- Discover how the WAX community drives its adoption while contributing to the platform’s growth.
- Platform is making several efforts to improve their community in different segments of blockchain.
WAX is a delegated proof of stake (DPoS) based blockchain that consists of a microservice layer to provide infrastructure that could assist in the easy development of digital assets and goods marketplaces. This platform is a combination of the microservice layer and protocol as well. Blockchain gaming is one of the important segments that took advantage of every potential benefit of the WAX protocol in the development of Web3 gaming. This led to a significant impact on the value of non-fungible tokens (NFTs) while transforming other aspects of Web3.
What is WAX?
WAX (Worldwide Asset Exchange) is a carbon-neutral blockchain platform that’s designed for transactions across e-commerce. This platform is commonly known for the trading of digital assets and its exchange as well. This blockchain is mostly famous in the genre of blockchain gaming and virtual assets (collectibles).
Because of its transforming features and continuous innovative ideas, it became one of the most preferred decentralized platforms that provided every tool a creator or brand needed for a successful NFT project. This also became the most transacted blockchain with increased user engagement. It consistently revolutionized major elements of Decentralized finance (DeFi) such as NFTs, GameFi and DApps as well.
Its unique consensus (DPoS), which, in conjunction with EOSIO, provides fast speed and greater scalability to this blockchain network. This platform currently supports and hosts 30k+ decentralized applications (dApps) and various marketplaces for NFT and Gaming. Its wider adoption is a result of OPskins, its parent company, which used to be a leading global platform for trading digital assets.
Unique Cases of WAX Blockchain
The WAX developer hive provides all the features needed to launch a successful blockchain project. Here, some of the key features of this blockchain protocol are mentioned:
This platform is a certified carbon-neutral blockchain that works more efficiently while being a thousand times more eco-friendly than Bitcoin. As per research, this protocol uses 473 MWh while emitting 211 tons of carbon dioxide. This amount is comparatively lower than on other blockchains. Traditional blockchains use proof-of-work (PoW) consensus, which consumes a lot of energy and emits a lot of carbon. But fortunately, WAX produces a very low amount of carbon compared to bitcoin and ethereum. Meanwhile, it supports some eco-friendly projects across the globe. Its NFT played an important role in reducing almost 4 million tons of emissions.
- Consensus Mechanism
This blockchain’s unique approach with the delegated proof-of-stake (DPoS) consensus algorithm is a combination of proof-of-work (PoW) and proof-of-stake (PoS). Users can delegate their token to other individuals and give them power over the transaction’s validation. This governance power is distributed in a fixed proportion depending on the number of staked tokens. By using this, users don’t have to compete for computation while energy consumption on this platform is stable.
This blockchain tokenomics is a hybrid model with a combination of WAX and the Ethereum network. By doing this, it strives to harness both platform’s benefits. This can provide WAX users with the benefits of this protocol’s success across the NFT marketplace and Ethereum’s success across decentralized finance (DeFi) at the same time.
This cross-chain design maintains the WAX platform’s core element. For example, the creation and trading of digital assets and other NFT operations work on this blockchain. However, any NFT generated profits or commercial activities are transferred to the expanding network of DeFi services. NFT growth is easy and convenient on this blockchain.
The WAX protocol carries all the features, innovative ideas and unique approach required to develop any blockchain based application or financial service. It has all the potential to disrupt the traditional system and, meanwhile, empower all decentralized services. This platform is mostly renowned for GameFi development as it supports popular Web3 games and encourages the power of NFTs.