What is WAX
WAX is the world first decentralized market place, or global virtual asset repository, where all digital assets in videos games are cataloged and made available to purchase from a small business, or through sub markets formed by users and their peers.
Online gaming is an industry that has experienced rapid growth in recent years with multiplay games offering a platform for people form all over the world to compete against, or team up with, each other. As a result of the tremendous boom in the number of online gamers, more and more users are looking to buy, swap, or sell in game assets for a variety of applications, and this sub market has grown to be worth a staggering $50B amongst the 400 million gamer who participated in the exchange of virtual assets.
Virtual assets are any in-game item that can be traded for others to use. The most popular example is skins, or finishes, that make objects, appear different in the game. Special powers, in game currency and other items that do affect game play are also available.
The concept behind the platform is similar to Amazon or Ebay; any user can become a seller and create their own marketplace to sell their goods. In this case, the seller may be the developer themselves, or a third party company that specializes in supplying virtual assets. Items listed in the sellers’ online storefront are cataloged and made available to all members, and prices can be set in a number of different ways including bidding, reserve bidding or fixed price.
From the front end the platform feels familiar, just like any other online marketplace. But from the backend, the system is very different, and utilizes blockchain to provide a secure, decentralized platform in which anyone can buy and sell digital assets using the WAX digital currency.
Created by the same team behind the highly successful OPSkins, a company that as overseen over 100 million purchases annual for millions of customers in 95 countries, WAX is strategically positioned be part of a worldwide campaign introducing the blockchain technology to the industry for the benefit of all.
Although relatively new being in operation for just 3 years, OPSkins has already surpassed all competition to become the world’s largest platform the trading of in-game virtual goods.
With a loyal, and growing consumer-base, the OPSkins platform provides an ideal starting point from which to integrate blockchain technology for the purpose of converting the platform into an automated decentralized ecosystem that allows for the creation of unlimited marketplaces.
What problems does WAX help solve?
Whilst figures from 2017 show the virtual assets industry to be a lucrative one, there are still major barriers preventing growth.
One of the main pitfalls in the current system is copyright infringements, as well as extrotinate fees for middlemen services. Furthermore, not only are members subject to high commission fees both on the sellers’ and the buyers’ behalf, there are also many competing markets with widely different business practices, prices, and inventory.
World of Warcraft quickly became a highly popular game in which users would trade goods for money, but the process was a risky one for obvious reasons. This lead to the use of trusted third party transfer agents to help facilitate transactions. This practice is expensive, but currently, essential, WAX could solve this issue.
The lack of security, or extremely high charges, has a direct effect on the growth of the industry, as many potential customers are discouraged from making purchases. And with so many markets to choose from, all of which impose different regional restrictions, and endless number of potential transactions are lost in amongst the complex, fragmented market that currently dominates the landscape.
WAX addresses all those issues by incorporating blockchain into the architecture of the system, and incentivizing members to asset with maintenance to create an effective self-sustaining ecosystem in which improve price value for both the customer and the seller whilst simultaneously increasing market liquidity and in turn, increasing market size.
The decentralized asset exchange offers an attractive alternative to current, centralized market places. Lower fees, higher profits, improved security and copyright protection are all favorable trademarks of the blockchain technology, furthermore, the ability to leverage tools created by the industry’s best means that sellers, and buyers, are not required to develop complex backend systems, or have any technical knowledge, before using the platform.
How does it work?
The technology behind WAX…
The WAX protocol is the decentralized blockchain that facilitates the trade of virtual goods and services. It is built upon a Delegated Proof of Stake algorithm, which enable fast transaction speeds. WAX will offer a global exchange where sellers can list products for sale. This requires no investment and no prior knowledge of the technology.
There are several different types of accounts, each of which plays their part in helping the ecosystem stay clean and function optimally. Three are operated by external members, the fourth is autonomous within the system:
Users: Those using the platform. Most Buyers or sellers wishing to perform transactions on WAX will do so through a proxy site such as OPSkins. Users also vote on the performance of Guilds to better regulate the system.
Guilds: These are the confirming nodes of the network. They are responsible for forming blocks of transactions and assigning transfer agents to a listing. They approve and sign this information into the block before transacting them to other Guilds.
Transfer Agents: These are responsible for delivering the assets. They must communicate between the two parties and collect the product from the seller, then transfer it to the buyer using drop-off URLs. Transfer agents may also be called to arbiter disputes raised by others.
