WAX, or worldwide asset exchange, is a decentralized platform that allows anyone to operate a fully functioning virtual asset marketplace. Find out more in our review.
What Is WAX Worldwide Asset eXchange?
WAX is a decentralized platform where users can launch their own full-featured virtual marketplace. Anyone can use WAX to create a marketplace without needing to invest in security, infrastructure, or payment processing.
The platform was made by the founders of OPSkins, a popular online marketplace for digital assets like skins. WAX has also partnered with advisors from across the gaming community, as well as an Ethereum founder, to bring the project to life.
What Problems Does WAX Seek To Solve?
WAX believes the virtual item trading industry is fragmented across hundreds of competing marketplaces. Each marketplace uses different business practices tailored for their region of the world. This creates territorial imbalances in supply and demand.
WAX aims to solve that problem by creating a global virtual item repository. That repository is accessible to anyone. It provides a catalog of all items available for sale in real time. Anyone can access that repository using a reliable, low-cost settlement network. WAX aims to create a frictionless marketplace that leads to efficient price discovery and superior liquidity compared to existing solutions on the market.
Overall, WAX wants to create a marketplace that serves the 400+ million online gamers who already collect, buy, and sell digital items.
How Does WAX Worldwide Asset eXchange Work?
The WAX platform will allow millions of traders to create their own virtual stores on a single decentralized platform. The WAX platform unites everyone and provides instant payments, security, and trustless transactions.
The platform is built on blockchain technology, including the use of WAX tokens. The sales prices of virtual goods are listed in WAX tokens. In addition, the number of WAX tokens a user holds is equivalent to the number of votes a user can distribute to one or more guilds. When WAX tokens are transferred, the vote allocations are diminished by the same amount.
A small amount of WAX token is also used when sending or receiving transactions or messages. This is a fee for using the network – similar to bitcoin fees and Ethereum’s gas.
All accounts on the WAX platform have the ability to transfer WAX tokens between themselves and other users. All settlements on the WAX platform are conducted in WAX tokens, and the platform is designed with micro-payments in mind (WAX tokens are divisible up to 18 decimal places).
Guilds are another key feature on the WAX platform. Guilds are the conforming nodes on the platform. They’re elected through delegated proof of stake (DPOS) from users. Each guild is created with a private signing key and a corresponding address, as well as a single public encryption key and private decryption key that is used in a multi-party encryption schema for listing assets.
Essentially, guilds are the nodes on the network. Guilds earn fees in exchange for forming blocks of transactions, then signing those blocks.
WAX Features And Applications
WAX Connect is a browser-based SDK that provides a set of functions allowing the building of listing widgets. You can also perform wallet transactions on remote wallets, or perform seamless onboarding of new users into the WAX platform. WAX Connect also performs automatic node discovery based on the guild (like the game or game/server) affiliation, and enables the retrieval of listings from guild nodes.
WAX Node is the “full node” run by guilds. It provides a gateway to the overall WAX platform. Each full node holds a complete copy of the WAX blockchain.
The WAX wallet allows non-guild WAX users to hold WAX tokens and participate as a DPOS delegate.
WAX Core will be an SDK that encapsulates the common functions of WAX Node and WAX Wallet. WAX Core will enable forging of delegates. It will also provide blockchain synchronization, and will include the complete developer API. If you want to build applications on top of the WAX platform, then you’ll want to use WAX Core.
The WAX Token Sale
The WAX token sale is scheduled to begin with a pre-sale on October 18 at 9am EDT (1pm UTC). The main sale starts on October 24 at 9am EDT (1pm UTC), although the first week of the pre-sale will be “for video gamers exclusively”. The crowdsale will open to general audiences on November 1 at 9am EDT (1pm UTC).
The WAX tokens are ERC20-compliant tokens on the Ethereum blockchain. Ethereum is the only accepted payment method.
The maximum number of WAX tokens that can ever be created will be 185 million, including 64,750,000 (35%) issued during the token sale. However, the final supply of tokens will vary depending on the number sold during the token sales.
30% of WAX tokens will be issued to encourage new developers to participate in the marketplace. 10% will go to contributors and advisors, while 25% will be retained by the WAX team and founders.
Who’s Behind WAX?
WAX is led by William Quigley (CEO), John Brechisci, Jr. (Lead Designer), Jonathan Yantis (COO), and Malcolm CasSelle (President).
The company also has key members of the gaming community listed as advisors. Those members include Dave Anthony (Creator and Developer for the Call of Duty franchise), Brian Fargo (Founder of Interplay Entertainment an inXile Entertainment), and Ken Kron (World of Warcraft executive and former CEO of Vivendi Universal Games). Anthony Di Iorio (Founder of Ethereum) is also listed as an advisor.
WAX Worldwide Asset eXchange Conclusion
WAX, or worldwide asset exchange, aims to unify the digital goods marketplace into a single decentralized platform. WAX allows participants to build their own blockchain-based marketplace for digital goods. The platform uses WAX tokens to create a frictionless medium of exchange and store of value. This enables better liquidity and price finding – which should be a refreshing difference compared to the fragmented marketplace that exists today.
To learn more about WAX, visit the platform online today at WAXToken.com. The token sale is ongoing throughout October and November.