Harvard and became a venture capitalist. Over time, he became the managing director at Idealab. Alongside creating WAX, he is also the managing director at Magnetic.
Jonathan Yantis works as the chief operating officer at WAX and as the chief operating officer at OPSkins.
What Makes WAX Unique?
WAX features a WAXP-to-Ethereum (ETH) bridge that allows WAXP token holders to convert their tokens into WAXE, which is an Ethereum-based ERC20 utility token.
Users willing to participate in WAX tokenomics need to burn their WAXP tokens in order to get WAXE through the Ethereum bridge. They will then need to stake the WAXE tokens on the Ethereum distribution contract.
WAXG is an Ethereum-based ERC-20 governance token that is distributed to WAXE stakers. The distribution is based on a set timetable and is proportionate to the percentage of the WAX Economic Activity pool. The token holders can govern the allocation and distribution of economic value on the platform as a result.
The WAX Economic Activity pool is a smart contract that accumulates a percentage of generated WAX fees and can be converted into ETH for distribution to WAXE stakers. It can also be given to WAXG token holders that decide to burn the tokens they already have.
How Many WAX (WAXP) Coins Are There in Circulation?
WAX (WAXP) has a circulating supply of 1,513,825,734 tokens as of February 2021 and a maximum supply of 3,770,303,327 WAXP.
How Is the WAX Network Secured?
WAX network’s DPoS consensus is secure against the corruption of a significant minority or producers. Token holders can select WAX guilds by voting in a continuous approval system. They can get an opportunity to produce blocks and token holders can persuade other token holders to vote for them.
A block gets produced on the WAX blockchain every 0.5 seconds; as such, one WAX guild gets authorized to produce a block at any given point in time. If a block does not get produced at the scheduled time, the block for that time slot is skipped. When one or more blocks end up getting skipped, another gap in the blockchain of 0.5 seconds or more is added.
WAX guilds do not receive WAX rewards if they produce 50% or less of the scheduled blocks, which discourages skipping blocks.
WAX has created a full suite of blockchain-based tools that allow anyone to trade digital or physical items instantly and securely.
Where Can You Buy WAX (WAXP)?
If you are interested in buying WAX (WAXP), it can be done on several exchanges, including the following:
If you want to learn more about how exactly cryptocurrency buying works, you can learn everything you need to know with CoinMarketCap’s own guide.
AI Analysis
What is the WAX (WAXP) cryptocurrency good for? What are its main use cases?
WAX (WAXP) is a cryptocurrency and a blockchain platform designed specifically for the trading of digital collectibles, virtual items, and other unique digital assets. Its main use cases include:
- Digital Collectibles: WAX allows users to create, buy, sell, and trade unique digital collectibles, such as non-fungible tokens (NFTs), in a secure and decentralized manner. This can include rare in-game items, digital art, and other unique digital assets.
- Gaming: WAX provides a platform for gamers to buy, sell, and trade in-game items, as well as participate in virtual economies. This allows gamers to monetize their in-game assets and create new revenue streams.
- Virtual Goods: WAX enables the creation, buying, and selling of virtual goods, such as digital merchandise, virtual real estate, and other unique digital assets.
- Decentralized Marketplaces: WAX allows developers to create decentralized marketplaces for digital assets, providing a platform for buyers and sellers to connect and trade directly.
- NFTs (Non-Fungible Tokens): WAX supports the creation, trading, and storage of NFTs, which are unique digital assets that can represent a wide range of items, such as art, collectibles, and in-game items.
- Digital Identity and Ownership: WAX provides a secure and decentralized way to prove ownership and authenticity of digital assets, using blockchain technology to record and verify transactions.
- Content Creation: WAX enables content creators to monetize their digital assets, such as 3D models, textures, and other digital content, and sell them on the WAX marketplace.
Some of the key benefits of using WAX include:
- Low transaction costs: WAX has low transaction fees, making it an attractive option for frequent traders and gamers.
- Fast transaction processing: WAX uses a Delegated Proof of Stake (DPoS) consensus algorithm, which allows for fast transaction processing and confirmation times.
- High security: WAX uses robust security measures, including encryption and multi-factor authentication, to protect user accounts and transactions.
- Easy integration: WAX provides a range of developer tools and APIs, making it easy for developers to integrate WAX into their applications and games.
Overall, WAX is a dedicated platform for the trading and management of digital assets, with a focus on gaming, digital collectibles, and virtual goods. Its unique features and benefits make it an attractive option for users looking to buy, sell, and trade digital assets in a secure and decentralized manner.
What blockchain does WAX use? Is it its own blockchain or built on top of another?
WAX (Worldwide Asset eXchange) operates on its own dedicated blockchain, which is a fork of the EOSIO blockchain technology. It was specifically designed for virtual asset trading and gaming applications.
Key Details:
- Blockchain Type: Independent blockchain (not built on top of another).
- Technology: Based on EOSIO (same core tech as EOS and Telos).
- Consensus Mechanism: Delegated Proof of Stake (DPoS).
- Use Case: Optimized for NFT trading, gaming, and virtual economies (e.g., WAX’s NFT marketplace, Topps, and other gaming integrations).
Why Its Own Blockchain?
WAX chose to fork EOSIO to create a blockchain tailored for high-speed, low-cost transactions in gaming and collectibles, avoiding congestion from other EOSIO-based chains.
Would you like details on WAX’s tokenomics or ecosystem?
Is WAX programmable? Does it support smart contracts or decentralized applications?
Yes, WAX (Worldwide Asset eXchange) is a programmable blockchain that supports smart contracts and decentralized applications (dApps). It is designed to be a high-performance, low-cost blockchain optimized for NFTs, gaming, and collectibles, but it also supports general-purpose smart contracts.
