Launch A Wax Blockchain platform to save EARTH

By Suffescom Solutions

September 20, 2022

Blockchain development is the most sought-after practice carried out these days and ages. It combines NFTs, Defi, web3, NFT marketplace, and metaverse to form an ecosystem. Due to its versatile nature, many business owners are into blockchain development. 

In a blockchain, NFTs are minted for various purposes, accompanied by higher energy consumption. This issue is often neglected while minting Non-Fungible Tokens, and it might play havoc in later days. Thus, green blockchain development is required.

Suffescom Solutions has the way out for this. Our WAX blockchain development services are energy efficient and carbon neutral, posing no threat to the atmosphere. If you are interested in the “Go Green” philosophy, consult our experts to get premium services. 

Some quick facts about WAX:

  • Developed by William E. Quigley and Jonathan Yantis
  • Approximately 15 million transactions are made daily
  • There are almost 6 million user accounts
  • 30 thousand decentralized apps on WAX
  • Over 60 million unique NFTs

All these facts may trigger you towards WAX. If this is the case, let’s begin with some basics of the WAX blockchain…

What is WAX?

WAX stands for “Worldwide Asset eXchange.” As the name suggests, it enables users to trade NFTs all across the globe without any geographical boundaries. It is recognized as a green minting machine purposely built for e-Commerce through dApps (decentralized applications), NFTs, gaming, virtual worlds, and unique collectibles.

WAX serves as the home to numerous blockchain game development platform like Farmer’s world, Prospectors, Alien Worlds, and other P2E games. It also provides dApps and unique marketplaces to its users.

WAX Blockchain Development

On the WAX blockchain, users can buy or sell assets anywhere. This phenomenon has attracted millions of users as they find potential in WAX. With its rising popularity, it is not going to die so soon. Industries also realized this fact; thus, they are now moving ahead with Wax Blockchain.

WAX offers peer-to-peer trading, global community access, asset exchange, and facilitation services. WAX blockchain enables users to participate in gaming, dApp, trading bitcoins, buying and selling cryptocurrency, and various other services. WAX, with its unique tokenomic model, provides incentives to WAX token holders within the community. The future belongs to WAX! Our team is well-versed in WAX blockchain development and can provide you with some of the best WAX tools.

Mechanism Behind WAX

The delegated Proof-of-stake (DPoS) consensus is the mechanism behind the WAX blockchain. DPoS is the extended version of the traditional PoS model where anybody can delegate their coins. Token holders charge tokens to others, giving them the power to confirm the transactions. This system also gives the right of voting to token holders.

A delegate validates a block, other delegates confirm, the transaction gets approved, consensus reaches within seconds, and all participants earn staking rewards. If DPoS is compared with Bitcoin’s PoW (Proof-of-Work), then DPoS comes out to be more energy efficient. The energy consumed by Bitcoin PoW is 72 TW per year, far more than the energy consumed by WAX, i.e., 0.00023 TW.

Now, let’s get into the exclusive features of the WAX blockchain. So, continue reading below:

Exclusive features of Wax blockchain

Are you curious to know about the exclusive characteristics of Wax Blockchain? Find them below:

  • WAX uses Delegated Proof-of-Stake mechanism.
  • DPoS mechanism is more democratic and financially inclusive in nature.
  • DPoS ensure more decentralization.
  • It is highly acknowledged as an energy-efficient exchange and minting platform.
  • It is carbon-neutral in nature.
  • It supports reforestation.
  • It is widely accepted except for countries Hawaii, Rode Island, and the US Virgin Islands.
  • Its major deliverables are WAX Cloud Wallet, WAX NFTs, and WAX Developer.

WAX tokenomics model

Several components are associated with the WAX tokenomics structure. Let’s have a look:

  • WAXP Token

WAXP is a native fourth-generation utility token. WAXP tokens can be converted into WAXE tokens using the Ethereum bridge.

  • WAXE Token

This is an ERC-20 Ethereum-based token. Users need to burn WAXP tokens through the Ethereum bridge to access these tokens. 

  • WAXE-ETH LP token

This token is generated by depositing WAXE tokens and ETH into the WAXE-ETH Liquidity Pool (LP). Users can stake these tokens in the WAX Economic Activity Pool. 

  • WAXG Token

WAXG denotes the governance token, enabling its holders to vote on protocol updates and changes. These tokens are also recognized as an Ethereum-based ERC-20 tokens. 

  • WAX Economic Activity Pool 

The WAX tokenomic model gets completed with the WAX Economic Activity Pool. The smart contract on Ethereum manages two pools: the Distribution Pool (collects WAX fees) and the PiggyBank Pool (accumulates and distributes ETH in exchange for WAXG tokens). 

Visit our website Suffescom Solutions, and have a word with our Wax smart contract developer! He will guide you through all ins and outs of smart contracts and WAX.

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Check out the advantages of the WAX blockchain

Blockchain is always advantageous. We all know this thing! However, WAX blockchain comes with many additional benefits listed below:

  • Top-class blockchain with DPoS consensus.
  • It comes with a highly secured, distinguishable transaction approval system.
  • WAX token holders are the ones who select the delegates for the approval of the transaction.
  • WAX is the best gaming blockchain allowing account creation with Facebook or Google in just a single click.
  • WAX has an optional private key management feature.
  • The funding option is available for dApps.
  • Fiat currency is acceptable.
  • WAX is a highly scalable model with a low to no transaction fee.

Our expert WAX developers have differentiated the benefits of WAX for NFTs and GameFi.

