![]() Only time will tell! Is WAXP the same as WAX crypto? On the flip side however, their EOSIO backed system of resources is something that has the potential to hold them back from truly reaching their potential. To say that they know what they’re doing from a blockchain marketing and brand partnerships point of view, would be the understatement of the century. ![]() ![]() Something that just feeds back into normies using their extremely well branded NFT marketplaces and network as a result. In summary, WAX is not only trying, but they’re succeeding in making NFTs appeal to the mainstream.īy focusing on cultivating their image as a green blockchain, WAX is able to generate mainstream press. This use of rewards is not only great for users, but serves a very specific purpose.īy monetising voting, it incentivises those using the chain to participate in governance and keep the block producers with the best intentions in power.Īgain, this process of staking WAX for rewards is something we go into a little more detail in a following standalone section of this guide.īut that’s the basics of why and how WAX’s DPoS consensus mechanism is employed. Not to mention that by voting on consensus and helping secure the chain, users are also able to earn WAX staking rewards. Using this consensus mechanism, the WAX blockchain can support 500-millisecond block times and zero-fee transactions for anyone choosing to use the network. We go into a little more detail around resources in the following section of this guide to WAX, but the basic premise is that these finite resources work similarly to Hive’s Resource Credits.ĭictating how many transactions each account and the blockchain itself can handle at any one time. To use the WAX blockchain, you’ll essentially end up staking WAX for CPU, NET and RAM resources. Rather than using the energy-inefficient Proof-of-Work consensus mechanism, the WAX Blockchain uses what is called Delegated Proof-of-Stake.Īgain, if you understand Hive’s governance system of witnesses, you will quickly grasp WAX’s use of 21 energy-efficient guilds being delegated the responsibility of keeping the chain functional and secure. ![]() Running EOSIO software at its core, WAX bears the same link to Dan Larimer’s thoughts on blockchain governance as we do here on Hive. Yeah, having experienced players like this contributing to the NFT and P2E space via WAX is a pretty big deal. Well, they’re the company that pioneered selling skins and in-game items over there. In case you’re not familiar with the gaming space, OPSkins is a leader in the industry and already serves millions of customers who have completed millions of trades and purchases on their platform.Įven if you’re not a gamer, I’m sure you’ve heard of Counter Strike: Global Offense (CS:GO). Quigley is the current CEO of both WAX and OPSkins, while Yantis serves as the company’s (yes, WAX is essentially a company) COO. WAX was co-founded by William Quigley and Jonathan Yantis in 2017. In this WAX crypto guide, we take an extremely detailed look at the WAX blockchain and its token (WAXP) from top to bottom. Not only home to hundreds of thousands of users playing NFT-based games, WAX also positions itself as one of the most eco-friendly blockchains on the market. WAX stands for Worldwide Asset eXchange and is a blockchain specifically focused on NFTs and the P2E gaming space. A beginner's guide to WAX crypto (WAXP), the blockchain ecosystem specifically focused on NFTs and the P2E gaming space.
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