Waxe (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.
Waxe Wallets Point Table
|Circulating Supply||2,697,161,905 WAXP|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
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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.
Fast and Scalable
The delegated proof-of-stake (DPoS) consensus algorithm used by the WAX blockchain enables faster transaction processing speeds than other consensus algorithms. As a result, the platform is extremely scalable and can process a lot of transactions quickly.
Both developers and non-developers may utilise the WAX blockchain easily thanks to its user-friendly design. Developers can utilise the platform’s wide array of tools and APIs to create decentralised applications (DApps) and smart contracts for the blockchain.
Because WAXP and EOS are entirely compatible, programmers may create DApps that work seamlessly on both platforms. This facilitates the creation of portable programmes by developers used across different blockchains.
The DPoS consensus technique used by the WAXP blockchain, which increases its resistance to attacks, making the blockchain extremely secure. The platform also has a number of security mechanisms in place, such as authentication and encryption procedures, to guarantee that transactions are safe and secure.
WAX, the native coin of the WAXP blockchain, is utilised as a medium of trade on the system. On the blockchain, the token can be used to make purchases of products and services as well as to encourage users and developers to take part in the ecosystem.
The WAXP blockchain is not governed by a single entity or organisation because it is decentralised. This guarantees that platform transactions are open and unchangeable, as they are recorded on a distributed ledger that is accessible to everyone.
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:
- Huobi Global
In conclusion, Wax (WAXP) is a blockchain that was created with the intention of making e-commerce transactions for all parties involved faster, easier, and safer. It is highly scalable and able to handle a huge amount of transactions without any lag because to its delegated proof-of-stake consensus method, which enables quicker transaction processing times.
The platform is a dependable and strong blockchain for e-commerce since it is user-friendly, interoperable, safe, and decentralised. Developers may create DApps that work on both WAXP and EOS without encountering any compatibility problems thanks to its EOS interoperability.
In addition to its own coin, WAXP offers a variety of tools and APIs that make performing e-commerce transactions simple and affordable. In general, WAXP is a promising blockchain that could revolutionize the e-commerce industry.
What is WAXP?
WAXP is a purpose-built blockchain that was released in 2017, designed specifically to make e-commerce transactions faster, simpler, and safer for all parties involved.
What is the consensus mechanism used by WAXP?
WAXP uses delegated proof-of-stake (DPoS) as its consensus mechanism. This allows for faster transaction processing times and makes the platform highly scalable.
What is the compatibility of WAXP with EOS?
WAXP is fully compatible with EOS, which means that developers can build DApps that run on both WAXP and EOS without any compatibility issues.
How does WAXP ensure the security of transactions?
The WAXP blockchain is highly secure due to its use of the DPoS consensus mechanism, which makes it more resistant to attacks. Additionally, the platform has several security measures in place, including encryption and authentication protocols, to ensure that transactions are safe and secure.
Can anyone use WAXP?
Yes, anyone can use WAXP. The platform is open to developers and non-developers alike, and its user-friendly design makes it easy to use for people with varying levels of technical expertise.