It’s called the Worldwide Asset eXchange, or WAX for short and it promises to be a revolution in the world of cryptocurrency. The Worldwide Asset eXchange is a platform that operates as a global marketplace through which users can exchange, buy, and sell virtual goods. The WAX model is a brand new system that seeks to improve the world’s current market for the exchange of virtual assets.

Developed by the same team who built OPSkins, one of the world’s top marketplaces for exchanging virtual goods in video games, WAX takes the virtual marketplace a step further.

OPSkins was a massively successful online marketplace that worked on a centralized system, meaning that all of the transactions were routed through one central location, or a “single point of failure” on their platform.

Although the centralized market helped to grow the world of virtual exchanges while also providing safety and security, WAX breaks the mold by decentralizing the marketplace and opening it up to worldwide use. This allows buyers and sellers to interact with each other more directly.

The WAX model is an international, peer-to-peer system that connects the world’s buyers and sellers with the available pool of virtual goods all across the world. In this way, WAX works the same way as a database, showing users every available item at every price point across the entire globe. The goal of WAX is to bring together all of the buyers and sellers of the world onto one platform, rather than spread out across dozens of competing markets.

An Overview of WAX’s Platform

The concept of a virtual marketplace may be confusing at first but in truth, the operation is relatively simple. WAX runs on a system that operates with its own form of currency, known as WAX Tokens.

WAX tokens are the currency through which all exchanges take place. The prices of the available virtual goods are listed in WAX Tokens and WAX Tokens are used to pay for those goods when they are purchased.

Should the item be listed in a different form of cryptocurrency, WAX tokens can be converted to cover the cost. All purchases, exchanges, and settlements done through the WAX platform use the WAX Token.

Delegated Proof of Stake

The WAX platform operates on a system that uses Delegated Proof of Stake to function. In this system, users select representatives to secure the network used by their specific community. Users do this by pledging votes, which are weighted by the amount of WAX Tokens the user owns. People with more Tokens will have a more powerful vote than people with fewer Tokens.

If for some reason a user becomes dissatisfied with their representative, they can remove their vote and pledge it elsewhere. This keeps the system secure and trustworthy for all parties involved in the transaction.

Self-Governence Through Guilds

On the WAX platform, the elected representatives are known as Guilds. The function of the Guild is to provide third-party confirmation for all exchanges. A Guild will ensure the funds in the exchange actually exist, that they have been properly signed for and the transaction is valid on both ends. Each Guild represents a different game or server through which virtual goods can be exchanged. The WAX Platform begins with a total of 64 Guild positions, but more Guilds can be created should the user base ask for them.

In order for a Guild to be elected, a user must create a proposal and send it to the network, stating the game or server they wish to represent, the number of fees they will share with users who vote for them, and how they will perform their duties, namely monitoring Transfer Agents.

A Guild’s main responsibility is to assign Transfer Agents to purchased listings and then to facilitate the exchange of the contact details of both parties to that Transfer Agent. It is the duty of the Guild to ensure that this transaction runs smoothly by assigning Transfer Agents to transactions based on their proximity to both users and their overall ability to handle the exchange. Inefficient or unqualified Transfer Agents may be banned in order to preserve the Guild’s reputation and trust score. It’s important for Guilds to ensure quality work or they risk users removing their votes, resulting in the Guild becoming disbanded.

Transfer Agents

Transfer Agents are necessary for the overall function of the DPOS system. A Transfer Agent is a user that is assigned to help in the transfer of purchased or exchanged goods between two parties. To do this, the Transfer Agent is responsible for arranging the transfer and delivery of the good with both the buyer and the seller, taking that good from the seller, signing a contract that states they have received it, then delivering it to the buyer before signing a contract that states the item has been successfully delivered.

The contract used during the exchange is known as the Settlement Execution Contract and with the completion of the contract, the Transfer Agent will receive a portion of the fee associated with the exchange.

On the WAX Platform, a Transfer Agent can be assigned to service only one game or server and will be closely monitored by the Guild associated with that game.

Staying Connected With WAX

It’s important to note that WAX has thriving social communities which can be found on Facebook, Twitter, Telegram, and Reddit.

For anyone looking to buy or sell digital asset using WAX, staying up-to-date on their happenings through social media is an absolute must.

Also, for the many investors who are interested in buying and selling WAX’s token on various cryptocurrency exchanges, simply following WAX’s social media accounts is the best way to get important updates and information quickly.

With the support of Mike Novogratz investing in WAX and sharing positive sentiment on Twitter to bring awareness to the project, WAX is setup for success. Receiving the blessings from industry leaders and advocates such as Mike Novogratz is often a catalyst for user adoption, raising the interest of other investors, and luring the media in for coverage.

The Bottom Line on WAX

The WAX Platform is a completely new system that revolutionizes the exchange of virtual goods and cryptocurrency. Decentralizing the marketplace allows users to access an unprecedented amount of virtual goods and services and to buy, sell, and trade on a global scale. This open market system puts all sellers on an even playing field while creating a much larger pool of goods for buyers to search from.

Being able to access available virtual assets and services on the global market is convenient for both buyers and sellers while the system of Guilds and Transfer Agents offers safety and security for all involved.

The world of virtual asset exchange is a large one, worth an estimated $50 billion dollars. With the help of WAX’s new decentralized platform and global marketplace, that industry might continue to evolve well beyond its current limits.