What is WAX token?
In the WAX review you will learn how this cryptocurrency was created and still functions as a gaming platform, enabling virtual goods’ peer-to-peer trading. This ERC-20 token is allowing users to purchase stuff with only one global token, helping the platform to decentralize exchanges. What is more, that is done without thinking about processing payments, infrastructure or security. This Worldwide Asset Exchange’s fruits are already collected by over 400 million online players.
OPSkins founders have created this outstanding product with a total supply of 1,850,000,000 WAX tokens. Don’t think that this decentralized blockchain solution is only serving the promptly growing gaming industry. It is adaptable enough and with the help of WAX protocol, another usage is definitely a part of the picture.
Advantages
How about creating your own marketplace for digital merchandise? This is planned in the near future development of the WAX cryptocurrency. The team considers easy interaction between current and future marketplaces through their token. Liquidity will be higher and the time between games will be used for value extraction. Additional benefits include:
- Protects against price volatility
- Security against scams
- Huge established market
Disadvantages
For many people, leaving the network adoption in the hands of game developers can lead to an uncertain future. Unfortunately, this fact is a reality:
- There’s no blockchain released yet
- No clear plans for future development
- The product has a limited use in the gaming community
History and Evolution
The largest platform for trading virtual goods has created a blockchain protocol known as WAX (Worldwide Asset exchange). Basically, everybody from individuals to small businesses can operate a vast number of marketplaces. All actions will be possible just with a few simple clicks.
The team of skillful and knowledgeable people behind the WAX coin is comprised of William Quigley CEO, Jonathan Yantis COO, Lukas Sliwka CTO and Malcolm Casselle (Strategic advisor). The CEO is a crypto visionary and founder of the World Asset eXchange as well as an investor in more than 40 crypto companies, including the ETH’s predecessor Mastercoin. WAX’s COO created the virtual goods trading back in 1997, which took place in some of the world’s best online games like World of Warcraft. He was in the board of the first ever ICO – Mastercoin. The technology chief officer systematizes every process towards organizational growth. The Strategic advisor comes from a fruitful past work experience as president and Chief Technology Officer at Тronc Inc. Plus general manager at SeaChange International.
The WAX token project was funded through an ICO campaign in November 2017 worth $ 9,600,000. One token costed 0.32USD.
WAX`s Future
WAX has several ideas on the table for the near future. Such is the IRL (In Real Life) trading, meaning physical items will be tradable on the beta blockchain followed by IRL and public APIs. Entering any website supporting WAX, through a single AllAccess account. The marketplace will become a fascinating combination of blockchain listed items, which sale earnings are split between the token holders and the site running the marketplace.
WAX Blockchain
The WAX token doesn’t have a real-time functioning blockchain yet. At the moment, this token uses the ETH one for existing in the crypto world. The team is positive that the live beta WAX blockchain will thrive very soon as a stable and independent chain. It processes about 7,200 blocks per hour and millions of transactions. What is more, all that is happening without any prime hiccups. One of the great scores occurred for a week were 22 million transactions for VGO alone at an average of 3,323,269 per day. The WAX coin roadmap includes creating their own blockchain at the beginning of 2019. It will be based on a token to token swap while implementing the inner workings of the EOS network. That is so, due to the zero transaction fees in EOS, which make it perfect for gamers worldwide.
How to get WAX at Exchanges
The good news is that since December 2017 WAX tokens are tradable. You can get, however, only obtain it via a swap with another cryptocurrency. Good trading pairs are using BTC and ETH. For better exchange rates, check out the suggestions below. Trading WAX can surprise you with a positive price boost, due to wider adoption.
| Exchange | Buy WAX token with: | Buy with Fiat Money: | |
|---|---|---|---|
| Bitcoin, Ethereum | – | Trade now | |
| Bitcoin, Ethereum | – | Trade now | |
| Bitcoin, Ethereum | – | Trade now |
Wallets for WAX
WAX, as well as many other tokens using the ETH blockchain, are compatible with the MEW (MyEtherWallet). A crucial step to keeping your wealth safe and sound is performing regular backups. It helps you restore the wallet and all assets in it. Here is a step-by-step guide on how to backup and restore the most used WAX compatible wallet – the MEW.
With some wallets, the token balance is invisible. Yes, you can trade them, and both sides are compatible, but here is the procedure on revealing the content of your MEW, in case you are unable to see it.
Alternative Wallets for WAX
There are alternative wallets for WAX coin with a wider range of options, customization and functions. In the table below, you will see the desktop, mobile, web and hardware top representatives.
Web Wallets:
News
WAX has a strong connection with its users. The team keeps them informed about everything going on at the moment with the project, as well as the future plans and milestones on the roadmap. Every bit of information is posted online on their official blog page.