What is WAX crypto (WAXP)? - WAX Crypto Guide

in LeoFinance2 months ago (edited)

What is WAX crypto (WAXP)? - WAX Crypto Guide.




A beginner's guide to WAX crypto (WAXP), the blockchain ecosystem specifically focused on NFTs and the P2E gaming space.

WAX stands for Worldwide Asset eXchange and is a blockchain specifically focused on NFTs and the P2E gaming space.

Not only home to hundreds of thousands of users playing NFT-based games, WAX also positions itself as one of the most eco-friendly blockchains on the market.

WAX crypto banner.

In this WAX crypto guide, we take an extremely detailed look at the WAX blockchain and its token (WAXP) from top to bottom.

Let’s dive right in.

Introduction to WAX crypto (WAXP)

WAX was co-founded by William Quigley and Jonathan Yantis in 2017.

Quigley is the current CEO of both WAX and OPSkins, while Yantis serves as the company’s (yes, WAX is essentially a company) COO.

In case you’re not familiar with the gaming space, OPSkins is a leader in the industry and already serves millions of customers who have completed millions of trades and purchases on their platform.

Even if you’re not a gamer, I’m sure you’ve heard of Counter Strike: Global Offense (CS:GO).

Well, they’re the company that pioneered selling skins and in-game items over there.

Yeah, having experienced players like this contributing to the NFT and P2E space via WAX is a pretty big deal.

Exciting!


How does WAX work?

Running EOSIO software at its core, WAX bears the same link to Dan Larimer’s thoughts on blockchain governance as we do here on Hive.

Rather than using the energy-inefficient Proof-of-Work consensus mechanism, the WAX Blockchain uses what is called Delegated Proof-of-Stake.

Or simply shortened to DPoS.

WAX’s DPoS is green compared to Ethereum and Bitcoin.

WAX uses Delegated Proof of Stake (DPoS)

Again, if you understand Hive’s governance system of witnesses, you will quickly grasp WAX’s use of 21 energy-efficient guilds being delegated the responsibility of keeping the chain functional and secure.

To use the WAX blockchain, you’ll essentially end up staking WAX for CPU, NET and RAM resources.

We go into a little more detail around resources in the following section of this guide to WAX, but the basic premise is that these finite resources work similarly to Hive’s Resource Credits.

Dictating how many transactions each account and the blockchain itself can handle at any one time.

Using this consensus mechanism, the WAX blockchain can support 500-millisecond block times and zero-fee transactions for anyone choosing to use the network.

Not to mention that by voting on consensus and helping secure the chain, users are also able to earn WAX staking rewards.

This use of rewards is not only great for users, but serves a very specific purpose.

By monetising voting, it incentivises those using the chain to participate in governance and keep the block producers with the best intentions in power.

Again, this process of staking WAX for rewards is something we go into a little more detail in a following standalone section of this guide.

But that’s the basics of why and how WAX’s DPoS consensus mechanism is employed..

Final thoughts on how WAX works

In summary, WAX is not only trying, but they’re succeeding in making NFTs appeal to the mainstream.

By focusing on cultivating their image as a green blockchain, WAX is able to generate mainstream press.

Something that just feeds back into normies using their extremely well branded NFT marketplaces and network as a result.

To say that they know what they’re doing from a blockchain marketing and brand partnerships point of view, would be the understatement of the century.

WAX are masters of this arena.

On the flip side however, their EOSIO backed system of resources is something that has the potential to hold them back from truly reaching their potential.

Only time will tell!


Is WAXP the same as WAX crypto?

Yes, WAXP is the same as WAX crypto.

When I first started messing around with the WAX blockchain, this question around the token’s naming convention came straight up.

I thought I was buying WAX…

…so why the heck can I only find the WAXP token on my exchange?!

At the time, I actually felt really dumb asking the question - Is WAXP the same as WAX crypto?

But lucky for the rest of you newbie WAX explorers, I’ve asked the dumb question so you don’t have to!

Is WAXP the same as WAX?

