WAX Wiki ▷ What can the coin do? Cryptocurrency & more!
Are you interested in crypto and do you like to play computer games? If so, WAX Token combines the two industries and could be the cryptocurrency investment for you. Our guide will tell you what WAX is, how the currency works, and why it can change the computer game industry. Remember that investing in cryptocurrency carries a high level of risk and we encourage you to do your own research.
What is WAX?
While WAX is a pretty cool name, it actually stands for Worldwide Asset Exchange. The team describes their project as a "global decentralized marketplace for virtual systems". To what extent does WAX have to do with the computer games market?
Well, every year over 400 million players around the world spend $ 50 billion on virtual items in games. Many items are of course acquired after many hours in the game. The point is that virtual items in computer games are desirable and have value. As long as a virtual object is in demand, it will always have a financial value. In other words, those in-game items are actually assets that can be traded.
The idea is that digital in-game objects from computer games are listed on the WAX exchange and bought or sold using WAX tokens. These tokens can then be used to purchase other in-game items or for real yours Crypto exchanges to be paid off.
Why should you use WAX?
Millions of gamers spend billions of dollars on video game items. There are times when a player may want to cash out their digital items. There are centralized marketplaces for trading various virtual products. However, there is a general lack of trust and items are often stolen when a player uses these marketplaces. Even when a trade is going well, high cross-border fees are paid to such as PayPal.
The centralized digital marketplaces of today have another problem: They don't bundle items together. This means that a player has to look at different marketplaces to either find the item they want or to compare prices. This is even more inefficient when you consider that a gamer also needs to research whether or not each individual marketplace is trustworthy.
Where could WAX be useful now?
The team sees an opportunity to provide a platform and process to make trading digital items easier and cheaper for players. WAX also opens up other exciting opportunities for virtual item traders. Marketplaces in other industries have created and led companies like Amazon, Airbnb and Uber to rise. All of these platforms evolved to provide a secure and easy platform for millions of small businesses. They've also solved costly problems like fraud prevention, cataloging, supply and demand matching, and reviews.
How does the WAX marketplace create added value?
For players looking to buy and sell items, WAX provides an easily accessible and simple platform. From a buyer's point of view, all they have to do is select the desired item from the WAX marketplace, click the Buy button, choose a payment method and the item will be credited to them. The creation of WAXWallets and payment processing in cryptocurrency is done automatically and carried out in the background. The user is never turned away from the website he is on either. This makes the buying experience as easy as possible.
WAX also enables everyone to open their own virtual marketplace. And that without having to worry about setting up security, a settlement process or the necessary infrastructure. Traditionally, all of these things would have cost significant sums of money to get right and they would have been significant barriers to entry. This means that any small website owner or entrepreneur can run their own virtual market and should offer new opportunities for millions of small businesses.
Imagine you came across a World of Warcraft marketplace and there were five items in it. It wouldn't be very tempting to use would it? WAX solves this problem by bringing all of the items listed on the platform together into a single catalog. This is good news for buyers, sellers, and small businesses.
HOW DOES IT WORK?
Trust is one of the main barriers to trading digital products. Quite simply, there needs to be a process to make sure the buyer gets their item and the seller gets paid. A transfer agent is therefore required to ensure that everything runs smoothly. Fortunately, WAX has developed an intelligent way of doing this with the help of bots and API's. All transactions are also secured with blockchain technology.
For small businesses like computer game blogs, they can incorporate WAX widget on their website to attract buyers and sellers of digital assets. The blog owner would receive a share of the performance fee for every digital product that is listed by his users via his widget. If a purchase was made on a blog, the blog owner would receive a share of the transaction fee. That means businesses and small business owners will be rewarded for the value they bring to the platform.
In essence, this means that participation in the Digital Item Marketplace will be open to everyone. In contrast, it used to be only the few who had the money to create the necessary infrastructure. Even then, the experience wasn't particularly good for the actual players buying and selling the items.
How are WAX tokens used?
The WAX token is the currency of the WAX platform. The token is used in the following ways:
- WAX tokens are the unit of currency used to buy or sell digital items on the marketplace. For example, if a user lists an item, they will see a price in WAX. Likewise, when a person wants to buy an item, their regular currency is automatically converted into WAX tokens in order to complete the purchase.
- WAX tokens are also used for voting. The idea is that every computer game has a community that is responsible for signing completed digital transactions. In return for this service, the community receives a fee. In short, these communities confirm transactions and the platform starts with 64 communities chosen. WAX token holders can vote for anyone added to the community except themselves.
- Anyone who promises tokens for a chosen community will receive a proposal for the community's profits. This is in proportion to the number of WAX tokens made available to the community. This reward mechanism encourages token holders to continuously pledge their tokens and actively participate in community elections.
- Suggestions can be submitted to the community to change the guidelines. Proposals can only be submitted by users who have 10 WAX tokens or more.
- There are two main types of transactions on the WAX platform. 1) Transfer of WAX 2) Creation or interaction with contracts. You have to redeem WAX tokens for every transaction to be processed.
The platform: different types of accounts
There are three types of user accounts on the platform:
- The first is a user account that allows the person to buy or list items.
