WAX Block Chain Overview
The World Asset Exchange (WAX) block chain is a fork of the EOS block chain that focuses on NFTs. I have been using it for a few months and I thought I would share my understanding of the system.
WAX Block Chain
I first learned about it when I learned about a Dapp there called Alien Worlds. It is a game and the NFTs in the game allow you to generate either TLM or WAX. I joined the Alien Worlds Discord and slowly learned more about the game as well the block chain.
They tested various different systems before deciding on EOS. During this process, they created their own token WAXP (ERC-20 token). The price WAXP has gone up quite a bit compared to when I first started ($0.03) and it has generally been around the $0.25 in the past few days. I think it has a lot more room to go up given the current NFT craze.
In my opinion, your account is essentially just a computer that is connected to the internet where the internet is the WAX block chain. Why did this come to mind when I learned about the system? Because of how network resources are so important if you want to understand the system. If you lack any of the resources, you have no choice but to stake some more WAXP.
Creating an account
You can create a WAX Cloud Wallet here. The entire process is fairly simple as all you have to do is create an account linked to your email or social media. I think it is fairly straightforward.
Your resources contain three different factors: RAM, CPU and NET. Your RAM affects how many NFTs/tokens you can hold in your wallet. CPU affects the actions you can process (such as mining in a game). NET affects how much it costs to upload your actions to the network.
Out of the three resources, CPU and NET are resources that recover over time. So if these become too high and you can't use the network, just walk away and come back later. In a way, it is similar to how RCs recover over time on the HIVE block chain. Which resource is more important will highly depend on the Dapps you want to use on the block chain. When I only played Alien Worlds, CPU was the most important but after using Kolobok, I believe RAM is more important.
You need to stake WAXP if you want to get more RAM, CPU and NET. One great site to go to for this is the Bloks Dapp and here is my account's blok information if anyone wants to check. It includes a list of actions you did recently and allows you to do more advanced stuff in the future.
Another great thing is that your staked CPU/NET can be used to vote for producers. This will generate a small amount of liquid WAX and some staked CPU/NET for you. You can claim this in the "Claim GBM Rewards" section once per day. I just set a proxy for voting so I get rewards automatically.
From the Dapps I have used, I have seen two different NFT Markets. The first and the one I see used the most is Atomic Hub and the second is Simple Market. Both of these markets allow you to sell, transfer and auction your NFTs.
This is the general market most people are familiar with as there was all the Captom cards airdropped or sold. They recently added in MLB as well. For those more familiar with HIVE, you may remember seeing Splinterlands adding a WAX option and they also use Atomic HUB. There are also a few other users such as @chubb149 who have published their own NFTs and are selling them on the market.
I find this market place isn't really used as much and the UI could definitely use some work. I generally just use it for Kolobok but there are a few other Dapps such as Garbage Pail Kids.
Conclusion and some starting tips
I think WAX is great if you are only dealing with NFTs and there are plenty of other big players participating. I highly recommend starters of the platform to play Alien Worlds to get TLM and change them into WAX for free at Alcor Exchange. This exchange has zero fees and is highly recommended so you have some WAXP to stake when you need it. Currently the TLM exchange is down due a bridge being added and @bozz wrote a post that explains it in more detail. It should be back up tomorrow according to their announcement.
There is a lot more I could talk about but I am leaving it at this. I have a few more topics that I want to go more in-depth about in the future such as Kolobok, Alien Worlds and RPlanet. I also want to talk a little bit more in depth about the two NFT markets and how they differ in a future post.
Please feel free to leave a comment if you read my post. If you have any questions, feel free to ask and I will do my best to answer.
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