Wordwide Asset eXchange (WAX) is a decentralized gaming marketplace platform that allows users to run a fully functioning virtual marketplace without investing into infrastructure, security or settlement.
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The project was developed by the founders of OPSkins, a well-known marketplace for online game assets. It is aimed to serve the over 400 million online players who already buy and sell game items by giving them access to a worldwide market powered by blockchain technology.
The WAX platform is designed to decentralize the virtual goods marketplace by allowing users to purchase digital goods with a global token (WAX). As a result, users can buy/sell with anyone in the world inexpensively since there are no cross-border charges. Moreover, this also eliminates counterparty risk.
The WAX protocol makes use of a DPOS (Delegated Proof-of-Stake) consensus algorithm in order to meet the high throughput demand of gaming markets.
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WAX Account Types
The WAX platform has four types of accounts:
Users may control WAX Tokens as well as digital goods, and cannot have their control of these goods revoked by any other user.
These confirming nodes are elected through DPOS by users. They are the validators of the network.
Guilds are responsible for forming blocks of transactions and must sign these blocks and transact them to other Guilds on the WAX Platform. For these services, they are rewarded with fees earned from the block.
Transfer Agents are responsible for the in-game transfer of digital assets between Users.
Contracts are code stored in the WAX platform that can be executed by Transfer Agents or by external agent accounts. While a contract is pending execution, the WAX tokens designated for the transaction are locked up. The duration of the lock-up is contingent on how long it takes the Transfer Agent to execute the contract.
The WAX token will serve as the medium of exchange in the platform. It can be used to transfer value, settle the transfer of virtual items, create and service contracts, and propose and vote for WAX Guilds. All items of the network will be priced in WAX tokens.
Overall, the WAX ecosystem is designed to make digital item trading seamless and cheap for all market participants. Having four years of experience and success in the virtual goods marketplace (with OPSkins), the WAX team has what it takes to revolutionize the digital items trading industry despite having equally strong competition.
This article is first published on BitPinas: WAX Cryptocurrency Overview | Buy WAX Token Philippines