Review on WAX by Fabrizio Zampieri
WAX is a Blockchain-based decentralized gaming platform and an ERC20 token…
WAX is a Blockchain-based decentralized gaming platform and an ERC20 token, which allows for peer-to-peer trading of in-game items like skins and other virtual goods.
The key role of this platform is to decentralize exchanges while enabling users to make purchases of goods using a global token. Using WAX, you can create a marketplace for digital assets similar to other cryptocurrencies such as Bitcoin, Ripple, LiteCoin, IOTA, DASH, etc...
Developed by the founders of OPSkins, the decentralized platform is specifically crafted to considerably expand the $50bln market for selling and buying video game virtual items. The platform allows trading for several other kinds of digital assets, thus virtually any asset that is worth tokenizing can gain benefits from WAX.
Built on Ethereum, it uses Ethereum’s smart contract features, and works as an only way for gamers to sell, buy, and trade assets on the exchange. Aside from selling and buying, it also allows them to use the token in the platforms Delegated Proof of Stake consensus algorithm where delegated nodes or “Guilds” confirm transactions for a specific game.
WAX team consists of William Quigley, the CEO, Malcolm CAsSElle, the President, Jonathan Yantis, the COO.
Pros
- Similar to Enjin and Gameflip, WAX is also another gaming platform powered by blockchain. However, project has the support of OPSkins (like virtual item marketplace characteristics with almost zero effort), and this is very important. Moreover, this brings experience and some advanced function to the project. The platform functions by enabling buyers to select an item, make payment in WAX tokens, and accept the item without leaving the website they are on. Thus, interacting with the platform, the buyers can view and purchase seller’s items. WAX application: - WAX Connect: It allows building listing widgets, performing wallet transactions on remove wallets, and carrying out ideal onboarding of new users into the WAX platform; - WAX Node: It works as gateway to the entire WAX platform; - WAX Wallet: It allows its non-guild users to hold WAX tokens and take part like a DPOS delegate; - WAX Core: It enables forging of delegates, synchronizing blockchain, and comprise the complete developer API.
Cons
- It's a young project, we'll see real result in near future. WAX has many competitors.
