WAX currently presents itself as a web3 ecosystem for gaming and nfts. But when looking underneath the hood, WAX and its blockchain is much more then this;The WAX Platform addresses the opportunity in the expanding global digital goods market by providing a structured ecosystem for businesses and entrepreneurs. The platform comprises the WAX Blockchain, decentralized marketplace, virtual item trading, and wallets, forming a token-based economy self-sustained by its participants. The WAX Protocol Blockchain with its microservices layer facilitates the creation, buying, selling, and trading of virtual items securely. The platform operates using a Delegated Proof of Stake (DPoS) consensus algorithm managed by WAX Guilds (block producers), emphasizing a performance-optimized, decentralized consensus to maintain a high throughput and secure network. The unique W.A.S.P. Strategy is designed to harness the potential of decentralized applications (dApps), allowing rapid build and access to existing WAX customers, ensuring growth and scaling without substantial infrastructure investment.
The WAX platform's staking and voting system is central to its governance and operational model, promoting active community participation and enhanced governance. Token holders can stake WAX Tokens, vote for guild candidates or proposals, and earn WAX Staking Rewards, with the rewards amount based on their stake weight and vote strength. This system also benefits dApp developers by reserving necessary system resources and enabling no-fee transactions. WAX Guilds and standby guilds, chosen through continuous approval voting, are crucial for block production, with the performance-based rewards system encouraging quality guild selection and active voting to avoid voter apathy, a common concern in DPoS blockchains. Furthermore, the Genesis Block Member (GBM) program, designed to reward long-term community members, alongside the inflation and deflation mechanisms, ensure a balanced, incentive-driven ecosystem. On a technical level, the platform provides smart contracts and a Random Number Generator (RNG) Smart Contract to facilitate various applications, especially in generating digital collectibles or NFTs, addressing common challenges developers face with integrating random values in blockchain-based applications. Through these features, WAX aims to offer a cost-effective, user-friendly platform for a wide range of monetization strategies in the digital goods market.
Total supply: 3,770,303,327
Max supply: 3,770,303,327
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