WAXP

Overview of WAXP

The Worldwide Asset eXchange (WAXP) is a blockchain-based platform that was established in 2017, designed to help facilitate the trading of virtual goods and services. It was developed by William Quigley and Jonathan Yantis, with the aim of providing a decentralized, secure and efficient way of trading online assets. It uses the WAXP token as its native cryptocurrency. These tokens are tradable on various exchanges such as Binance, Upbit, Huobi and OKEx. They can also be stored in diverse wallets like MetaMask, Trust Wallet, and Ledger.

Pros and Cons

What Makes WAXP Unique？

WAXP Token is distinguished from other cryptocurrencies in that it serves as the underlying utility token for a specific ecosystem focused on the trading of virtual goods and services. WAXP is innovative in its design to support this online digital marketplace on the blockchain platform. This specialized purpose differentiates it from many cryptocurrencies which are aimed at general monetary transactions.

The Worldwide Asset eXchange (WAX) blockchain on which WAXP operates, utilizes Delegated Proof of Stake (DPoS) as its consensus mechanism, enabling resource-efficient transaction validation. However like other DPoS-based tokens, this could also result in centralization concerns.

How Does WAXP Work？

The Worldwide Asset eXchange (WAXP) operates on the principle of blockchain technology, specifically using the Delegated Proof of Stake (DPoS) consensus mechanism for transaction validation. The DPoS system works by having a selection of “delegates”, who are trusted nodes elected by the community. These delegates are responsible for validating transactions and maintaining the blockchain's integrity.

Each WAXP token represents a unit of value within the WAX ecosystem, and these tokens can be used for trading digital goods, particularly in the gaming sector. The working mode is decentralized, meaning transactions do not rely on a central authority and instead are verified through the DPoS system.

To execute a transaction, users send WAXP to another user's digital wallet. The transaction is then validated by the elected delegates, and once the validation is complete, the transaction is added to the WAX blockchain. This process ensures secure and efficient trade of assets, with the added advantage of transparency from the public ledger record on the blockchain.

Exchanges to Buy WAXP

The WAXP token is supported by numerous cryptocurrency exchanges which allow users to buy, sell or exchange the token. Here are 10 exchanges where these transactions can be facilitated, along with the currency and token pairs they offer:

1. Binance: Besides several other trading pairs, Binance offers WAXP/BTC, WAXP/BNB, and WAXP/USDT pairs for exchange.

2. Bittrex: Bittrex supports WAXP/USDT, WAXP/BTC, and WAXP/ETH trading pairs.

3. Upbit: On Upbit, the token is paired with BTC and KRW (Korean Won).

4. OKEx: OKEx offers trading pairs of WAXP with BTC, USDT, and ETH.

5. Huobi Global: This platform supports trading between WAXP and USDT, and WAXP and BTC.

How to Store WAXP？

WAXP tokens can be stored in a variety of wallets, each providing different levels of accessibility, security, and functionality. Below are different types of wallets suitable for storing WAXP tokens:

Web Wallets such as MetaMask: These are browser extensions that allow the user to interact with the blockchain directly from their web browser. MetaMask is quite widely used due to its interface that is user-friendly and its compatibility with Ethereum and ERC-20 tokens like WAXP.

Hardware Wallets such as Ledger: These are physical, electronic devices that securely store cryptocurrencies offline, adding an extra layer of security. They are highly recommended for storing larger amounts of cryptocurrencies. Ledger wallet does support the storage of WAXP tokens, providing users with the ability to make transactions while their tokens remain offline and secure.

Should You Buy WAXP？

WAXP token is primarily suitable for individuals or entities interested in the market of virtual goods and services, such as digital arts, virtual reality, gaming artifacts, and collectibles. Additionally, individuals with a good understanding of blockchain technology and cryptocurrency trading might find WAXP more accessible.

It might also appeal to those who favor decentralized markets, as it allows peer-to-peer transactions without the need for intermediaries. Moreover, individuals who appreciate a wide range of optionality in storage and trading, considering WAXPs compatibility with numerous wallets and exchanges, might be more inclined to buy WAXP.

FAQs

Q: What is the purpose of the WAXP token？

A: The WAXP token is primarily used to facilitate the trading of virtual goods and services on the WAX blockchain platform.

Q: Who are the people behind the development of WAXP？

A: The creators of WAXP are William Quigley and Jonathan Yantis, both experienced in the field of cryptocurrency and virtual goods trading.

Q: In what marketplaces is the WAXP token primarily traded？

A: Major exchanges such as Binance, Upbit, Huobi, and OKEx support the trading of the WAXP token.

Q: What kind of wallets are compatible with WAXP？

A: WAXP tokens can be stored in several wallets, including MetaMask, Trust Wallet, and Ledger.