Worldwide Asset eXchange

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Discover Worldwide Asset eXchange's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Worldwide Asset eXchange?

Worldwide Asset eXchange (WAXP) is a decentralized platform that enables the creation and operation of virtual marketplaces for digital assets, particularly in the gaming industry. It uses the native $WAXP token to facilitate secure, trustless, and low-cost trades of in-game items and other virtual goods.

How is Worldwide Asset eXchange used?

Worldwide Asset eXchange (WAXP) is the native token of the WAX blockchain, which is primarily used for trading non-fungible tokens (NFTs) throughout the WAX ecosystem. WAXP tokens can be purchased through major crypto exchanges like Binance and Uniswap or via third-party in-wallet apps. Once acquired, users can create an account on the WAX Cloud Wallet, a managed wallet that allows easy access to the token without the need for lengthy security keys. WAXP tokens are then used to facilitate transactions and trades within the WAX platform, which focuses on digital collectibles and virtual items, particularly in the gaming industry.

How do I store Worldwide Asset eXchange?

To store Worldwide Asset eXchange (WAXP) tokens, you need to use a wallet that is compatible with the EOSIO blockchain. Trust Wallet, which is a smart chain wallet, does not support EOSIO chains like WAX, so it cannot be used to store WAXP tokens.

Instead, you can use a non-custodial wallet like Anchor, which is designed for EOSIO blockchain assets. Anchor can be used with a Ledger hardware wallet for added security.

How to buy Worldwide Asset eXchange?

To buy Worldwide Asset eXchange (WAXP) tokens, you can follow these steps:

  1. Create an Account:

    • Binance: Create a free account on the Binance website or app. Verify your identification to use the platform.
    • ChangeNOW: No account creation is required; you can directly exchange WAXP with other cryptocurrencies or fiat currencies.
    • ONUS: Create an ONUS account by navigating to the ONUS app, filling in the required information, and clicking Register.
  2. Choose Your Payment Method:

    • Binance: You can use credit cards (Visa and MasterCard), bank deposits, or third-party payment channels to buy WAXP.
    • ChangeNOW: You can buy WAXP with over 450 cryptocurrencies or 50 fiat currencies. Select the currency you want to use for the exchange.
    • ONUS: You can use credit cards or bank transfers (USD or VND) to buy WAXP.
  3. Select WAXP as the Asset:

  • Binance: Navigate to the "Buy Crypto" section, select WAXP and your preferred currency, and choose the payment method.
  • ChangeNOW: Pick WAXP as the "You Get" currency and select the currency you want to exchange for it.
  • ONUS: Select WAXP as the asset you want to buy.
  1. Enter Wallet Address and Deposit:

    • Binance: Enter your WAX wallet address and deposit the funds.
    • ChangeNOW: Enter your WAX wallet address and send the deposit to a one-time address.
    • ONUS: Enter your WAX wallet address and complete the deposit process.
  2. Receive Your WAXP Tokens:

    • Binance: Your WAXP tokens will be stored in your Binance account or personal crypto wallet.
    • ChangeNOW: You will receive your exchanged WAXP tokens in approximately 5 minutes.
    • ONUS: You will receive your WAXP tokens after completing the deposit process.

Remember to check the current market price and fees before confirming your order.

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History of Worldwide Asset eXchange

The Worldwide Asset eXchange (WAXP) blockchain has a rich history that dates back to 2015. Here is a brief overview:

  • 2015: The concept of WAX began when three entrepreneurs, John Brechisci, Jonathan Yantis, and William Quigley, founded OPSkins, an online marketplace for trading gaming assets.
  • 2017: The founders of OPSkins were joined by Brent Cohen, and they decided to move the concept to the blockchain environment. This marked the beginning of WAX as a blockchain project.
  • 2019: WAX officially launched to the public in July, focusing on providing a unified platform for trading NFTs and other game assets from various play-to-earn (P2E) gaming environments.

