What is WAX (WAXP)?

WAX (WAXP) is a specialized blockchain introduced in 2017, dedicated to enhancing the speed, simplicity, and security of e-commerce transactions for all parties involved. It employs the delegated proof-of-stake (DPoS) consensus mechanism and is fully compatible with EOS.

WAX has developed custom features and incentive structures to optimize the blockchain specifically for e-commerce, aiming to promote engagement in voting on proposals. To achieve this goal, WAX has created a set of blockchain tools that serve as the foundation for decentralized application (DApp) marketplaces and non-fungible tokens.

The platform offers services like WAX Cloud Wallet, SSO, and OAUTH to support various e-commerce operations, including a native Random Number Generator (RNG) service and a developer portal. WAX's blockchain design boasts a fast 500-millisecond block time and transactions without fees for users. The utilization of voting rewards incentivizes active participation in selecting block producers and proposing improvements.

Who are the founders of Wax?

WAX was established through the collaborative efforts of William Quigley and Jonathan Yantis.

William Quigley pursued education at the University of Southern California and gained professional experience at Disney. Following his departure from Disney in the early 1990s, he obtained an MBA from Harvard and ventured into the field of venture capitalism. Eventually, he assumed the role of managing director at Idealab. Apart from his involvement in founding WAX, he also holds the position of managing director at Magnetic.

Jonathan Yantis serves as the Chief Operating Officer at WAX and concurrently holds the same position at OPSkins.

What makes Wax unique?

WAX introduces a bridge between WAXP and Ethereum (ETH), enabling WAXP token holders to convert their tokens into WAXE, an ERC20 utility token on the Ethereum network.

To engage in WAX's token ecosystem, users must burn their WAXP tokens via the Ethereum bridge to acquire WAXE. Subsequently, staking the obtained WAXE tokens on the Ethereum distribution contract is necessary.

A distinct element is WAXG, an ERC-20 governance token on Ethereum. This token is allocated to WAXE stakes according to a predefined schedule, proportionate to their share in the WAX Economic Activity pool. This arrangement empowers token holders to oversee the allocation and dispersion of economic value across the platform.

The WAX Economic Activity pool is a clever contract that accumulates a portion of WAX fees generated. These funds can be converted into ETH and distributed to WAXE stakes. Moreover, WAXG token holders have the option to burn their tokens to receive a share of the accumulated pool.

Explain the network security of Wax.

The WAX network employs a secure DPoS consensus mechanism that safeguards against significant minority or producer corruption. Token holders participate by voting for WAX guilds in a continuous approval system, granting them the chance to produce blocks. They can also convince other token holders to support their candidacy.

On the WAX blockchain, blocks are generated every 0.5 seconds. At any given time, one WAX guild is authorized to produce a block. Failure to produce a block within the designated timeframe results in a skipped block. Accumulation of skipped blocks leads to gaps of 0.5 seconds or more in the blockchain.

To prevent block skipping, WAX guilds must produce over 50% of scheduled blocks to receive rewards. This discourages them from neglecting their block-producing responsibilities.

WAX has developed a comprehensive suite of blockchain-based tools enabling secure and instant trading of digital or physical items for anyone.

What are the future developments of Wax?

The NFT World Cup 2023 is making a grand return, even bigger and more exciting than before. This time, it's integrating the WAX blockchain, expanding the tournament's reach to WAX projects. With 32 diverse NFT projects competing, the event offers a thrilling competition where Web3 communities battle in a fighting game and engage in social quests. The tournament is free to play, welcoming NFT enthusiasts to fight for supremacy and represent their favorite projects.

 As rounds progress, the prize pool will be distributed based on project performance, rewarding top players with redistributed NFTs. Notable projects like Taco, Aphelium, Novopangea, and Outlaw Troopers (FGL) are already in the mix. The event is set to kick off on August 27, 2023, with a dynamic gameplay style reminiscent of "Street Fighter." Beyond battles, participants can earn additional points through a Social Score System.

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