The answer is yes, WAXP is the same cryptocurrency as WAX.

Technically, WAX is the native cryptocurrency of the WAX protocol.

But WAXP denotes the ticker name of the WAX token.

Well, do you see it yet?

WAXP - The WAX Protocol Token.

Ah it’s so simple when you see it in front of your eyes like that, right?

So if you need WAX for resources when you’re just getting started, look for the ticker WAXP on your exchange.

Buy some WAXP and send it to your WAX wallet and stake it.

My story behind the question

With the answer now out of the way, let me share a little bit more about how I discovered WAX and why it came up.

I was first introduced to the WAX blockchain thanks to the GM:FRENS NFT project, born right here on Threads.

Worldwide Asset eXchange, or simply WAX for short, has certainly found a niche in making NFTs fun and accessible without all of the technical jargon and fees that are required to get started on other chains.

But the token’s naming convention is certainly not something that is straightforward on the surface.

As someone who is not new to crypto, but certainly new to WAX, if I couldn't immediately tell the difference between WAXP and WAX, then I know I won’t be the only one.

Hopefully this little guide can help a few of you out.

Final thoughts and encouragement

I just want to wrap up by encouraging you to check out the GM:FRENS project that I mentioned being the reason I had to ask whether WAXP was the same as WAX in the first place.

GM:FRENS logo on a long ribbon.

All you need to do in order to start earning GM crypto is to say GM to your FRENS by using the #gmfrens tag on the Threads microblogging platform.

That’s it!

If you’re anything like me, once you get some free crypto for nothing more than saying hello to others in our community, you’ll quickly find yourself lost down the WAX NFT rabbit hole, buying and blending NFTs on WAX until your heart's content.


WAX Resources: CPU, NET and RAM

Did you click on the official WAX Medium blog hoping that you could quickly find the difference between CPU, NET and RAM?

But found yourself overwhelmed by how complex the concept of resource allocation on the WAX blockchain is?

If this is you, then don’t worry because you’re certainly not alone.

I’ve got you covered right here on LeoFinance with this extremely SIMPLE WAX tutorial that first outlines the difference between CPU, NET and RAM.

Most importantly however, this simple WAX tutorial also gives you the answer to exactly how much CPU, NET and RAM you need to start.

THAT is what you really need from a Simple WAX tutorial.

This section of our WAX guide, features one such simple tutorial outlining the difference between CPU, NET and RAM + How much of each resource you need to start using WAX today.

So let’s jump right in.

The difference between CPU, NET and RAM on WAX?

CPU, NET and RAM are different types of resources that every WAX account requires in order to transact on the network.

Think of these as how you will pay transaction fees on WAX - With a catch!

On Ethereum or BSC you always use the blockchain’s native token to pay consumable transaction fees known as gas.

Consumable because once you spend them, they’re gone.

But depending on the type of transaction, fees on the WAX blockchain can be both consumable or renewable.

By allocating your account’s staked WAX for resources accordingly, you aren’t just constantly spending dead money on fees over and over… for all types of transactions at least.

This makes WAX a much cheaper blockchain to use than the aforementioned Ethereum and even the budget EVM option in BSC.

Pretty cool, right?

The next step within this simple WAX tutorial is to go over the specifics of CPU, NET and RAM on WAX in a little more detail.

What is CPU on WAX?

The first WAX resource we need to cover is CPU.

CPU is a renewable resource that works the same way Resource Credits work on Hive.

You need CPU for the most common types of transactions including claiming NFTs, staking NFTs and claiming rewards.

When I say CPU is a renewable resource, what I mean is that when you use it to cover the costs of a transaction, your balance will slowly replenish.

This means that when you’re spending CPU, you’re not actually spending it all.

All you’re really doing is tying up those resources for a couple of days.

Your CPU balance is based on a three day average and will therefore replenish to 100% after that.

As CPU is the processing time of an action, there is a supply/demand element to how it is calculated.

For example, transacting during times of high network traffic will require more CPU than transacting when network traffic is low.

