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0 minsPublished on 1/15/2024

What is WAXP? An introduction to the WAX blockchain

Learn more about WAX, the purpose-built blockchain that's transforming e-Commerce through their dApps, NFTs, and unique collectibles.

By Corey Barchat

WAXP

In the dynamic landscape of blockchain technology, there are many new tokens and blockchains that have emerged to compete with the dominance of Ethereum

Wax is one of these, which has garnered attention for its carbon-neutral innovations in the worlds of NFTs and gaming.

In this article, we explore the Wax blockchain and the WAXP token.

What is Wax (WAXP)?

WAX (Worldwide Asset eXchange) is an environmentally-friendly blockchain purpose-built for e-Commerce through decentralized applications (dApps), NFTs, gaming, virtual worlds, and unique collectibles. On the WAX blockchain, creators and brands can easily build, launch, and distribute NFTs to a global user base.

An illustration of WAX’s vast digital economy
The WAX ecosystem makes it easy for creators and collectors to participate in its digital economy (Image source)

By owning WAXP you can start collecting NFTs and participate in the global WAX ecosystem.

Brands and creators building on WAX

Brands that have launched NFTs on WAX include Topps (Major League Baseball), Capcom (Street Fighter), Atari, Funko, Lionsgate and many more. WAX has also released official NFT collections for individual films such as The Princess Bride and Saw, and entertainers including William Shatner, Deadmau5, and Weezer.

Deadmau5’s NFT music collection on WAX
Deadmau5 has an NFT music collection on WAX through RAREZ (Image source)

Whether you’re a Fortune 500 company or a smaller developer, the WAX Blockchain Developer Hive is an all-in-one platform to start building on WAX. Featuring powerful APIs and a smart contract quickstart, WAX's tools make it easy for developers to launch on their NFT marketplaces and reach a massive global audience.

How is WAX different from other blockchains?

WAX uses a Delegated Proof of Stake (DPoS) consensus mechanism in which token holders vote on delegates that act as validators for new blocks.

Token holders may delegate their tokens to someone else, giving them the power to validate transactions on the network. DPoS is a modified version of the traditional Proof of Stake model, making it more democratic by allowing anyone to delegate their coins. Furthermore, voting power is weighted on a proportional scale relative to the number of tokens staked.

With DPoS, a delegate validates a block that is then confirmed by other delegates in the network. The transaction is approved and consensus is reached within seconds, allowing all participants to earn their staking rewards.

A graphic of WAX’s Delegated Proof-of-Stake consensus mechanism compared to traditional Proof-of-Stake and Proof-of-Work
Delegated Proof of Stake (DPoS) is a modified version of traditional Proof-of-Stake (Image source)

DPoS is significantly more energy efficient than Bitcoin’s Proof of Work (PoW), in which miners validate blocks and earn their rewards by solving complex mathematical equations. The required computing power for PoW is quite high and makes it an energy-intensive process. While Bitcoin can consume up to 72 TW per year, WAX uses just 0.00023 TW.

Through initiatives like WAX Labs, token holders are also given the power to vote on which developer proposals will be the next projects to launch on the blockchain.

An environmentally-friendly blockchain for NFTs

As a carbon neutral blockchain, WAX leaves a smaller environmental impact than other blockchains. Besides having an energy efficient consensus mechanism, WAX is also slashing emissions with their digital storage of physical items through their virtual in-real-life (vIRL) NFT marketplace.

vIRL NFTs are virtual in-real-life items that users can buy, sell, trade, or redeem for physical collectibles. Each item can be traded many times digitally but only redeemed once in the physical world. This helps the network to cut down on environmental waste, since items can change hands multiple times virtually before ever involving shipping and logistics.

WAX is a climate-friendly blockchain and NFT ecosystem thanks to its DPoS and vIRL NFTs
WAX's DPoS and vIRL NFTs make it among the most climate-friendly blockchains and NFT ecosystems (Image source)

“WAX was designed from the beginning to be incredibly energy efficient,” said WAX Co-Founder William E. Quigley . “That is why WAX NFTs use a tiny fraction of the energy of Ethereum and Bitcoin. In fact, WAX is 125,000 times more energy-efficient than Ethereum and WAX is already carbon neutral.”

WAX quick facts

  • Created by William E. Quigley and Jonathan Yantis
  • 23M transactions daily
  • 700K daily active users
  • 30K dApps
  • 4.1B total WAXP supply

Where to buy WAXP

You can buy WAX (WAXP) via MoonPay or through any of our partner wallet applications like WAX Cloud Wallet with a credit card, bank transfer, Apple Pay, Google Pay, and many other payment methods.

Just enter the amount of WAXP you wish to purchase and follow the steps to complete your order.

MoonPay also allows you to easily sell crypto when it's time to cash out. We're always adding more coins like Wax (WAXP) to sell, so check back soon.

Due to regulatory reasons, WAXP purchases are unavailable in the United States.

Swap WAXP for more tokens

Want to exchange WAX for other cryptocurrencies like Ethereum and Bitcoin? MoonPay allows you to swap crypto cross-chain with no processing fees (network fees apply), directly from your non-custodial wallet.

Corey Barchat
Written byCorey Barchat

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