Wax Coin is looking to revolutionize the digital currency space and is right now one of the tokens that keep coming up in regular forum discussions – but why?
Let’s start by taking a look at what Wax Coin (WAX) is really about. According to WAX’s own website, the digital token and its infrastructure is a decentralized platform that enables anyone to operate a fully functioning virtual marketplace with zero investment in security, infrastructure, or payment processing. The platform was created by the founders of OPSkins, a digital marketplace that serves millions of online video gamers and the underlying assets that drive the gaming arena. WAX, it seems, was a natural spinoff and thanks to that spinoff, the platform now serves over 400M online players. WAX is especially useful for the buying and selling of in-game items since it is based on the digital infrastructure of the blockchain.
How Does WAX Coin Pull Off In-Game Exchanges?
By using the power of blockchain, along with tapping into the existing infrastructure for gaming assets and tokens, WAX has now empowered users to harness the power of the WAX currency as a legitimate alternative to exchanging digital assets. The utility function of the token is a major selling point for the cryptocurrency as it allows users to transfer virtual goods into hard digital assets, ultimately moving the value to a digital cryptocurrency that is WAX.
The token is based on a secure smart contract mechanism that creates a trading environment among users that requires trustless commitment. That is to say, the token will allow buyers and sellers to interact without the tiresome meddling of third parties and this is a good thing.
The developers of WAX are touting the platform as a viable solution for people who want to create their own virtual marketplace. This, according to the token’s founders, will take place under a decentralized system, allowing for instant payments, security and trust services.
The actual deployment of WAX is already being theorized and the biggest beneficiaries of the new token and global exchange are gamers. Some 400M+ people create and take part in very popular online gaming competitions. Under the present setup, these gamers have no direct way of harnessing their popularity among fans and turning that leverage into money. WAX is being touted as a means by which gamers will able to tap into the virtual pockets of their fans and collect digital currencies.
This very useful approach combined with arguably one of the niftiest and innovative deployments of the blockchain, is starting to draw attention to the digital token.
How Are Investors Accessing WAX Coin?
Currently WAX is listed on Bittrex, one of the top digital currency marketplaces online. Coinmarketcap.com lists WAX as being valued at this writing at around $0.149. Looking at trading for the last 24 hours it appears as if valuation has climbed 4.34%. The token is listed with a market cap of $92M and it also listed with a figure for 24hour trading at around $2.3M. Circulating supply for WAX is 618M with total supply figure listed at 1.850B.
WAX has come down somewhat from its loftier trading days. At the start of January the token was on the up, rising to a high of $2 on January 8. Since then the token has pulled back somewhat, hence the current valuation below 50 cents. Digital currencies are currently flat across the board so it will be interesting to see if WAX will recover in line with a general increase in optimism for digital tokens. The coin’s underlying offering to its 400M+ users is a major point of consideration for investors.