Review on WAX by francis fernandez
Wax: a chain for the virtual exchange of safe gaming items
Wax (Worldwide Asset Exchange) is a digital market for the exchange of virtual goods and services, through the use of blockchain technology; using as a payment mechanism a cryptocurrency that offers private and reliable transactions globally.
Platform operation:
Users of the Wax platform can trade gaming assets through a decentralized market for products and prices structured on a database; in which sellers are hired directly by buyers to execute a safe and simple transaction. This exchange of items occurs through a smart contract subject to transactions with free access for any user and using an elementary payment system.
Token:
The platform uses the WAX digital asset known as Token WAX, to monetize transactions and list the virtual products available on the network. The WAX token is key in the process of exchanging the items offered for sale.
This digital asset is an ERC-20 token of the Ethereum chain and operates based on smart contracts.
WAX token acquisition:
It is required to buy BTC or ETH to be able to access the purchase of WAX tokens. These can be easily traded on Ethereum-compatible exchange chains, also on Kucoin, Upbit, Bittrex, among others.
Technology-Consensus:
The network uses the Delegated Proof of Reception (DPOS) consensus mechanism to choose the gatekeepers for chain operations. These guardians are selected by the users holding the largest number of WAX tokens; those who have greater voting rights.
Through this mechanism, the security of transactions is guaranteed.
Pros
- It is a reliable platform for the exchange of articles and services.
- Allows you to use a digital currency as a form of payment.
- It is a decentralized market accessible to any user.
- Allows transactions protected by blockchain technology
Cons
- The value of the coin is currently low.
