Note: The original article was written by Kaydee!
Have you ever imagined a world where virtual items have real value and trading them is as easy as buying a cup of coffee? This is exactly the reality presented by the WAX blockchain! Founded in 2019, WAX blockchain is known as the "King of NFTs" and is an important game changer in the field of digital assets. It is a top platform designed specifically for digital asset trading.
WAX has the largest user base and transaction volume in the blockchain space and has developed into a vibrant digital marketplace. The goal of the WAX blockchain is to make NFTs easily accessible to everyone, not just cryptocurrency professionals. With a focus on security and eco-friendliness, as well as an easy-to-use user interface, WAX is a user-friendly digital treasure store built for you.
Now that you have a basic understanding of the WAX blockchain, let’s take a look at the core concepts that drive blockchain technology. Fundamentally, the blockchain is like a giant collaborative record book. Think of it like a Google Doc where everyone can view the contents of the document in real time, but cannot modify the contents. This record book records digital transactions and ownership, ensuring security and transparency.
Decentralization is key. Unlike traditional systems that are managed by a single institution (such as a bank), blockchain is decentralized, with a network of computers (nodes) distributed around the world working together to verify and record transactions. But how do these computers agree on correctness? This is where consensus mechanisms come into play. Consensus mechanisms are blockchain-based voting processes.
Different blockchains use different methods to verify consensus on a transaction on the blockchain and then record it in the ledger. For example, WAX uses the Delegated Proof of Stake (DPoS) method, where users need to select a group of trusted individuals (block producers) to verify transactions. So, the next time you see terms like "decentralization" or "consensus mechanism", remember that they are the cornerstones of ensuring secure and transparent digital ownership!
Welcome back to the world of the WAX blockchain! Now that we’ve covered the principles of blockchain technology, let’s take a closer look at the concepts that power WAX.
As mentioned before, WAX is a one-stop digital asset e-commerce platform. You can think of it as a marketplace designed to focus on efficient transactions of virtual assets. Just remember that the native currency of this marketplace is WAXP. WAXP, like other currencies, has several important functions:
Maintaining operations: WAX accounts require resources such as CPU, NET, and RAM to operate, and WAXP can be used to obtain these resources.
Shape the future: WAXP holders have a say in the direction of WAX and can vote on proposals.
Add some fun: Use WAXP to buy, sell, and trade NFTs across WAX Marketplaces and P2E games.
MyCloudWallet, formerly known as WAX Cloud Wallet, is a safe haven for users in WAX. This user-friendly wallet is designed to interact with the WAX blockchain and store all WAX-related digital items securely and conveniently.
What drives WAX’s continued innovation? DApps (decentralized applications) built on the WAX Blockchain. DApps are applications that offer a variety of possibilities, including NFT marketplaces, P2E games, virtual worlds, and unique collectibles. Alien Worlds is a great example. Do you understand the concept now?
Remember the block producers mentioned earlier? On WAX, they are called "WAX Guilds" - a team of trusted validators. The WAX Guilds ensure the normal operation of the WAX Network, effectively perform collaborative functions, and verify WAX Network transactions.
Now that you have a handle on some of the WAX terminology, let’s delve further into some of the properties that push WAX to the forefront of the digital asset space.
These attributes are centered around NFTs, a disruptive concept. NFTs are unique digital certificates of ownership that change the way we interact with virtual items. Unlike typical cryptocurrencies, each NFT is unique, similar to rare artworks, in-game items, and even virtual concert tickets. WAX advances the development of NFTs by providing a user-friendly platform for creators to mint, trade, and own these digital assets.
Atomic Assets is the leading standard for WAX NFTs. It is like a standard language for NFTs, ensuring easy communication between various applications and markets within the WAX ecosystem. This not only provides convenience for artists, but also allows collectors to explore the WAX universe. Atomic Assets provides creators with features such as framework support to help them give NFTs specific qualities, thereby increasing their uniqueness and value.
Smart contracts are a vital tool for WAX to automate transactions. Smart contracts are self-executing agreements that control the creation, transfer, and ownership of NFTs. For example, a smart contract can be set to automatically issue a limited amount of NFTs after reaching a certain amount of WAXP, making it easier to operate in the WAX ecosystem.
Finally, you’ve no doubt heard that WAX supports interoperability. Interoperability is about breaking down barriers between blockchains, enabling interaction with other blockchain platforms, and opening up exciting possibilities. For example, have you seen WAX NFTs traded on other blockchain marketplaces? This is interoperability, and it’s a testament to WAX’s continued commitment to the digital asset boom. Whether you’re an experienced collector or a curious newbie, WAX provides a powerful, accessible platform for your digital adventures.
The WAX library also provides a range of tools that empower users and developers.
Have you heard of WAX Block Explorer? It’s a powerful search engine that’s your window into the world of WAX. With it, you can query all transactions and blocks on the WAX blockchain. Need to know the status of a recent NFT transaction on WAX, or are just curious about WAX network activity? WAX Block Explorer will give you all the information you need to ensure the WAX ecosystem remains transparent and builds user confidence.
As designers of the digital future, WAX has no problem ignoring developers. The WAX Software Development Kit (SDK) is a magical gem. This complete toolkit includes everything you need to develop unique DApps on the WAX blockchain. From easily connecting to your WAX wallet to efficiently managing NFTs, the WAX SDK simplifies the development process so developers can focus on creating amazing user experiences.
WAX is more than just a platform, it’s a thriving ecosystem that’s constantly driving innovation. Let’s understand the jargon for the mechanisms that make the WAX Blockchain run smoothly.
Unlike some blockchains that charge gas fees, WAX uses a resource allocation scheme similar to the electrical grid that powers various network activities. On the WAX blockchain, three key resources play an important role: CPU, NET, and RAM. Be sure to pay attention! CPU controls the speed of transaction processing, NET manages the flow of data, and RAM is the storage space for WAX accounts. Users can obtain these resources by staking WAXP. Staking means locking up WAXP for a period of time to gain access to resources.
I mentioned DPoS before, and now I will introduce it in detail. WAX uses the Delegated Proof of Stake (DPoS) method. It is similar to the real-life democratic voting system, the only difference is that the votes used to verify transactions are conducted on WAX. WAXP holders elect a trusted team (WAX Guild) to verify transactions. Compared with the traditional blockchain model, this method can achieve faster transaction speeds and higher scalability.
Congratulations! You’ve made your way to the wonderful world of the WAX Blockchain! Remember, the blockchain world is always changing, and to navigate this ever-changing landscape, you need to stay up to date. Try new projects on the WAX Blockchain, join the WAX community, and most importantly, be open to new ideas.
The future of digital assets is full of promise, and WAX is leading the way. Join WAX, keep exploring, and become a part of the digital future.
*Friendly reminder: This article is for popular science purposes only and does not constitute any investment advice!
