Over the last few months, WAX has released updates on a variety of projects and accomplishments, such as the WAX Bounty Program, the 17th announcement of a new crypto-collectible that will be available on OPSkins.com and tradeable with WAX Tokens, and updates related to events and partnerships.
While we also continue to put out development updates related to the WAX Blockchain and the overall progress of our project, we wanted to take this opportunity to roundup some of the technical posts that we’ve published in the past. So whether you’ve been with us since the beginning and are looking to reacquaint yourself with the design aspects of WAX, or you’re brand new to the community and don’t know where to begin, we’ve got you covered.
We’ve rounded up five articles below that review some of our most meaningful technical topics:
Summary: While tokenization enables users to exchange real-world items with minimal risk and cost, it is only part of the equation.
Ultimately, the delivery and facilitation of the goods still needs to be reconciled with what happened on the blockchain. WAX bridges the gap between the two through: a DPoS model and off-chain governance, leveraging elected Guilds (who act as an oversight committee on behalf of stakeholders), and Transfer Agents (responsible as the courier of virtual assets moving between the buyer and seller) to create a network of trust for both buyers and sellers.
Using a rating system not unlike Amazon and Uber, WAX fosters an environment where economies can rise up and thrive, creating opportunities for new revenue for all participants.
Summary: With more than 1,500 cryptocurrencies in existence — and more being created every day — it’s easy for the average consumer to feel “token fatigue.” So what makes WAX superior to the other cryptos on the market? This article explains the five main reasons:
- WAX’s creators are the same team responsible for the OPSkins Marketplace, the #1 digital marketplace in the world, and other video gaming and crypto related global companies
- Sites have an incentive to adopt WAX as their marketplace platform because the global system will generate income via fees for listing and selling site
- WAX provides advantages to virtual item traders by providing a token that can be used to purchase items for different games, made by different publishers, across different platforms — in addition to nearly any other tradeable digital or tokenized item.
- By design, items sold for WAX Tokens will be nearly immune to price volatility through the use of WAX pegged asset contracts.
- WAX’s use of guilds, transfer agents and contracts means that there will only be a limited number of WAX tokens in use.
Summary: With the eSports industry on the rise, many companies are building games and products on the blockchain to leverage tokenization, as well as decentralization to solve problems plaguing the present-day video game scene. The blockchain revolutionizes the gaming space by creating the ability to tokenize in-game assets (currently a $50 billion industry), and empowering them to be traded outside of the game and creating external value.
Through the use of smart contracts, tokenization reduces toxicity within the community and combats today’s issues with digital item fraud. Because of these transformative qualifies, gamers will no doubt become the future ambassadors the blockchain tech, driving adoption across countless other industries.
Article: Understanding a New Token
Summary: WAX was built with a very specific audience in mind: video gamers and digital item traders. Therefore, what mattered to these consumers was of utmost importance when building out the technical aspects of this utility token. On the table: security and liquidity, and above all — convenience. When considering the security of the blockchain, the ability to verify whether an exchange of goods for tokens went through properly is paramount. WAX uses Delegated-Proof-of-Stake, governed by Guilds, as a methodology to verify the blockchain to provide security of the users of that game. This DPoS system allows the WAX Blockchain to have very fast blocks and allows trading to occur with very low friction. This creates the technical foundation for a decentralized marketplace with a token available everywhere, meaning in-game items that more liquid. The bottom line? A convenient user experience that is nearly frictionless and cheap, which benefits our intended users: gamers across the world.
Summary: WAX solves two of the biggest problems plaguing the virtual asset market today: fragmentation and fraud. How does it do it? With a simple blockchain-enabled widget that lets all users instantaneously buy and sell virtual goods without ever clicking off their game.
Feeling smarter? Excited for what the future may hold? Give us a clap and let us know what you think in the comments below!