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What is Wax coin (WAXP) and how does it work?

by Financial Economy

The WAX ​​platform is designed to maximize liquidity by supporting various selling structures, enabling alternative selling mechanisms such as bidding and reserve bidding. WAXP coin is the cryptocurrency of the Wax platform. Detailed information about what is Wax coin WAXP, how does it work, how much it costs, how to buy, etc. is in the continuation of the content. For information about Unibright coin (UBT), you can check here.

What is Wax coin (WAXP) and how does it work?

WAX coin (WAXP) is a purpose-built blockchain launched in 2017, designed to make e-commerce transactions faster, simpler and more secure for all parties involved. The WAX ​​blockchain uses delegated proof-of-stake (DPoS) as the consensus mechanism. It is fully compatible with EOS.

Special features and incentive mechanisms developed by WAX aim to optimize the utility of blockchain specifically for use in e-commerce to encourage voting on proposals. To make this possible, WAX has created a suite of blockchain-based tools on which decentralized application (DApp) marketplaces and immutable tokens can be built.

Services like WAX ​​Cloud Wallet, SSO, and OAUTH support e-commerce transactions, and SSO is a native RNG service and a developer portal. WAX’s blockchain architecture supports 500 millisecond block times and zero-fee transactions for customers. It also leverages voting rewards to encourage participation in the selection of block producers and improvement proposals.

WAX also has a WAXP-Ethereum (ETH) bridge that allows WAXP token holders to convert their tokens into WAXE, an Ethereum-based ERC20 utility token. Users wishing to participate in WAX tokenomics need to burn their WAXP tokens to pass WAX over the Ethereum bridge. They will then need to stake WAXE tokens in the Ethereum distribution contract.

Where to buy WAXP? How much is the Wax coin price?

Waxp coin can be purchased from crypto exchanges where it is listed. But it is necessary to make sure that the exchange to be traded is “reliable”. As of August 23, 2021, the price of 1 WAXP is around $ 0.38.

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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