The WAX platform became popular among fans of crypto games and NFTs. What are the main features of the platform? We will also explain the main disadvantage of its cloud wallet.
WAX (Worldwide Assets Exchange) is a smart contract-based blockchain designed to create, buy, sell and trade virtual items. The platform is optimized for P2E games and provides convenient tools for their development.
The WAX blockchain is based on a variant of the PoS algorithm, the delegated proof of stake (DPoS). As a result, there is no commission for any kind of transaction within the WAX system. Instead, the platform offers its own system of resources and staking.
Resource and token system
There are no transaction fees on the WAX platform, but certain CPU, NET, and RAM resources will be spent on these transactions. The user should transfer a few coins into each of the available resources for staking. All resources except RAM are renewed during the day. Later, if the resource is not enough, you can increase its power by staking more tokens.
CPU - computing power. This is the resource that is responsible for the speed of execution of transactions. It is often lacking, which significantly reduces the speed of operations. You need to use the main token of the WAXP network in order to stake this resource.
NET- network. It is responsible for the bandwidth (volume of performed transactions) in the WAX network. The WAXE token is responsible for this resource.
RAM - Random Access Memory. This is the amount of memory used to store NFTs in the wallet. This resource is not automatically renewed, unlike the previous two, and the money spent on its restoration is not returned. In this case, WAXG tokens are used.
WAX Cloud Wallet
WAX Cloud Wallet is a cloud crypto wallet that is used by the WAX system to interact with apps, games and marketplaces. The wallet is optimized not only for the needs of average users, but also for application and NFT developers.
The registration procedure is quite simple:
1. Go to the official website of the wallet.
2. Click “Sign Up For Account”
3. Enter your email address and create a password following instructions.
4. Check your email box to confirm your account registration.
5. Log in with your created username and password ( read the license agreement).
6. Activate your wallet by paying 5 WAX Tokens
The system offers to pay for the activation of the wallet with Coinbase or Moonpay. Users can buy a WAXP token on any convenient exchange (Binance, OKX, Deepcoin, XT.COM, etc.)
WAX Cloud Wallet is a good tool for those who love crypto games or create NFT. It is quite simple and easy to use. But anyway some flaws occur. One of the main disadvantages of this wallet is security. Therefore, most users of the WAX system are advised to store their assets on the Anchor Wallet, which has some features of the WAX Cloud Wallet (and the WAX Wallet itself to use for games and marketplaces).
