What Is WAX?
WAX is a coin belonging to an eponymous decentralized platform powered by the founders of OPSkins. It performs the function of a utility token on a virtual market for game items. Being one of the largest marketplaces for online video game assets, it has built a community of over 400 million people around buying and selling collectible items and other types of digital assets.
Using the blockchain technology, WAX coins can also be used for tokenizing and exchanging the named items while using smart contracts behind every transaction. The platform also allows the creation of independent stores and maintains safe trade between buyers and sellers, as well as instant payments and appraisal, verification, and evaluation services.
Pros and Cons of WAX
Advantages of WAX
The ecosystem revolving around WAXP coinsis growing steadily. This platform enables people to be creative and design their own virtual assets for sale in the marketplaces that can be listed in special catalogs. WAX members can earn fees by facilitating and reviewing transactions. Accessible to all, this platform created a new generation of online markets. It has also gathered investors like Pantera, Fenbushi, Kenetic Capital, Galaxy, Blockchain Partners Korea, Element, Hyperchain Capital. There were no critical or high severity problems identified when reviewing the technology of WAX coin. Overall, the benefits outnumbered the risks which could make WAX a world top cryptocurrency.
Disadvantages of WAX
The WAXP coin, despite having a favorable position on the global virtual market, still has some competitors like Skincoin and Enjin Coin which may be considered more favorable and known by the users. There’s also a concern about possible code duplication since a precondition exists before some functions. It results in a faulty transfer of coins to the very WAX Coin contract. So for the WAX coin to succeed, things like proper publicity and solving technical flaws need to happen in the foreseeable future.