Benefits of WAX for NFTs

  1. No transaction fees

The absence of transaction costs is the most obvious advantage. This advantage may not appear to be a significant difference, but it opens up a new world of possibilities for NFT platforms and games. 

  1. Minimal NFT creation cost 

Another significant advantage is the low cost of producing NFTs. Creating Environmentally Friendly NFT Platform on a blockchain like Ethereum can cost tens of thousands of dollars, whereas the cost of building an NFT is 151kb of RAM on the blockchain, which corresponds to 0.09 WAX, which has a value of $0.03 at the time of writing. This, combined with free transactions, makes creating and trading NFTs that accessible to everyone and allows the development of more exciting concepts that do not rely on the NFT(s) in question having a high price.

  1. Spacious Marketplace

In addition to an NFT-friendly ecosystem, WAX is home to Atomichub, one of the largest and most convenient NFT marketplaces development platform. Atomichub can support the instant trading of NFTs because it has well-defined NFT standards and a fast and scalable network. In addition, they have an easy-to-use NFT creator that allows anyone with a WAX account to create an NFT in minutes at no extra cost. Furthermore, tools like Neftyblocks allow for the free creation of packs, providing creators with all the tools they need to get started.

Benefits of WAX for GameFi

  1. Supports several users

WAX is a feasible location for the next generation of blockchain games in addition to NFTs. The fee-free transaction model, combined with a highly scalable network, has enabled the development of games that can support thousands of users without issue.

  1. Usage of NFTs in game

Games leverage NFTs in many aspects of their gameplay, such as governance, battles, etc. Some developers are taking their game to the next level by deploying it on multiple blockchains, allowing them to deploy the most demanding aspects of their game on the WAX blockchain while leveraging user bases on other blockchains.

  1. Trustworthy marketplace

The marketplace, Atomichub, provides a secure and convenient location for game players to buy, trade, and sell in-game assets. The marketplace also employs a verification system, which protects users from fake NFTs and allows developers to add credibility to their projects.

All these advantages of WAX blockchain make it the best and most highly approachable blockchain platform. 

Contact Suffescom Solutions if you want to develop such an advantageous blockchain!

Top WAX NFT marketplaces

  1. AtomicHUb

AtomicHub is the largest and most professional WAX NFT marketplace. It has rendered over 285 million NFTs, with a 24h trading volume of over 1.3 million WAX. Some of the features of Atomic Hub are Minting tools, Collection rankings, Whitelisting/verification, Creator royalties, Big brand partners, etc.

  1. NeftyBlocks

NeftyBlocks is a viable option for anyone interested in the WAX ecosystem. This is the place to be if you're interested in token rewards and other DeFi features. Its features include various listing options, minting tools, collection pages, trading competition (NeftyQuest), native $NEFTY token, incl. staking, 2% service fee, etc.

  1. NFT Hive

The next on the list is NFT Hive. It is a WAX NFT marketplace with almost everything you'd expect from a marketplace. Some of its features are various listing options, minting tools, bulk tools, collection royalties, collection pages, analytics, a 2% service fee, etc.

If you also want a similar WAX NFT marketplace, connect with our Wax NFT marketplace developer to get thorough knowledge about the project and quick cost analysis based on your requirements.

WAX vs. other blockchains

Apart from creating eco-friendly NFTs, Worldwide Asset Exchange (WAX) is advantageous in many aspects compared to other blockchains. Let’s find the difference between the WAX and other blockchains in the table below:

Worldwide Asset eXchangeOther Blockchains
Low transaction feesHigh transaction fees
Environment-friendlyNot environment-friendly
Rich ecosystemPoor ecosystem
Low gas feesHigh gas fees
Fast OnboardingSlow onboarding
  1. Low transaction fees:

Wax blockchain does not charge anything from users due to its delegated Proof-of-Stake consensus mechanism. The mechanism eliminates WAX misuse and avoids centralization; transactions occur in comparatively less time.

  1. Environment friendly:

The incredible feature of WAX (Worldwide Asset eXchange) is that it is carbon neutral and poses no threat to the environment. DO YOU KNOW? WAX is 677 000 times more energy efficient as compared to others. WAX blockchain only requires 0.000223 Twh energy annually.

  1. Rich ecosystem:

WAX is a rich ecosystem with virtual assets, collectibles, and artworks from diverse creators. In addition to this, it provides numerous other benefits to the audience.

  1. Low gas fees:

WAX blockchain employs low gas fees, which attracts users to it. It can carry out 8000 transactions per second and 23M transactions daily. The DPoS phenomenon behind WAX imparts seamless operations.

  1. Fast onboarding:

WAX blockchain enables easy verification of users and transactions on the blockchain. On the AtomicHub marketplace, all non-whitelisted collections can be found through the search field, and unverified collections do not appear.

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Suffescom Solutions is a well-renowned Wax Blockchain Development Company with thorough knowledge of mechanisms in the WAX development arena. WAX, explicitly designed for eCommerce, lays the foundation for all businesses to trade and sell cryptocurrency. Wax Blockchain is based on several criteria, including self-service, single sign-on, peer-to-peer trading, and API usage, to name a few. 

Our capabilities are:

  • We can launch your games and NFTs and make your brand well-known.
  • We employ a best-in-class WAX blockchain developer with the latest tools and technologies for creating dApps.
  • Our team will stay in touch throughout the process of minting NFTs and releasing them on the blockchain network.
  • We will develop the WAX Cloud Wallet, a secure gateway, video games, and marketplaces.

Talk to our business analyst for your WAX blockchain project!

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