Launched in 2017, WAX (WAXP) is a specialized blockchain engineered to streamline e-commerce by making transactions quicker, easier, and more secure for all participants. It operates on a delegated proof-of-stake (DPoS) consensus model and maintains full compatibility with EOS.

WAX has developed specific features and incentive structures aimed at maximizing the chain’s usefulness for online commerce, particularly by promoting voting on proposals. To facilitate this, the platform provides a collection of blockchain tools that serve as a foundation for non-fungible tokens and decentralized application (DApp) marketplaces.

The ecosystem includes services like WAX Cloud Wallet, SSO, and OAUTH to support commercial activities; OAUTH functions as both a native RNG service and a portal for developers. The architecture enables zero-fee transactions for users and achieves a block time of 500 milliseconds. Additionally, WAX employs voting rewards to encourage users to take part in choosing block producers and submitting improvement proposals.

William Quigley and Jonathan Yantis are the co-founders of WAX.

Quigley attended the University of Southern California before taking a position at Disney. He departed Disney in the early 1990s to earn an MBA from Harvard, after which he entered venture capital. He eventually served as managing director at Idealab. In addition to co-founding WAX, he holds the role of managing director at Magnetic.

Yantis serves as the chief operating officer for both WAX and OPSkins.

WAX distinguishes itself with a bridge linking WAXP to Ethereum (ETH), enabling holders to swap their tokens for WAXE, an ERC20 utility token on the Ethereum network. To engage in WAX tokenomics, users must burn WAXP to receive WAXE via this bridge and subsequently stake those WAXE tokens in the Ethereum distribution contract.

Stakers of WAXE receive WAXG, an ERC-20 governance token on Ethereum. These distributions follow a fixed schedule and correspond to the staker’s share of the WAX Economic Activity pool, granting holders influence over how economic value is allocated and distributed on the platform.

The WAX Economic Activity pool is a smart contract that collects a portion of generated WAX fees. These funds can be converted into ETH and distributed to WAXE stakers, or they may be awarded to WAXG holders who choose to burn their existing tokens.

As of February 2021, the circulating supply of WAX (WAXP) stands at 1,513,825,734 tokens, while its maximum supply is capped at 3,770,303,327 WAXP.

The WAX network relies on a DPoS consensus mechanism that remains secure even if a large minority of producers become corrupt. Through an ongoing approval voting process, token holders choose WAX guilds. These guilds can earn the right to create blocks by convincing other token holders to support them with their votes.

On the WAX blockchain, a new block is generated every 0.5 seconds, meaning only one WAX guild is permitted to produce a block at any specific moment. If a guild fails to produce a block during its assigned slot, that block is skipped. This results in a gap of 0.5 seconds or longer within the blockchain sequence.

To prevent block skipping, WAX guilds are denied WAX rewards if they produce 50% or less of their scheduled blocks. Additionally, WAX has developed a complete set of blockchain tools enabling users to trade digital and physical assets quickly and safely.

Those looking to purchase WAX (WAXP) can do so on various trading platforms, such as:

• Crypto.com