Since its launch, WAX has grown significantly, becoming a leading blockchain for NFTs and P2E gaming. It has attracted a large user base and supports over 30,000 decentralized applications (dApps). The blockchain's native cryptocurrency, WAXP, plays a crucial role in facilitating NFT trading and other transactions on the platform.

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How Worldwide Asset eXchange works

Worldwide Asset eXchange (WAXP), also known as WAX, is a blockchain designed specifically for e-commerce transactions, particularly for trading digital assets and non-fungible tokens (NFTs). Here's how it works:

Key Features
  • Carbon-Neutral Design: WAX is a carbon-neutral blockchain, which means it uses significantly less energy compared to traditional blockchains like Bitcoin. This is achieved through its Delegated Proof of Stake (DPoS) consensus mechanism, which is more energy-efficient than Proof of Work (PoW) used by Bitcoin.

  • Decentralized Marketplace: WAX allows anyone to create and operate their own virtual marketplace without needing to invest in security or payment processing protocols. This enables users to run a fully functioning marketplace for digital assets.

  • Native Token: WAXP is the native token of the WAX blockchain, used for trading NFTs and facilitating transactions within the ecosystem. It can be purchased through major crypto exchanges like Binance and Uniswap.

  • WAX Cloud Wallet: The WAX Cloud Wallet is a managed wallet that allows users to easily create and manage their accounts. It is a convenient and secure way to store and manage WAXP tokens.
Consensus Mechanism
  • Delegated Proof of Stake (DPoS): WAX uses a DPoS consensus algorithm, which is compatible with EOSIO, an open-source blockchain platform. This mechanism ensures secure digital platforms and allows for high-speed transactions.

  • Block Production: The WAX blockchain produces a block every thirty seconds, and only one WAX Guild can create blocks at a particular time. This increases efficiency and prevents block skipping.

  • WAX Guilds: WAX Guilds are groups of block producers that are responsible for validating transactions. They are incentivized to produce blocks through rewards, which encourages them to maintain the integrity of the blockchain.

Gaming and NFTs
  • Gaming Platform: WAX is a popular platform for Web3 gaming, with many top-ranking blockchain games. It allows players to truly own their digital assets and trade with other users.

  • NFTs: WAX supports a variety of NFTs, including vIRL NFTs, which provide in-game utility and connect to real-world goods and services. These NFTs offer maximum utility for gamers and collectors alike.

  • vIRL NFTs: vIRL NFTs are patented by WAX and provide everything from in-game utility to connecting with real-world goods and services. They are a key feature of the WAX ecosystem.

Sustainability
  • Carbon Offset NFTs: WAX creates carbon offset NFTs and partners with Climate Care to maintain its commitment to sustainability. This ensures that the blockchain remains eco-friendly and minimizes its environmental impact.
Tokenomics
  • Tokenomics Model: WAX has a tokenomics model that allows members to vote, stake, and receive rewards. This model encourages community participation and ensures the blockchain remains decentralized.

  • WAXG Token: The WAXG token is used for voting and can be burnt to earn more ETH from the piggy bank pool. This token is part of the tokenomics model and helps maintain the blockchain's integrity.

Overall, WAX is a decentralized blockchain designed for e-commerce transactions, particularly for trading digital assets and NFTs. Its carbon-neutral design, high-speed transactions, and robust tokenomics model make it an attractive platform for gamers and NFT enthusiasts.

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Worldwide Asset eXchange's strengths

Worldwide Asset eXchange (WAXP) has several strengths that make it a promising platform for digital asset management:

  1. Security: WAXP offers robust security features, ensuring the integrity of transactions through its blockchain technology. The decentralized nature of the WAX blockchain eliminates the risk of a single point of failure, reducing the likelihood of security breaches or hacking attempts.

  2. Efficiency: WAXP is designed to provide fast and efficient transactions, thanks to the Delegated Proof of Stake (DPoS) consensus algorithm used by the WAX blockchain. This results in significantly faster transaction speeds compared to other popular cryptocurrencies.

