Cryptocurrencies

WAX – Worldwide Asset Exchange (Cryptocurrency)

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WAX (Worldwide Asset Exchange) is a decentralized platform that enables users to operate a fully functioning virtual marketplace with zero investment in security, infrastructure, or payment processing. Its protocol serves as a decentralized blockchain solution that focuses on the seamless transfer of virtual goods.

WAX was developed by the founders of OPSkins, the world’s leading marketplace for online video game assets and is designed to serve the 400+ million online players who already collect, buy, and sell. With the inclusion of WAX’s simple exchange widget, gamers have access to a worldwide market, with trust and transaction verification.

History of WAX – Worldwide Asset Exchange

The WAX platform was developed by the same people who created OPSkins. OPSkins is the world’s biggest marketplace that allows for a streamlined exchange of video game-related goods and assets.

WAX – Worldwide Asset Exchange Vision

WAX was started to solve many of the issues that plague the virtual item trading industry. The virtual item trading industry is fragmented across hundreds of competing marketplaces. Each utilizes different business practices tailored for their region of the world, which creates territorial supply and demand imbalances.

The WAX team believes the ideal solution to this problem is a global virtual item repository, accessible to anyone, that provides a complete catalog of all items available for sale in real-time. Such a repository, when coupled with a reliable, low-cost settlement network, would improve price discovery and market liquidity which would increase market size.

WAX – Worldwide Asset Exchange Technology

WAX’s protocol is primarily focused on serving the rapidly growing gaming industry, but it has been configured in such a way that it can conform to the needs of various other retail market segments. Also, to meet the high throughput demand of the global market, WAX makes use of a DPOS (Delegated-Proof-Of-Stake) consensus algorithm that has been chosen primarily for its use of “guilds” and other smart technological solutions.

WAX – Worldwide Asset Exchange Connect

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

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.

WAX Wallet

The WAX wallet allows non-guild WAX users to hold WAX tokens and participate as DPOS delegates.

WAX Core

WAX Core will be an SDK that encapsulates the common functions of WAX Node and WAX Wallet. WAX Core will enable the 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 Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.