Key Features of WAX for Smart Contracts & dApps:
EOSIO-Based Smart Contracts
- WAX is built on EOSIO, the same technology that powers EOS, meaning it supports WebAssembly (WASM) smart contracts written in C++.
- Developers can deploy deterministic, high-performance smart contracts for NFTs, gaming, and other decentralized applications.
Decentralized Applications (dApps)
- WAX has a growing ecosystem of dApps, particularly in NFT marketplaces, gaming, and collectibles.
- Examples include AtomicHub (NFT marketplace), Alien Worlds (NFT gaming), and Farmville (NFT farming).
WAX Cloud Wallet & Developer Tools
- WAX provides developer-friendly tools, including:
- WAX Blockchain Explorer (for tracking transactions)
- WAX Smart Contract IDE (for testing and deploying contracts)
- WAX RPC Nodes (for direct blockchain interaction)
- The WAX Cloud Wallet allows users to interact with dApps securely.
- WAX provides developer-friendly tools, including:
Low Transaction Costs & High Throughput
- WAX is optimized for fast, low-cost transactions, making it ideal for NFT trading and gaming dApps.
- It supports millions of transactions per second (TPS) with near-zero fees.
Interoperability & Cross-Chain Support
- WAX is working on cross-chain solutions to enable NFTs and assets to move between different blockchains.
Comparison to Other Blockchains:
| Feature | WAX | Ethereum | Solana | EOS |
|---|---|---|---|---|
| Smart Contracts | ✅ (C++) | ✅ (Solidity) | ✅ (Rust) | ✅ (C++) |
| NFT Support | ✅ (Strong) | ✅ (ERC-721) | ✅ (Metaplex) | ✅ |
| Transaction Speed | High | Medium (Layer 2 needed) | Very High | High |
| Fees | Low | High (unless L2) | Low | Low |
| Gaming Focus | ✅ (Strong) | ✅ (Emerging) | ✅ (Emerging) | ✅ |
Conclusion:
WAX is fully programmable and supports smart contracts and dApps, making it a strong choice for NFT marketplaces, gaming, and collectibles. Its EOSIO-based architecture ensures high performance and low costs, while its developer tools make it accessible for builders.
If you're looking to develop a gaming dApp, NFT marketplace, or high-throughput blockchain application, WAX is a solid option. 🚀
How fast are WAX transactions? What is the typical confirmation time and throughput (transactions per second)?
WAX (Worldwide Asset eXchange) is a high-performance blockchain designed for gaming and NFTs, optimized for speed and scalability. Here are the key metrics for WAX transactions:
Transaction Speed & Confirmation Time
- Block Time: ~0.5 seconds (one of the fastest blockchains).
- Confirmation Time: Typically 1-3 seconds for finality (depending on network conditions).
- Finality: Transactions are considered irreversible after ~3 blocks (~1.5 seconds).
Throughput (Transactions Per Second - TPS)
- Peak TPS: ~1,000+ TPS (tested in controlled environments).
- Average TPS: ~500-800 TPS (real-world usage).
- Scalability: Uses EOSIO-based architecture (similar to EOS), allowing high throughput with low fees.
Comparison to Other Blockchains
| Blockchain | Avg. TPS | Avg. Confirmation Time |
|---|---|---|
| WAX | 500-800 | ~1-3 seconds |
| Ethereum | 15-30 (L1) | ~15 seconds (L1) |
| Solana | 2,000-6,000 | ~400ms |
| EOS | 4,000+ | ~0.5s |
Why WAX is Fast
- Delegated Proof-of-Stake (DPoS): Uses 21 elected block producers for fast consensus.
- Low-Latency Network: Optimized for gaming and NFT transactions.
- Low Fees: Transactions cost fractions of a cent.
WAX is ideal for high-frequency transactions, making it a top choice for blockchain gaming and NFT marketplaces like WAX Cloud Wallet, AtomicHub, and Neon District.
Would you like details on specific use cases or benchmarks?
How much data can I store on the WAX blockchain? Does it support on-chain data storage?
The WAX Blockchain primarily focuses on decentralized applications (dApps), NFTs, and gaming, but it does not natively support large-scale on-chain data storage like some other blockchains (e.g., IPFS, Filecoin, or Arweave). Here’s what you need to know:
1. On-Chain Data Storage Limits on WAX
- WAX uses EOSIO-based smart contracts, which have limited on-chain storage capacity.
- Each transaction has a size limit (typically ~1KB per transaction).
- Storing large amounts of data directly on-chain is expensive and impractical due to storage costs and blockchain bloat.
2. Alternatives for Storing Data on WAX
Since WAX is not optimized for large data storage, developers typically use off-chain storage solutions and reference them on-chain:
- IPFS (InterPlanetary File System) – Store files off-chain and reference them via IPFS hashes in WAX smart contracts.
- Arweave or Filecoin – For permanent, decentralized storage with on-chain references.
- WAX Cloud Wallet (WAXCW) or External Servers – Store data off-chain and fetch it via APIs when needed.
3. Use Cases for On-Chain Data on WAX
- NFT Metadata – Small metadata (e.g., JSON schemas) can be stored on-chain.
- Game State & Smart Contract Logic – Small game states or contract rules can be stored.
- References to Off-Chain Data – Storing hashes (e.g., IPFS, Arweave) to verify data integrity.
4. Cost Considerations
- On-chain storage is expensive (measured in RAM, CPU, and NET resources).
- Off-chain storage (IPFS, Arweave) is cheaper and more scalable.
Conclusion
WAX is not ideal for large on-chain data storage, but it works well for NFT metadata, game logic, and references to off-chain data. For large datasets, use IPFS, Arweave, or external databases and reference them via WAX smart contracts.
Would you like recommendations on integrating off-chain storage with WAX?
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