  3. Low Fees: WAXP offers lower transaction fees compared to other well-known cryptocurrencies, making it a cost-effective solution for companies looking to manage their digital assets.

  1. Ease of Use: The WAX platform is designed to be user-friendly, even for those without prior experience with blockchain technology. The intuitive user interface makes it easy to navigate and use, reducing the need for significant resources in training staff.

  2. Interoperability: WAXP is designed to be interoperable with other blockchains and cryptocurrencies, allowing companies to manage digital assets from different platforms without needing to convert them to WAXP.

  3. Community Support: The WAX community is active and supportive, providing a wealth of resources for users, including technical support, educational materials, and advice on digital asset management.

  1. Scalability: WAXP has the potential for immense scalability due to its dual-blockchain model between WAX Blockchain and Ethereum, which allows it to handle a large volume of transactions efficiently.

  2. Gaming Focus: WAXP is particularly well-suited for the gaming industry, with features such as fast transaction speeds, low fees, and the ability to handle a large volume of transactions, making it an ideal platform for in-game asset trading.

  3. Established User Base: WAXP has an existing user base from OPSkins, the leading marketplace for online video game assets, which provides a strong foundation for its growth and adoption.

  1. Strong Partnerships: WAXP has partnerships with prominent gaming companies, such as Capcom, and is host to NFTs created by leading gaming companies like Atari, further enhancing its credibility and potential for growth.

Worldwide Asset eXchange's risks

Worldwide Asset eXchange (WAXP) is a blockchain-based platform designed for trading digital assets, particularly in the gaming industry. Despite its potential, WAXP faces several risks:

  1. Illiquidity Risk: The market for WAXP tokens is relatively new and may be subject to liquidity issues, making it difficult to buy or sell tokens quickly and at a stable price.

  2. Risk of User Created Content: Purchasing user-generated NFTs or digital assets through peer-to-peer transactions carries risks such as buying counterfeit or illegitimate items, mislabeled items, or items vulnerable to metadata decay.

  3. Risk of Uninsured Losses: Unlike traditional bank accounts, tokens and funds held on the WAX platform are generally uninsured, leaving users without recourse in case of losses.

  1. Risk of Incomplete Information: Users may not have full access to all relevant information about the platform, tokens, and blockchain offerings, which can lead to poor investment decisions.

  2. Risk of Theft and Hacking: The platform is susceptible to various types of attacks, including denial of service, malware, and consensus-based attacks, which can compromise token transactions and smart contracts.

  3. Taxation Risk: The tax characterization of WAXP tokens and blockchain offerings is unclear and may be subject to change, leading to potential tax liabilities for users.

  1. Risk of Platform Changes: The decentralized nature of the platform means that significant changes can occur, affecting the form and functionality of the platform and related tokens or blockchain offerings.

  2. Lack of Awareness: WAXP remains relatively unknown among wide investor circles, which could reduce potential interest in the token.

  3. Utility Risks: The utility of WAXP tokens is still developing and may not meet expectations, affecting their value and adoption.

These risks highlight the need for caution and thorough understanding before investing in WAXP tokens.

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Did Worldwide Asset eXchange raise funds?

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Worldwide Asset eXchange’s team

  • William Quigley: CEO of WAX Studios and co-founder of OPSkins, which later evolved into WAX. He is also the CEO of Cashel Enterprises and co-founder of Tether and GoCoin.
  • John Brechisci: Co-founder of OPSkins and WAX, involved in the initial concept development in 2015.
  • Jonathan Yantis: Co-founder of OPSkins and WAX, part of the initial team that developed the concept in 2015.
  • Brent Cohen: Joined the founders of OPSkins in 2017 to move the concept to the blockchain environment.
  • Lukas Sliwka: Employee at Worldwide Asset eXchange (WAX).
  • Kenneth Cron: Employee at Worldwide Asset eXchange (WAX).
  • Georgi Himchev: Employee at Worldwide Asset eXchange (WAX).
  • Aaron Caswell: Employee at Worldwide Asset eXchange (WAX).

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