To receive CPU, simply stake WAX for it inside your wallet.

Stake WAX in your wallet for CPU.

How much WAX CPU do you need?

With the tech out of the way, I can answer the question I know you’re here for.

How much you need to start and therefore just how much WAX to stake for CPU.

If you're just looking to buy and sell some NFTs, you can get away with staking as low as 10 WAX for CPU.

But in order to never have to worry about pushing your CPU limits day to day, you could consider staking 100 WAX and being done with it.

If you’re more serious like an NFT creator or developer however, you’re going to need a lot more.

Like 10x or even 20x more, depending on the size of your project.

What is NET on WAX?

The second WAX resource to cover is NET.

Another renewable resource that just like we outlined for CPU, NET is based off of a three day average.

As the throughput capacity of the WAX network, measured in bytes, NET is basically used to reserve your transaction a spot on the network.

During times of high network traffic, those with more NET have their transactions prioritised over those with less.

To receive NET, navigate to the same Network Resources section of your WAX wallet and stake WAX for it.

Stake WAX in your wallet for NET.

How much WAX NET do you need?

That is how much you need to start and therefore just how much WAX to stake for NET.

While the amount of NET you need is based on network activity, I’ve never personally experienced extended times of extremely high demand.

I have just 10 WAX staked and never see the amount of NET used creep anywhere close to 100%.

Stake just 20 WAX for NET and once again you’ll likely never have to worry about this resource again.

What is RAM on WAX?

The third and final WAX resource we need to cover is RAM.

RAM allows the data storage of dApps in the blockchain and must be allocated in advance.

Therefore, RAM is bought/sold, rather than allocated for simply staking WAX like we saw with CPU and NET.

It is a consumable resource, meaning that when you spend RAM on transaction fees, it is permanently gone.

RAM is usually required for transactions such as listing NFTs for sale on websites like Nefty Blocks.

How much RAM a transaction uses will depend on its complexity, but large amounts will only be needed by NFT creators and devs.

Ultimately, you don’t need to worry if you buy too much RAM because it’s not wasted.

You’re always able to sell RAM back to the blockchain’s native RAM market at any point in time.

To buy RAM, go to the same Network Resources section of your WAX wallet and buy it.

Buy RAM in your WAX wallet.

How much WAX RAM do you need?

Finally, an answer to how much you need to start and therefore just how much RAM you should buy.

1 WAX will currently buy about 50K of RAM.

If you’re just playing around on WAX, then 5 or 10 WAX worth will be more than enough to get you started.

As expected, NFT creators and devs will need upward of 100 WAX worth depending on the size of your project.

Remember, you can always buy more or sell it back to the market if you mess up your calculations!

Final thoughts on WAX CPU, NET and RAM

You should now have a basic understanding of how transaction fees work on the WAX blockchain.

This extremely SIMPLE WAX tutorial has answered all the questions around the difference between CPU, NET and RAM that I had, when first getting involved with WAX.

It also discussed how much of each resource you need, plus how much WAX to stake in order to get there.

Any final answers to questions around WAX CPU, NET and RAM that you think I’ve missed, simply drop them in comments.

Update after using WAX a bit more

After having used WAX a little more since writing this tutorial, I'd like to revise my recommendation a little.

For absolute beginners, I'd recommend starting with:
CPU: 5
NET: 1
RAM: 5

But if you plan on trading NFTs on AtomicHub, trading WAX-based tokens on Alcor and playing games like Alien Worlds, I'd recommend bumping up your CPU a lot more:
CPU: 100
NET: 1
RAM: 5

Right now, you can see I have 50 WAX staked for CPU and after an hour of clicking in Alien Worlds, I have hit 100%:

Screenshot of my wallet's WAX CPU, NET and RAM resources, taken from Bloks.io

Stake 100 WAX and you won't have to worry about it.


WAX staking rewards: How to vote, earn and claim

Having already staked WAX for CPU, NET and RAM, did you know that you can actually earn rewards for doing so?