- The second is a community account. These communities are elected by votes from WAX token holders and are responsible for the platform of a particular game. This means that they monitor all digital transactions for the game they are responsible for and complete the transactions as complete. If one community does a bad job, another community can be chosen by WAX owners.
- The third type of account is known as a "transaction agent". These people are responsible for transferring items in the game and making it run smoothly. The transaction agent communicates with the buyer and seller of the digital item and ensures that the transaction is carried out properly. In return for this service, the transfer agent receives a fee. Communities have the option to choose means of transfer or to remove them due to poor performance.
The platform was developed by OPSkins, which has already established itself as the market leader in the virtual objects marketplace industry. The company obviously knows how to complete a digital transaction, as evidenced by the over 100 million digital purchases it processes each year.
It is evident that the OPSkins team knows how to build a huge company in this area. This perhaps makes them the best people to understand the shortcomings of the centralized exchange that they created. WAX-Crypto is focused on addressing these shortcomings by enabling virtual asset buyers and sellers to trade directly and at a price that centralized marketplaces simply cannot offer.
It is the expertise of the OPSkins team that got so many people excited about the WAX crypto project. The experience, contacts and know-how that they have gained since the company was founded in 2015 will be of inestimable value for the success of the project.
What we really like about this project is that OPSkins didn't have to create the WAX cryptocurrency. After all, they already had a very successful business in the niche. Instead, they chose to use their experience and technical know-how to create a much better version of their existing marketplace.
WAX: What does the future hold?
At the moment the WAX is based on the Ethereum-Blockchain and is an ERC-20 token. In the future, however, the tokens will be linked to the EOSTransfer platform. This may not come as a surprise given that the BitShares consensus algorithm is used by WAX and BitShares was co-founded by Dan Larimer who then founded EOS.
Although the project is heavily focused on creating a marketplace for computer game-related digital items, the platform can actually be used to trade any virtual item. This also includes cryptocurrencies. The exciting thing about WAX is that it actually has advantages over other decentralized exchanges such as 0x and Kyber Network hat:
The further digitization of the assets also opens up additional possibilities for this cryptocurrency project. However, the in-game item market for computer games is already at $ 50 billion as of today. It is perhaps no wonder that WAX cryptocurrency is initially focusing on this market before pursuing other avenues.
The WAX token has the potential to be widespread and tailor its platform to many other niches. Before we get too carried away, I want to Bitcoin News.one Team that the project gets off to a good start and market share is gained in the computer game industry We certainly have high hopes for the project and we are confident that the team will be able to carry it out.
We let the team create their own roadmap. But we look forward to taking a close look at the platform in the fourth quarter of 2018:
The WAX ICO
The WAX ICO took place on November 29, 2017, raised $ 9,6 million and tokens were sold at 32 cents each. A total of 56.750.000 wax coins were sold at the ICO, which is 35% of the total token offering. What happened to the rest of the tokens? Well, they have been assigned to the project team, consultants and market development in the proportions shown in the following visualization:
Should I invest in WAX?
- The project aims at the very lucrative in-game item market. With a total market value of $ 50 billion per year, WAX doesn't have to gain a lot of market share to be a very valuable platform.
- Gamers spend a lot of money and time to get valued computer game items.
- The WAX value proposition should appeal to both gamers and businesses alike.
- OPSkins has an amazing track record in the industry and has recognized through experience all of the shortcomings of the centralized exchange of digital items. This puts them in a unique position to properly identify the problems and find a solution.
- The currency has a real use case and makes sense considering how many different currencies there are and the fees associated with them.
- The platform can be used to trade all digital assets, including cryptocurrencies. WAX initially focuses on swapping items in the game. However, the fact that it can be used to replace a digital item has further growth potential.
- The cryptocurrency is not yet listed on Binance. This could result in a sharp increase in the WAX token price by the time the currency is finally listed on the exchange. You can find detailed Binance instructions here.
- The platform hasn't launched yet and won't have an official product until the fourth quarter of 2018.
- The project has other cryptocurrency competitors like Enjin Coin.
- It remains to be seen whether a decentralized marketplace will be more popular than those already available.
How can I buy WAX?
There is currently no direct way to purchase conventional currency WAX tokens through a single account. Instead, you need to buy Bitcoin or Ethereum first. This goes through a Exchange like Coinbase and transferred to an exchangewho trades WAX. We'll show you everything you need to do to buy WAX- in our simple guide to buying WAX.
In short, the WAX project solves a big problem in a huge market. We are sure that there are millions of players who would love to trade their in-game items for cash or effectively swap items from one game to another. The problem with the centralized exchanges currently available is a lack of trust, a highly fragmented market and a high barrier to entry for anyone wishing to participate in the market. WAX aims to solve all of these problems and it is brought to us by OPSkins who already have a very impressive track record in this area.
Our team can't wait to see what the WAX platform will look like in the future and is looking forward to how many games and users it will have on board. It will certainly be until 2020 and the years to come for the team to focus on increasing market share and possibly even start tailoring the platform to trade other digital assets. We are very curious to see how this project will continue and whether WAX can meet our high expectations.