WAX users, buckle up… there are some changes afoot.
Just in case you haven’t heard, there are now officially more than 5.5 million WAX Cloud Wallet holders and more than 11 million transactions occurring on WAX every day.
We’ve all accomplished these feats without charging a single gas fee.
How can this be?
We get this question all the time, so don’t feel too bad if you’re new to the answer.
Here at WAX, our mission is to make the blockchain affordable, easy, fun and intuitive. So far so good, but like anything of value on this planet, evolution is a must.
Going into August, we’re introducing WAX Cloud Wallet Resource Model 2.0, which works to make the WAX Cloud Wallet much easier to use, helps curb botting and malicious behavior and inspires accountability for developers as they provide value to consumers around the world.
Why will users like this change?
If you’ve been using WAX for a while (or if you’ve recently opened a WAX Cloud Wallet), you probably have already seen the following error message:
It’s letting you know you don’t have enough CPU or NET (resources) to do something like open an NFT pack or play a video game you love.
New users often come to us with lots of questions about this error message. Questions like, “What the heck is CPU”, “How do I add CPU” or “Why can’t I open the pack I’ve just bought?”
The answer?
WAX is a Proof of Stake blockchain, rather than a Proof of Work blockchain (i.e. Bitcoin and Ethereum). As a community we support each other and the brands we love by “staking” WAXP rather than paying gas fees (that add up too fast).
The WAX Staking Model allows for you to ramp up your CPU (compute capacity) to support the transactions you make and the items you collect. Then, when you’re ready to pull your WAXP out of the staking pool, it’s ALL YOURS — and then some. Learn all about it here.
Why WAX Cloud Wallet Resource Model 2.0 is important
WAX Cloud Wallet Resource Model 1.0 required that each user was responsible for boosting CPU before doing much of anything with your WAX Cloud Wallet. It also gave developers free reign to build their dApps and games without having to stake at all (more on this down page).
As we move into WAX Cloud Wallet Resource Model 2.0, users can dive right into the good stuff without staking a dime. No more pesky error messages related to CPU or NET… or confusion that comes with figuring it all out.
WAX will automatically supply each user with enough resources to transact approximately 10 times per day. This happens to be more than enough for a large percentage of users.
When will users have to stake?
The new WAX Cloud Wallet Resource Model recommends that all games and dApps update their code, as they require enough resources to support their utility usage. Some may choose not to do this, so their users will be forced to stake WAX to CPU and some to NET to successfully use their dApps and games.
What happens if you transact more than 10 times per day?
This is when you’ll be required to stake WAXP. You will receive a message that your CPU or NET needs to be boosted. This is more common for avid gamers and serious collectors.
It’s also important to mention that not all video games will require that users boost their CPU. This new model encourages developers to take action and stake for their users (more on this below) to give them more freedom to play freely.
What does WAX Cloud Wallet Resource Model 2.0 mean for developers?
If you’ve got a dApp or video game that connects to WAX, we’re now providing the option for you to either stake CPU for your users (if your contract reaches the daily threshold) or have your users utilize their own CPU and NET for transactions. The benefit of staking for your users, of course, is to provide them unlimited usage without them having to worry about the process and temporary costs of staking. And of course, the WAXP you stake is fully reclaimable, just as it is for WAX users.
The following explains further how the WAX blockchain resource model works:
The WAX blockchain resource model is based on EOSIO system, and it uses three components to account for the necessary resources to execute transactions:
a) State Storage — RAM: Blockchain state storage contains information that is accessible from application logic. It includes information such as order books and account balances.
b) Bandwidth and Log Storage — NET: Bandwidth is measured as average consumption in bytes over the last three days. Net bandwidth is temporarily consumed every time you send an action or transaction.
c) Computation and Computational Backlog — CPU: Bandwidth is measured as average consumption in microseconds over the last three days. CPU bandwidth is temporarily consumed when you send an action or transaction.
The Bandwidth and CPU are allocated in proportion to the number of tokens held in a 3-day staking contract. As time goes by, the consumed CPU and NET free up, and you can use the same staked tokens again and again.
More to come on this subject!
Have questions?
Please see these resources for more information:
https://github.com/worldwide-asset-exchange/boost.wax
https://github.com/worldwide-asset-exchange/waxjs
Also, click here to join us and ask questions on Discord!