You have to stake WAX for resources in order to use the network.

So with that being the case, your ability to earn WAX staking rewards for doing something you have to do anyway, is just a nice little cherry on top.

To earn WAX staking rewards, simply vote for a proxy by logging into your wallet on bloks.io and clicking the vote tab.

In this section of our simple WAX guide, let me show you how easy earning WAX staking rewards really is.

Let’s get straight into voting, earning and then claiming your WAX staking rewards!

How to first vote for a proxy on WAX

While you can do this within both the Wombat and WAX Cloud wallets, I’m going to use the super easy interface on wax.bloks.io for this guide.

Step 1:

First go to wax.bloks.io and connect your WAX wallet address by logging in:

Connect your WAX address by logging into wax.bloks.io.

Your WAX wallet will now be connected.

Step 2:

Click the vote tab and then select proxies.

Click the vote tab and then proxies.

If you’re really keen, you can also earn WAX staking rewards by instead choosing 16 guilds from the validators list.

But going the proxy route is super simple and when you’re just starting out, is by far the easiest.

Step 3:

Choose your proxy of choice and click the proxy to button.

After you’ve chosen your proxy, click the proxy to button.

You’ve now successfully chosen your proxy of choice and they’re now tasked with choosing where your vote flows.

How to claim WAX staking rewards

Now that you’ve voted for a proxy, you’ll need to let your WAX staking rewards build up.

When they’ve built up, you’re ready to claim your WAX staking rewards.

Step 1:

Click the wallet tab and then claim GBM + Vote Rewards:

Click the wallet tab and head to the vote rewards section.

Step 2:

Now click the claim vote button at the bottom and confirm the transaction.

Vote and confirm the transaction to claim your WAX staking rewards.

Congratulations, that’s it.

You’ve earned WAX staking rewards and they will be in your wallet!

Your WAX staking rewards will now be in your wallet.

Ta-da!

Final thoughts on earning WAX staking rewards

While you’re not going to earn a huge amount of WAX for doing so (the current APR is somewhere between 2-3%), earning WAX staking rewards is a simple process for something you need to do in order to use the network.

I'd recommend you just view the rewards you can claim once every 24 hours as a nice bonus for using and helping to secure the WAX network.

If you have any questions or comments, please jump into the comments section and we can flesh them out together.


WAX vs EOS - Battle of the EOSIO blockchains

When it comes to making a head to head comparison with another blockchain, WAX vs EOS is the obvious choice.

Whether it's fair or not, the fact that WAX uses the EOSIO software at its core, means that the two will be forever linked and compared.

This is just reality.

With that in mind, this section of our WAX crypto guide actually takes a different approach.

Showing that WAX and EOS are in fact on the same team and no longer should be pitted against each other in this way.

Let’s dive right into the section.

EOSIO banner for comparing WAX vs EOS.

WAX and EOS are actually now working together

While I’ve teased pitting the two EOSIO blockchains against one another in this section of our guide to WAX, they're really no longer rivals.

As key members of ​​Antelope, a community-run blockchain protocol, EOS and WAX (alongside the other minor EOSIO players) are actually working together.

The EOSIO blockchains that have come together to form Antelope.

Sorry...

If you’re truly looking for a battle, then this isn’t the place for you.

But if you're instead looking from a crypto industry advancement point of view, anything where a community takes control of a project from their bazillionaire VC overlords (bye Bock.One), should be celebrated as a good thing.

And this is exactly what we're saying play out here.

What is the Antelope Protocol?

Earlier this year, WAX and EOS (along with a string of other blockchains running EOSIO at their core) came together to take control of the EOSIO protocol code’s development that underpins both blockchains.

EOSIO was essentially forked and Antelope, a blockchain protocol run by members of the coalition, was developed as a part of their alliance in its place.

The group as a whole is coming together to place emphasis on areas where their chains overlap, offering incentives that will accelerate the core protocol's development and thus benefit all.

It's important to understand that while there may be some similarities between WAX and EOS, they ultimately serve different purposes.

