When you read the title of my post, you might be thinking I am talking about candles. In fact, nothing could be further from the truth.
WAX is a sidechain of the EOS network. After the EOS network was developed, there were some concerns about the governance.
That is the awesome thing about an open source blockchain, anyone can choose to spin up their own chain and apply the governance which they feel more specifically fits their values.
Since the chaos that happened with the STEEM network, many of us have been doing a mass powerdown of our accounts over there. When HIVE first forked, the exchange rate between STEEM and HIVE was extremely favorable.
Without getting into a debate about the intrinsic value of one network over the other, as far as dollar value is concerned, it is no longer as favorable to move your STEEM into HIVE. If/when the two tokens get back to a 1 to 1 level then I may start converting again. Until then, I will continue to move my powered down STEEM into WAX.
There are several things WAX has going for it which makes it stand out from other blockchains.
The Price
Price, of course is always a huge factor and often a barrier to entry from some cryptocurrencies. When I first started investing in WAX, the price was about $.03 USD. With STEEM sitting right around $.20 this meant I was getting a 7 to 1 exchange for my tokens.
Don't let the fact that the prices has risen to the $.05 range scare you away from potentially investing. I have a feeling that WAX is just beginning to reach its full potential.
It is a bit of process, but using Bittrex, you can easily trade STEEM into BTC and then BTC into WAX.
The Wallets
Another thing that makes WAX really attractive is the wallet system that they have in place. They actually have two wallets. The first wallet is a traditional style which you can access using Scatter (just like EOS accounts).
Then, they also have what they call a "cloud wallet". The thing that makes their cloud wallet so special is the fact that you can access it via an existing account using single sign on. For example you can use a Facebook, Google, Steam, Discord, Twitter, Reddit, Github, and several other account credentials to access your cloud wallet.
This is huge in my opinion. One of the many barriers to cryptocurrency for the general public is the difficulty of access. People want to just login and use the dapps or login and access their funds. Dealing with various keys and pass phrases are a big turn off for a lot of people.
WAX has basically taken a sledge hammer to that barrier by integrating this ability into their cloud wallet. Sending funds to either wallet is easy. Your account name stays the same and you add either .waa or .wam to the end to indicate traditional wallet or cloud wallet(respectively).
The NFT's/Partnerships
One of the big uses of the WAX network currently is for NFT trade-able assets. WAX has partnered with TOPPS (remember all your old baseball cards), to release exclusive digital assets. A couple of weeks ago they released the first round of Garbage Pail Kids digital cards.
The card packs sold out in 28 hours from the initial release to the tune of $110,000.00. In my opinion that put to rest any doubt that there would be a demand for digital assets.
Additionally, secondary markets have been created on the WAX chain allowing users to buy/sell/trade cards to try and get a full set of cards.
I was gifted a pack of cards shortly after the launch and last I checked my special "Sketch" Meltin' Melissa card was selling for $85 USD on the secondary market.
TOPPS already has a second round of Garbage Pail Kids packs (unique from the first round) on the radar and in the future I have heard rumors of a Star Wars digital asset.
There is also a American Gothic Card Game called Dark Country that is in the works.
The sky is the limit for the potential of digital assets that can exist and be traded on the WAX chain.
Staking Rewards
In your traditional .waa wallet you can stake your tokens and vote for guilds (think Block Producers or Witnesses). Utilizing all of your votes increases your staking rewards. This is a great way to earn passive income just by holding the tokens and having a say in the network you have invested in.
The Team
WAX has a great team behind them and they have been building an advisory council that will help them establish and maintain a clear vision for the future of the chain. Council members will come from some of the most influential and well known companies in the world. Most recently they added Rich Widmann from Google to the counsel.
If I have piqued your interest in WAX, give them a follow on Twitter, they have a very active account where you can gather a wealth of information.
If you are looking for a referral link in this post, you won't find one for WAX. This was just my way of spreading the word about a blockchain that I really believe has a lot of potential and in no way should be construed as financial advice
Sports Talk Social - @bozz.sports
I like staking rewards, but don’t know much about wax. I’ve stayed clear of eos as my account does not have evening power to transact. It wound even let me add more to get it to transact because I don’t have even power. Seems crazy to me that a steem won’t me stake more to transact because I don’t have enough...
EOS has some issues that they are still working through. WAX is totally separate and is a much better buy in at $.05 than EOS at $3.00
Very informative post. You should be a crypto influencer on their chain. I like the cloud wallet feature because i don't have an eos wallet. They seem to be very serious. So how do i get on board??
If you have some BTC or tokens you can swap into BTC, you can trade for WAX on Bittrex. That exchange has the best volume.
Okay... I could use my discord right?
I like staking coins and even more so if they are supported by the Ledger. Dare I say it here, I have some TRX in mine increasing daily.
Oooh, that is some controversial stuff right there! I am going to have to stop voting on your posts now! You should check out WAX, I think they are heading in a really good direction. They are making moves that could allow them to be one of the first mass adopted cryptos. Plus I know how you like your card games! :)
I do but I have become very distrustful of external wallets etc..,I had some tokens on Cryptopia before it got hacked. Lost everything, hows the wallet on this?
Seems okay to me so far. Two factor authentication and all of that.
I guess WAX is a really good crypto currency for you. I don't know any apart from hive and the likes of Bitcoin.
Hahaha, you got me. I really thought you wanted to talk about candles
Haha, I had a feeling people would think that!
Yes.😂😂
You really got us right.
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