WAX (WAX) Token Review (UPDATED 2018): What is It? | VKOOL

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What is WAX?

WAX is a token for gamers who want to buy virtual items on a fully secure blockchain. Users can buy their video game items for a reduced price on a marketplace which highlights ratings and user reliability.  For gamers this means more security and the ability to gain access to a worldwide marketplace.

The tokens can also be exchanged for actual cryptocurrency so it has an inherent value. Payments come instantly and all on a decentralized platform.

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Fundamentals of WAX

WAX is an ERC20 token which can be stored on numerous kinds of wallets. When they had their ICO launch they ended up selling around $45.5 million and they distributed most of the tokens during the sale.

A major chunk of the proceeds went into actually making the software, with the other large portion going into overhead. They make it easy to see how the distribution was divided.

As of right now there is a circulating supply of 49,954,537 WAX and a total supply capped of at 1,850,000,000 WAX. With their use as an ERC20 token it further helps develops and users enjoy the stability of the Ethereum based system.

How WAX Functions

Gamers can now take advantage of items which are sold at a competitive price without having to worry about limited supply or local market availability. With this global scope it allows gamers to buy useful items of any kind. A demand for useful gaming solutions is only going to increase.

Investing in this unique built-in market makes it easier to start seamless transactions that aren’t held on niche specific forums. For example, in the past it may have been common to access particular items only on a basis of trust, without knowing for certain if the person selling the item will actually go through with it. There’s also the added time spent on having to find someone to secure a trade with.

This not only reduces the risk of scamming, but users can also get a wider variety of items at a known rate without having to haggle or spend time doing heavy research. The major benefit for both sellers and buyers is that they don’t have to worry about faulty transactions or scams, such as a common PayPal scam where money is transferred then cancelled.

What makes WAX unique is that you can actually exchange the tokens for actual currency. There's no need to only work within a specific marketplace, having no real-world value. Instead people who acquire tokens can make an exchange.

WAX also makes it easy for anyone to open up a marketplace which is stabilized through the positive or negative feedback given by users. This gives people the opportunity to gain income off of offering items, and it’s meant to keep it fair and competitive. People who can secure more positive reviews are more likely to sell more, so it provides an incentive to be a responsible marketplace owner.

A transfer agent is responsible for ensuring that transactions are secure, and they are able to earn money off of fees. This availability of tokens will also be increased in the future, giving people an incentive to participate on the WAX platform.

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Limitations of WAX

The gaming community is large but if you’re not a gamer, you likely won’t be interested in WAX. Fortunately the community is large enough where it there is enough interested users to take advantage of WAX.

The company is also having different meetups to showcase what they can offer, and why WAX may be a very valuable token in the future. With the MVP beta upcoming in the 3rd quarter of 2018, it won’t be long until this opens up new possibilities for traders.

Members

Keeping in line with the theme of gaming, WAX was created by OPSkins. They provide a marketplace for gamers who want to trade their items on a secure platform.

This growing community already has several users who take advantage of their seamless transactions. OPSkins is used by many gamers on Counterstrike and other games.

WAX has also partnered up with different companies such as Bancor, Jaxx, Salt, and Kyber Network. The CEO of WAX is also the CEO of OPSkins, William Quigley is a co-founder of many crypto based businesses such as Tether. He has a background in business and accounting.

The lead designer is John Brechisci who is a programmer and gamer himself. The entire team has a short bio you can read on the official website.

Working Community

You can stay updated on news from the company by taking part of their Reddit community, Twitter or by signing up to their exclusive email list. They have a growing amount of users interested in WAX, with thousands already signed up to their subreddit.

They also will be present in many events dedicated to cryptocurrency and new tech. For example they list future events out of New York, Los Angeles, Palo Alto, and San Francisco.

A free telegram service is provided with a total of 21,463 members enrolled to hear updates. Judging from an examination of their Reddit page, it’s clear they are active enough to have people discussing the future of WAX.

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WAX vs Enjin

Enjin or ENJ is also used for gaming, and it is available on many major marketplaces such as Binance.  Much like WAX it’s made to combat potential fraud, slow transactions and lack of availability.

They even offer a free wallet download with the ability to look at items value, as well as the current value of any items you may currently have.  Enjin was able to secure a total  of $12 million USD in their ICO presale, and they are currently on their first quarter of developments with a lot of different updates currently being worked on. This includes a security report, research and development, non-fungible tokens, and much more.

WAX FAQ

  1. What is the current WAX token price?
    It’s sold at a grand total of $0.197709 USD.
  2. Is there a WAX token Reddit page?
    Their official page is listed here: https://www.reddit.com/r/WAX_io/
  3. What’s a good WAX token exchange?
    You have your pick but some reliable marketplaces include Bittrex and Upbit.
  4. What is the official WAX token Twitter page?
    It is available here: https://twitter.com/wax_io
  5. What is a good WAX token price prediction?
    We can never know what the future may hold for any coin or token, it’s hard to know what may result.
  6. Where can I find WAX token news?
    We recommend looking at their official website or Reddit page for updates.
  7. How to buy WAX token?
    There are a few marketplaces to purchase it from including HitBTC, Kucoin, Huobi, Bittrex, Upbit, Coinbene, and a few others.
  8. What is a common WAX token review?
    Though it’s not a widely popular token, there is an online community which enjoys using WAX.
  9. What is a solid WAX crypto wallet?
    Any wallet that can hold ERC-20 tokens can retain WAX.
  10. Where can I find the WAX ICO price?
    Different websites like coingecko and coinmarketcap have updates and it’s currently set at $0.197708 USD.
  11. What can you tell me about WAX token distribution?
    They have a total supply of 1,850,000,000 WAX and their ICO distribution already occurred, as they are live.

Summary

WAX has given gamers a more secure platform for buying in game items. This removes the need for having to do a lot of research and possibility dealing with shady sellers and buyers, or slow transactions. Reputations are made an important factor, and you know for certain whether or not the person you’re buying from is secure. Much like Amazon for example, there is  a vested stake in making sure that there’s no issues in selling items.

This also makes it easy to access many kinds of items on a global scale, all with a quick transaction period. People who want to oversee these transactions can also gain tokens for their effort. The platform is gaining traction with more and more users talking about and adopting WAX. WAX can also be exchanged for actual currency, so you’re not limited to only using it for other in game purchases. The millions of gamers that may want to buy items like skins without much hassle are only going to grow, and with WAX people have the ability to get what they want whether they be selling, buying, or interested in the tokes potential future growth.

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Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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