Each member of the EOSIO blockchain family, has their own focus areas and as such, aren’t really set to compete in the purest sense.

By joining forces under the Antelope banner, the future is bright for all!

Final thoughts on WAX vs EOS

So as you can see from this section of our guide to WAX crypto, there is no longer a battle of the EOSIO blockchain’s being waged.

Thanks to their coming together to form Antelope, they’ve both instead chosen to pool their resources and take control over their real enemy…

That being, the might of Block.One!

To this end, if you’re simply a user trying to decide between WAX and EOS, the best approach is to research the specific games and use-cases you’re interested in individually.

Then choose to focus on whichever network they’re based on.

The cool thing is that their shared compatibility actually makes it super easy to use any EOSIO based DEX to swap between WAX and EOS tokens in your wallet.

I’ve always said that the future of the crypto space is blockchain interoperability, not protectionism.

So why not get involved in both?


WAX pros and cons

Are you looking for a list of the biggest pros and cons of WAX crypto (WAXP)?

WAX is a decentralised platform for video game virtual asset trading, namely focused on the P2E and wider NFT space.

The WAX blockchain has the potential to be a revolution in the gaming industry, ultimately making video games more affordable to the general public.

Here is a list of pros and cons of WAX crypto.

WAX pros

The biggest pros of WAX are:

  • That transactions can be done at a lower cost than Ethereum and other EVM chains.
  • You own your game assets, meaning there is no way the game developer can exploit you by continuously upgrading games and not making assets forward compatible.
  • It supports multiple WAX based tokens such as GM.

WAX cons

The biggest cons of WAX are:

  • There may not be enough oversight or protection from fraud.
  • WAX based tokens will have less liquidity than other more popular networks.
  • Steeper learning curve due to the multiple account resources required to interact.

Whether you see the positives or negatives of WAX is up to you and your own personal use-case.


Should I buy WAXP in 2022?

Yes, you should buy WAXP in 2022.

That is all.


How to get a WAX wallet address

Never fear, this tutorial will walk you through getting a WAX wallet address using the WAX Cloud Wallet service.

While it doesn’t feature custom addresses, this is the easiest and best WAX wallet to use if you’re here to play with NFTs on WAX.

Let’s jump straight into the guide.

How to get a WAX wallet address using WAX Cloud Wallet

We’re going to be using the WAX Cloud Wallet service to generate our own WAX wallet address.

Just a heads up before you begin, you’re going to need to buy 5 WAX from your CEX of choice to begin.

Step 1 - Choose your future login

Go to all-access.wax.io/ and choose your preferred login method for the future.

I chose Twitter to make it super simple since I’m always signed in:

WAX Cloud Wallet screenshot showing choosing Twitter.

Authorise the access to your Twitter account:

WAX Cloud Wallet screenshot showing authorising Twitter.

Step 2 - Add your email address

Put in your email address:

WAX Cloud Wallet screenshot showing putting in your email address.

Head to your inbox to activate your account:

Email inbox screenshot to confirm getting a WAX address.

Accept WAX Cloud Wallet’s terms of service:

WAX Cloud Wallet screenshot showing accepting the terms of service.

Step 3 - Pay 5 WAX

Use your CEX of choice to transfer 5 WAXP to the address shown here:

WAX Cloud Wallet screenshot showing the action required to get a WAX wallet address.

Don’t forget that unique memo!

As soon as the transaction of 5 WAXP is confirmed by the network, your WAX wallet address will be created:

WAX Cloud Wallet screenshot showing your WAX wallet interface.

Easy!

You’re done and now have a WAX wallet address displayed at the top right hand corner of that screen.

Copy/paste it and use it as you see fit.

PS. If you’re after a custom WAX wallet address, then I’d recommend using Wombat wallet for WAX instead.

How to get free WAX for staking using Hive

Let’s wrap up this guide to WAX crypto (WAXP) with a section that I know you have all been waiting for…

GETTING FREE WAX!