Contracts: This is the code stored in the WAX platform responsible for executing the processes for different transactions.
In order to provide the necessary processes for users to trade in-game digital assets, WAX comprises of several different components.
WAX Connect: This is the browser-bases SDK that provides the functions for listing products and performing transactions.
WAX Node: This is the full node that will be run by Guilds and other ecosystem participants.
WAX wallet: user keep their currency and perform transactions. The DPOS system allows users to participate in the maintenance of the platform in return for rewards, simply by staking their tokens in their wallet.
WAX Core: This is the SDK that provides the functions for the WAX Node and WAX Wallet.
WAX token: the only form of payment accepted in the WAX platform. However sellers will have the ability to exchange fiat money to facilitate transactions.
For users looking to purchase in-game assets WAX could not be simpler. During game play a small icon pops up every time a purchasable item is shown on the screen, or at the request of the player. They can then browse through all available items, and once they have made their selection, if it’s the first time, the user will be taken through a simple singing up process, or onboarding process, that creates an identity, assigns a wallet, and allows the user to fund it immediately.
No prior knowledge about WAX, the WAX platform, WAX tokens, or even the blockchain is required; it’s a simple as making any other online purchase.
Once an item has been purchased, smartcontracts are issued with specific requirements to be fulfilled. To support the high throughput of transactions, a Delegated Proof of Stake algorithm was developed. This allows any user to become a node, or Guild in the network by simple by staking their tokens.
WAX has already held its initial ICO token sale, in which 64,750,000 tokens were sold. The early half of 2018 will be spent developing the system further, before beta testing begins in Q3 2018. Launch is planned for Q4 2018, with growth increasing from acquiring10 sites in Q1 2019 to 100 sites in Q3 2019.
Coin Name : WAX (WAX)
Total Supply : 1,850,000,000 WAX
Circulating Supply : 492,954,537 WAX
Market Cap : $448,847,430 USD
Pre Ico Price : 1 ETH = 300–429 WAX
Ico Price : 2.05 USD
*NOTE: Token distribution update: https://medium.com/wax-io/wax-will-issue-10x-the-tokens-at-distribution-733c71fb5282
Tokens/Money Raised Through ICO : $51,600,000
Social Media Information
Likes :481 Likers 587 Followers
How Many Posts / Updates In The Last 7 Days :4 Recent Updates
Followers :11.4 K Followers
How Many Tweets / Retweets In The Last 7 Days : 4 Recent Retweets/Tweets
Users :2,641 Members
URL : https://t.me/waxtokenannoucements
Users : 22,949 members
User Name :@growthnomad
User Name :@WAXioBot
User Name :@Seashellsafoot
User Name :@KieranG
User Name :@GBReborn_bot
User Name :@wax_brent
User Name :@appgames4you
User Name :@Marthi
User Name :@prg2g
Readers :1,019 Readers
How Many Updates In The Last 7 Days : 1 Recent Update
How Many Updates In The Last 7 Days :No Recent Updates
Name :William Quigley
Title :CEO, WAX
Extra Links :https://twitter.com/quigleyreport https://everipedia.org/wiki/williamq/
Name :John Brechisci, Jr.
Title :Lead Designer, WAX
Extra Links :https://everipedia.org/wiki/john-brechisci-jr/
Name :Jonathan Yantis
Title :COO, WAX
Extra Links :https://everipedia.org/wiki/jonathan-yantis/
Name :Malcolm CasSelle
Title :President, WAX
Extra Links :https://everipedia.org/wiki/Malcolm_CasSelle/ https://twitter.com/MalcolmCasSelle
Name :Aaron Voisine
Bio : Founder and CEO, breadwallet
Name :Ken Cron
Bio : World of Warcraft Exec Former CEO, Vivendi Universal Games
Extra Links :https://everipedia.org/wiki/ken-cron/
Name :Brian Fargo
Bio : Founder, Interplay Entertainment & inXile Entertainment
Extra Links :https://everipedia.org/wiki/Brian_Fargo/
Name :Dave Anthony
Bio : Call of Duty Creator & Developer
Extra Links :https://everipedia.org/wiki/dave-anthony/
Company Address : Cayman Islands
Wax Coin The First Decentralised Market Place For Video Games Assets purchase was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Posted by Crypto Research on February 26, 2018 @ https://hackernoon.com/wax-coin-the-first-decentralised-market-place-for-video-games-assets-purchase-38d9daf9f303?source=rss—-3a8144eabfe3—4