You can now trade the WAX token (WAXP) against USD on Okcoin. Here’s what the project is all about, in simple terms. 🤓
- What? You can now deposit, withdraw, and trade WAXP against USD on Okcoin.
- Who? All Okcoin customers including those in the United States, except for residents of the EU, the UK, Singapore, and Brunei.
- When? Deposit, withdrawal, and trading are live as of February 16.
What’s Wax (WAXP) token?
WAXP is the token of WAX, The Worldwide Asset eXchange™, a blockchain focused on e-commerce. WAX uses a delegated proof-of-stake (DPoS) consensus mechanism and touts support for 500-millisecond block time and zero-fee transactions.
The goal of WAX is to enable anyone to operate a virtual marketplace by providing low cost security, infrastructure, and payment processing. It also allows users to trade digital items such as video game skins, in-game items, and other digital collectibles. This is why a bunch of GameFi projects have become big players in the WAX NFT ecosystem.
The WAX blockchain is secured by a voting system based on so-called “guilds”, which choose who produces blocks. If a block is not produced on time, the next WAX guild in line is chosen to produce a block. If a block is produced but then skipped, that block is not counted and, again, the next WAX guild in line gets to produce the next block. This prevents any one WAX guild from controlling the entire blockchain.
The WAXP token is designed to be used for:
- Paying for goods and services in the WAX ecosystem
- Investing in other cryptocurrencies
- Purchasing NFTs
- Voting for block producers
- Earning voting rewards