We now know that in order to use the WAX Blockchain, you need to stake WAX for the network resources CPU, NET and RAM.

Sure, you could head to your favourite exchange and buy a little bit of WAX in order to use the network.

But if you’re just playing around with WAX and don’t want to go to an exchange and buy some, I’ll show you how to get free WAX for staking using Hive.

The process is easy, so let’s dive right into the walkthrough right now.

1. Sign up for a Hive account

If you’re reading this on Hive, then you can skip this step.

But if you’ve come from Google and don’t yet have a Hive account, then you’re going to want to start right here on LeoFinance.

LeoFinance, the Web3 dApp that you’re reading this post on right now actually offers the best way to sign up for a Hive account - For FREE!

Simply click the get started button at the top right hand corner of this screen to create a Hive wallet with nothing more than your Twitter handle.

Signing up for a Hive account.

When you’re ready, simply claim your keys and you’ll be able to cash your crypto earnings from posting/curating into WAX.

2 Earn some free HIVE crypto

That’s right, I said I’d show you how to get FREE WAX for staking and that’s what Hive can offer you.

All that using Hive will cost you is your time.

Simply begin posting and engaging in any of Hive’s Web3 blogging or social media platforms and you can start making money, fast!

Pro tip: The trick of this stake weighted voting platform is to put yourself in front of those with stake as much as possible.

Head to the popular section on the leofinance.io homepage and start commenting.

Genuinely add to the conversation and those with stake WILL reward you.

They’re literally incentivised to do so.

Every 7 days after you post or comment, you will be paid HIVE crypto rewards into your wallet.

Cha ching!

3. Deposit your HIVE rewards into SWAP.HIVE on Hive-Engine

Once you’ve earned some free crypto in the form of HIVE rewards, it’s time to move them to Hive-Engine.

Hive-Engine is a DEX built on Hive’s layer-2 that allows you to swap your free crypto rewards into other tokens like WAX.

So you’ve earned free crypto in the form of HIVE.

Then you’re going to move it into SWAP.HIVE so you can trade it for WAX.

For this particular walkthrough, I’d recommend using the Tribaldex front-end to deposit your HIVE.

Simply click your wallet at the top and then choose HIVE from the drop down.

Your wallet in Tribaldex.

After confirming, that HIVE will now be sitting in your wallet as Hive-Engine exchange compatible SWAP.HIVE.

4. Trade SWAP.HIVE for SWAP.WAX

Still on Tribaldex, you’re now going to click the pools tab at the top of the page.

Choose SWAP.HIVE from the top drop down and SWAP.WAX from the bottom.

Trading HIVE for WAX in Tribaldex.

If you’re using a CPU:NET:RAM resource starting ratio of 10:5:5, then you will only need 3.44 SWAP.HIVE (at current prices).

An amount of HIVE that you can easily earn for free by being social on LeoFinance or any of the other front-ends built on the blockchain.

5. Withdraw SWAP.WAX to your WAX wallet

Finish by clicking the wallet icon to the left of your username at the top and then hitting withdraw.

If you don’t have one, you can get a free WAX wallet address, again using nothing more than your Twitter handle to sign up by following the steps in the section above.

If you do, then simply enter your withdrawal amount and copy/paste your WAX wallet address into the bottom field.

Your free WAX for staking that you earned via Hive.

After the transaction is confirmed on the WAX network, your WAXP will now appear in your WAX wallet.

Done and done.

You have now earned free WAX for staking using Hive

There you go, getting free WAX for staking using Hive wasn’t too hard, was it?

This walkthrough highlights the immense power of the Hive blockchain.

If you have any questions on using Hive or Wax, then jump into the comments below and I’d be happy to try and help you out.




LeoFinance Crypto Guides.

Why not leave a comment below and share your thoughts on our guide to WAX crypto (WAXP)? All comments that add something to the discussion will be upvoted.

This WAX crypto guide is exclusive to leofinance.io.

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WAXcryp is very important, but I don't know how to begin it, and which crypto wallet can support it, but thank you for sharing.

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