WAX

What is WAX?

The WAX Protocol is a Delegated Proof of Stake (DPoS) blockchain specifically crafted for scalable operations. It is paired with a microservice layer, offering dedicated infrastructure for the development of digital goods marketplaces. The expertise essential for constructing interconnected and advanced marketplace services is drawn from the team's extensive 20+ years of experience in establishing digital goods businesses, notably the highly prosperous OPSkins. This document outlines the WAX Protocol's features and its integration within the broader WAX Platform, which encompasses both the WAX Protocol and the associated microservice layer.

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Recent Video Interview

Main points of the interview:

• WAX's pioneering role as the first blockchain designed specifically for NFTs and virtual items.
• NFTs' utility in sectors beyond digital art, envisioning widespread adoption in ID verification and court records.
• Regulatory challenges posed by GDPR and the right to be forgotten, noting the complexities of data privacy in decentralized systems.
• Optimism for WAX's future amidst growing applications of NFTs.

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What Makes WAX Unique

The WAX Platform addresses the needs of businesses and entrepreneurs aiming to capitalize on the expanding global digital goods market driven by the increasing focus on online entertainment. With the W.A.S.P. Strategy, the platform leverages the WAX Blockchain, a decentralized marketplace, virtual item trading, and generation, as well as decentralized wallets. This comprehensive approach enables dApps to efficiently connect with existing WAX customers and attract new ones.

The WAX Blockchain establishes a token-based economy, sustained by consumer resources, ensuring a self-sustaining ecosystem with participant-driven development and direct benefits from its growth. The WAX microservice layer further facilitates the marketplace's growth and scalability without requiring substantial infrastructure investments.

How Does WAX Work?

The WAX Platform, comprising the WAX Protocol Blockchain and a microservices layer, offers users a comprehensive suite of blockchain-based tools. It provides a secure and convenient environment for creating, buying, selling, and trading virtual items globally.

The WAX Protocol Blockchain employs a Delegated Proof of Stake (DPoS) consensus model, utilizing WAX Guilds (block producers) to manage block production. The WAX Token model is designed to drive ecosystem growth through activities such as staking, rewards, and voting.

WAX Staking Rewards, a voting and rewards system, encourages community participation in guild selection and blockchain improvement proposals. Token holders can stake WAX Tokens, vote for up to 30 WAX Guilds, and earn additional WAX Tokens as rewards. This mechanism also benefits dApp developers by reserving system resources, facilitating RAM allocation, and enabling no-fee transactions.

Staking WAX Tokens empowers holders to vote on the WAX Blockchain, with three voting types: Guild voting, Proxy voting, and Worker Proposal voting. Guild voting involves staking a fixed amount of WAX Tokens to vote for guilds, while Proxy voting allows token holders to designate a proxy to vote on their behalf. Worker Proposal voting, post-mainnet launch, lets token holders stake WAX Tokens to vote for proposed initiatives by other token holders. Regular voting maintenance is necessary to retain the strongest vote strength and maximize rewards.

Games on WAX

The WAX blockchain is most famously used for gaming. Some of the biggest game titles released on WAX are:

• Alien Worlds: operates as a DAO and NFT metaverse, enabling users to utilize NFTs to earn the fungible token, Trilium, which can then be staked in one or more Planetary DAOs.
• The Forge Arena: stands as the pioneering tactical competitive FPS game incorporating blockchain technology through NFTs and Play & Earn mechanics. It aspires to become the world's first Esport on the Blockchain.
• SpinTycoon: offers an immersive gaming experience combining modern city building and intense battles. Players can develop their metropolis, upgrade structures, and strategize against rivals.
• Pixygon: presents a virtual world where players collaborate to create adventures, art, and events. Pixygonµ (Micro) introduces a virtual game console where players unbox and play micro games while customizing their consoles with artwork.
• Splinterlands: a collectible card game where each card possesses a unique feature or attribute, enhancing characters' strength and likelihood of winning.

WAX Team Background

WAX was established through the collaboration of William Quigley and Jonathan Yantis. William Quigley pursued his education at the University of Southern California and later worked at Disney. Departing from Disney in the early 1990s, he obtained an MBA from Harvard and ventured into the field of venture capitalism. Eventually, he rose to the position of managing director at Idealab. In addition to his role in founding WAX, he currently serves as the managing director at Magnetic. Jonathan Yantis holds the position of Chief Operating Officer at both WAX and OPSkins. Both of them also founded Tyranno Studio.

WAX Project Development

In Q1 2024, WAX is determined to make a few updates toward continuous optimization & expansion: The WAX Blockchain is undergoing a major upgrade with a new tokenomics model, featuring optional pay-per-transaction fees and variable inflation. This aims to reduce on-chain inflation, allowing on-chain activities to fund operational costs autonomously. The upgrade incentivizes users to transition to PowerUp, promoting a more efficient and self-sustaining financial model.

To address RAM constraints and support over a billion accounts, a Proof of Concept for RAM improvements is underway, ensuring scalability and removing barriers for developers and users.

The WAX Node Launcher introduces a standardized framework for launching nodes, streamlining onboarding for developers and node operators, fostering rapid adoption, and enhancing network robustness.