WAX is an acronym which stands for Worldwide Assets Exchange. WAX is a platform that enables users to create virtual marketplaces where people can buy or exchange virtual goods. This global platform allows users to have a trustless exchange of items; it operates on smart contracts underlying the transactions where anyone can engage securely with an easy payment process.
WAX provides a global platform for more than 400 million gamers; they can sell and buy their gaming assets through a decentralised marketplace where they can interact with each other. This marketplace displays items and their prices and works as a database; sellers enter into one pool globally where buyers engage them directly to perform a seamless transaction.
The WAX Token
The transactions that occur and the virtual items that are listed on the WAX platform are all priced using the WAX currency called WAX Token. This allows for the tokenization and exchange of the virtual goods on sale for the WAX currency.
The WAX Token operates on a smart contracts basis. It allows users to transact on a trustless platform offering safety and security to their transactions. It is built on the Ethereum Blockchain and operates on the ERC-20 platform.
There will be a maximum total supply of 185 million WAX Tokens; these will be the means of over 100 million annual transactions in the 50 billion dollars virtual asset exchange market. There will be a distribution of these tokens among the development team and advisors; 15% will reward contributors and advisors, 20% will go to the founders and the WAX team, 30% will go to incentives for market development and 35% will be available in the token sale.
How to buy and Store WAX Token
WAX tokens operate on the Ethereum Blockchain which provides an easy way of buying and accessing them. In order to buy WAX Tokens, one needs to buy or to own Bitcoin (BTC) or Ethereum (ETH) currencies.
You can purchase any of these two coins from any exchange platform such as Coinbase or CEX.IO which both accept debit or credit card payments. Once you have purchased the coins, you can exchange them for WAX in any wallet such as Bitrex that offers the best exchange rate.
As WAX currently runs on the Ethereum Blockchain, the best wallet to store the WAX Tokens is MyEtherWallet (MEW) which is the best Ethereum Wallet. However, you can choose to store your tokens in any hardware wallet such as Trezor or Ledger Nano S.
How WAX Works
The first step in the transaction process in the WAX platform is to be a buyer or a seller for any virtual game asset in the marketplace. The WAX platform uses the Delegated Proof-of-Stake (DPoS) function to choose or select the representatives to secure transactions in the network. Therefore, users who pledge votes depending on the number of WAX tokens they possess select these representatives (Guilds). This simply means that the more tokens you own, the more powerful the vote. Thus, this system guarantees users with trustworthy and secure transactions in the network.
The Guilds are users who have made proposals to the network with a particular game that they wish to represent stating their way of performing the duties involved and the number of coins that they will share with the users that vote for them. They have to ensure seamless transactions by selecting and monitoring transfer agents and by sharing the contact details of the buyers and sellers to the transfer agent.
These transfer agents ensure that transfer of goods is successful. Thus, they are the facilitators of goods transfers; therefore, they sign the contracts of the purchased goods and once their delivery to the buyer is complete. These contracts are the “Settlement Execution Contract”; also, the transfer agent receives a fee in the form of coins for completing the process.
The team Behind WAX
OPSkins, the world’s leading digital marketplace, builts and runs the WAX (Worldwide Asset Exchange) platform. It is a gamers marketplace where digital gaming items are sold for fiat currency and the newly introduces WAX Tokens. OPSkins was set up in 2015 by 3 co-founders namely John Brechisci, Jonathan Yantis and William Quigley who is the current Chief Executive Officer.