WAX Block Chain Overview

in LeoFinance25 days ago

wax definition.png

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.

WAX

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.

waxp chart.png

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

wax sign up.png

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.

WAX Resources

wax network resources.png

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.

wax stake.png

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.

NFT Markets

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.

Atomic Hub

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.

wax atomic hub splinterlands card.png

Simple 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.

wax simple market.png

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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Is Mike Novegratz a WAX early investor?

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!ENGAGE 20

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I had to look it up but yes he is.

“Having a legendary investor like Mike Novogratz along with all of our all-star team of investors, advisors, and video game industry legends see the potential in our vision for the WAX platform is an incredible testament to what we have planned,” says Malcolm CasSelle, President of WAX and CIO of OPSkins.

https://www.coinspeaker.com/michael-novogratzs-fund-galaxy-digital-assets-invests-worldwide-asset-exchange/

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Thank you for confirming!

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Thanks for creating this post! I was researching WAX this weekend, but I learn a couple of new things from this post, too!

Keep creating this kind of review/tutorial posts! Great source of useful information for newbies!

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Yea there is just way too many things there. I can only share what I know and personally I think Alien worlds is a way to fund my endeavors in WAX. The main way I want to do is generate a passive income stream using RPlanet so I need to stake more WAX to get resoruces. But its taking more time so I might dumb it down and start pulling more WAX off selling some NFTs.

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Do you think that RPlanet is safe enough? As I can see, when I "stake" card there, my card "vanish" from my inventory and it looks that I have actually SENT my card to RPlanet... I know that I can get it back when I click on unstake, but if a website exit-scam (just theory) is there a way to get cards back?

For me, it looks that "staking" ability isn't a native thing, but rather a send-receive thing...

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Yea we run into that risk which is why most of my value is basically in Kolobok prizes which has almost no value other than staking (or a few koloboks). Everything I got is technically free since it only required time. I was planning on removing my epic Alien Worlds card once my aether generation is high enough though.

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me too. I just got in this week. I'll do it daily as soon as I make my old laptop run again and use it for Alien Worlds.

Hugs, @ph1102!

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Don't you love finding the value in something early on and staking your claim? So many opportunities out there just waiting to be found!

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Yea there is a lot of value jumping in early. Even though its a grind, I am slowly increasing the NFTs I stake to RPlanet. If the aether I generate becomes large enough, it can be a huge source of passive income. But I have more faith in WAX than aether so I am changing it out everyday.

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!ENGAGE 20

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Love the wax, picked up a couple of gems that I love never selling them as I wanted them NFT's 4 life.

However I'm hodling that wax and stacking till moon 😂

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Thank you 😊😊

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I have been using my WAX to pump up my RAM since I need more space for more NFTs. Though I should be able to start gathering some more WAX once the TLM exchange opens back up since I am relying on Aether right now. But I am at the point that I can start selling some of the NFTs I am making to get back some returns.

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Yeah you do need that ram, however I hodl more then enough 🤣🤣🤣

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Seems a promising project
I have to read more and more about

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Yes the NFT space is rapidly expanding and I think WAX is probably one of the best places without the ridiculous fees. There is still the NFTShowRoom but I find that its more internally for people in HIVE and not really for people outside.

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Very comprehensive post! Thanks for sharing. I didn't know bout it but I'll definitely look into it.

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Yea it is a little complicated but I think NFT-wise they are probably ahead of anything outside ETH right now.

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I got into Alienworlds and then got to know about WAX blockchain. RAM, and CUP are like EOS blockchain. You need to have that to operate. Thank you @jfang003 for writing about this. Looking forward to reading your future posts.

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Yes WAX is a fork of the EOS blockchain built directly to deal with NFTs and NFTs have plenty of use cases. Some of them are collection only so they aren't as useful but for things like tools in Alien Worlds, there will always be some underlying value.

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I took a good portion of my STEEM and moved it into WAX when the price was down in the $.03 range. I was writing posts back then about how much of a steal it was! WAX is a $10 token easy. All day, every day. They have a lot of good stuff going on over there and a lot of awesome stuff in the works. I am excited about the future of WAX.

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Nice job. I wasn't around for STEEM so I didn't have that opportunity and WAX seems to be taking off quite well. I do agree that WAX was fairly undervalued then and I think it has a lot of potential to go higher. I have been around there but I generally stick to the same two games but the focus of resources change drastically depending on which ones you play.

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I am pretty heavy into Alien Worlds, Dark Country, RPlanet, and Koggs. Those are my biggest holdings. I have pretty much all of my NFT's staked to RPlanet though.

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Yea I have the ones that I can stake in RPlanet for the most part. The koloboks can't be staked and I need them to go on adventures to find my prizes to stake. They either survive and net me something or die. I use to burn those dead ones but I have recently starting selling them for Kbucks through the bounties.

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It looks now like I did breed a couple but they died because I didn't do anything with them.

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I believe they changed it a month ago or so to about 40% chance of surviving. The rest become stillborn to create a sink for KBucks. I breed about 200 pairs a day so I get about 80 live kolos and 120 dead ones. But I send like 18 (3 times a day with 6 adventures) out so I am running a large surplus right now. I am debating about selling some excess on the market for some WAX.

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I did not realize that Splinterlands had branched out to other exchanges. Really interesting information there.

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Yea it was a while back and I think they might still be promoting the land sale over on WAX. When looking to buy cards, make sure to check all the marketplaces since it might be cheaper elsewhere.

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Fair enough, I'm still under 10k power, but I like the game and am looking to get better!

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Alien worlds is where it is at. Some of the mining NFT’s for this game are spiking in price.

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Yes the prices have spiked to 10x in some cases. I still have most of my mined NFTs in RPlanet generating Aether and if prices go up further, I will cash them out. I am also looking forward to whether or not Aether prices go up even further as it would increase my daily WAX earnings.

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Hey!

I joined Alien Worlds a few days back and started mining. Also joined their discord group. But this laptop doesn't go too well with the website so I will start using an old one for the game.
I'll get this article in a Word file to access the info again these days and learn the steps.

Thank you for the insight!

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You are welcome. There is actually a bit more in-depth information about how to get by for the most part but I think it would require a little bit more digging to find the spread sheets. I could probably just get them on discord if I asked though.

Its on the list of things I want to write more about and I didn't include much information on this post. However you are probably going to run into a CPU problem eventually so converting some TLM into WAX and then staking the WAX for CPU is a good choice. You can also set a proxy so your staked WAX generates a little bit more for you over time.

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I will note your suggestions in a World file now.

Thank you so much for your GUIDANCE!!!

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