Friday, December 3

What is blockchain WAX and its cryptocurrency WAXP, which grew 222%?


WAX is a blockchain specially designed to develop virtual goods exchange platforms. In fact, WAX is the most widely used and transacted blockchain ecosystem in the world of NFTs, decentralized applications (dApps) and video games, according to data from DappRadar. The great advantage of WAX is that it allows any developer to create a business for the sale of virtual goods without the need to invest in infrastructure or security. Some of the best known blockchain games, such as Alien Worlds and Framers World, are developed on the WAX ​​blockchain. The price of its token, the WAXP, has grown 70% in the last week and 222% in the last month. As of press time, the WAXP price is $0,92.

What is WAX and WAXP cryptocurrency

As described by WAX in its whitepaper, building a business on a blockchain is still very complicated. Therefore, WAX is self-promoting as a platform that helps to make the transition from traditional company to blockchain company in the simplest way possible. The WAX ​​blockchain platform is designed to create mass market applications, thanks to its microservices layer, which make it easy for developers to manage blockchain accounts and transactions.

NFTs de WAX

Another advantage of WAX is the protocol it uses for its NFTs, known as NFT vIRL. Some NFTs with a large number of dynamic functionalities. Among other things, they include app / video game integrations, marketing tools, and most of all, e-commerce capabilities. What’s more, the great advantage of these NFTs is their ease of linking them to real-world objects so that ownership can be transferred without having to send anything until both parts are ready.

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Two of the most important NFT marketplaces today are built on WAX: AtomicMarket and NeftyBlocks. AtomicMarket has had a turnover of more than $ 140 million in the last month, with the participation of almost 230,000 unique users. For its part, NeftyBlocks, has moved a total of 11 million dollars and has had more than 40,000 users.

WAX video games

As they underline in their whitepaper, one of the main objectives of WAX at its birth was to become the blockchain of reference for the development of blockchain games, something that they are gradually achieving. Currently, WAX has more than 7 million user accounts playing its games and more than 400,000 daily users. Two of the most popular blockchain games – Splinterlands and Alien Worlds are built on the WAX ​​blockchain.

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The WAX ​​platform is especially attractive to game developers due to its wide bandwidth and high scalability, which allows 8,000 transactions per second. Also, when it comes to gas, WAX only charges 2% of the price on each sale.

El token WAXP

Unlike other blockchains, which charge transaction fees, WAX uses a share that relies on users to stake WAXP as a means of reserving computing resources. When WAXP is wagered, the scarcity of the token increases (as it is reserved and stored until a user claims it) and the rewards accumulate over time. The tokens wagered are always owned by the users and can be claimed at any time.

Additionally, users who bet tokens also get the right to vote for block producers and earn voting rewards, paid for with token inflation.

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