WAX (WAXP) - a dedicated blockchain and protocol token, designed to speed up, simplify and secure e-commerce transactions for all participants. The WAX blockchain uses Delegated Proof of Stake (DPoS) as its consensus mechanism and is designed to be fully backwards compatible with EOS. The user features and incentive mechanisms, developed by WAX, have appeared to optimize the use of blockchain in e-commerce and encourage voting on guilds and proposals.
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What is WAX (WAXP)?
The WAX Network operates on a consensus model that relies on multiple WAX guilds to improve blockchain production. WAX uses Delegated Proof of Stake (DPoS), which relies heavily on project guilds to ensure blockchain success.
The ecosystem has shown significant growth due to the inclusion of the WAX token model, designed to ensure success in various aspects such as voting, wagering and rewards. Wax Staking Reward is a feature that encourages community participation as it allows users to vote and access prizes. With company tokens, there are many opportunities for users to explore. For example, if staked WAX tokens have not been staked, the token holder will need platforms such as Scatter and Lynx to automate the process.
Project benefits
WAX has a WAXP-to-Ethereum (ETH) bridge that allows token holders to convert their tokens into WAXE, which is an Ethereum-based ERC20 utility token.
| Tokens | Users, wishing to participate in WAX tokenomics, must burn their WAXP tokens in order to receive WAXE through the Ethereum bridge. They will need to stake WAXE tokens on an Ethereum distribution contract. |
| WАXE | WАXE - a new Ethereum ERC20 utility token. Participants in the WAX tokenomics will need to burn their WAXP tokens in order to receive WAXE tokens through the Ethereum bridge. They will participate in WAXE in the Ethereum Distribution Agreement. |
| Pool of economic activity | This is a smart contract that will accumulate a percentage of the generated WAX fees. They will be converted into ETH for distribution to WAXE members or distributed to WAXG token holders who decide to burn their tokens. |
The WAX blockchain contains 21 guilds that are claiming the reward. Remember that blocks can only be produced after the chain has reached its limit for receiving a reward. Rewards are awarded, based on the number of blocks each WAX guild can produce. Reserve guilds are considered reserve operators that help to create on-demand chains.
Where can I buy and sell a token?
WАXG - an Ethereum-based ERC-20 governance token, being distributed to WAXE stakeholders. The distribution runs on a set schedule and is proportional to the percentage of the WAX economic activity pool. As a result, token holders can regulate the distribution and distribution of economic value on the platform.
The WAX economic activity pool - a smart contract that accumulates a percentage of generated WAX fees and can be converted into ETH for distribution to WAXE stakeholders. It can also be given to WAXG token holders who choose to burn the tokens they already own. WAX (WAXP) has a circulating supply of 1 billion tokens as of February 2021 and a maximum supply of 3 billion WAXP. The best cryptocurrency exchanges for trading WAX shares are currently:
- Biinance;
- Mandala Exchange;
- Huobi Global;
- KuCoin;
- Upbit.
WAX Cryptocurrency has created a complete set of blockchain-based products that enable companies and developers to use the WAX blockchain and benefit from the growing WAX ecosystem.