Roman Solovei

What Is WAX (WAXP)?

The custom features and the incentive mechanisms developed by WAX are intended to optimize the blockchain’s utility specifically for use in e-commerce, with the goal of encouraging voting on proposals.

To make this possible, WAX created a suite of blockchain-based tools which decentralized application (DApp) marketplaces and non-fungible tokens can be built upon.

Services such as WAX Cloud Wallet, SSO and OAUTH support e-commerce operations, the latter being a native RNG service and a developer portal. WAX’s blockchain architecture supports 500-millisecond block time and zero-fee transactions for customers. It also makes use of voting rewards to incentivize participation in the selection of block producers and improvement proposals.

Who Are the Founders of WAX?

WAX was co-founded by William Quigley and Jonathan Yantis.

William Quigley studied at the University of Southern California, and then worked at Disney. After leaving Disney in the early 1990s, he got an MBA at Harvard and became a venture capitalist. Over time, he became the managing director at Idealab. Alongside creating WAX, he is also the managing director at Magnetic.

Jonathan Yantis works as the chief operating officer at WAX and as the chief operating officer at OPSkins.

What Makes WAX Unique?

WAX features a WAXP-to-Ethereum (ETH) bridge that allows WAXP token holders to convert their tokens into WAXE, which is an Ethereum-based ERC20 utility token.

Users willing to participate in WAX tokenomics need to burn their WAXP tokens in order to get WAXE through the Ethereum bridge. They will then need to stake the WAXE tokens on the Ethereum distribution contract.

WAXG is an Ethereum-based ERC-20 governance token that is distributed to WAXE stakers. The distribution is based on a set timetable and is proportionate to the percentage of the WAX Economic Activity pool. The token holders can govern the allocation and distribution of economic value on the platform as a result.

The WAX Economic Activity pool is a smart contract that accumulates a percentage of generated WAX fees and can be converted into ETH for distribution to WAXE stakers. It can also be given to WAXG token holders that decide to burn the tokens they already have.

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How Many WAX (WAXP) Coins Are There in Circulation?

WAX (WAXP) has a circulating supply of 1,513,825,734 tokens as of February 2021 and a maximum supply of 3,770,303,327 WAXP.

How Is the WAX Network Secured?

WAX network’s DPoS consensus is secure against the corruption of a significant minority or producers. Token holders can select WAX guilds by voting in a continuous approval system. They can get an opportunity to produce blocks and token holders can persuade other token holders to vote for them.

A block gets produced on the WAX blockchain every 0.5 seconds; as such, one WAX guild gets authorized to produce a block at any given point in time. If a block does not get produced at the scheduled time, the block for that time slot is skipped. When one or more blocks end up getting skipped, another gap in the blockchain of 0.5 seconds or more is added.

WAX guilds do not receive WAX rewards if they produce 50% or less of the scheduled blocks, which discourages skipping blocks.

WAX has created a full suite of blockchain-based tools that allow anyone to trade digital or physical items instantly and securely.

Where Can You Buy WAX (WAXP)?

If you are interested in buying WAX (WAXP), it can be done on several exchanges, including the following:

Binance

Crypto.com

Huobi Global

Upbit

HitBTC

Bithumb

Bitfinex

What Is Chiliz (CHZ)?

It operates the blockchain-based sports entertainment platform Socios, which enables users to participate in the governance of their favorite sports brands. Multiple fan tokens by Socios.com are an example of that. For sports clubs and associations, fan tokens offer a way of connecting with their fans and unlocking new revenue streams.

For instance, fans can participate and influence club-related decisions through surveys and polls, such as messages the captain should wear on his armband. The company aims to bridge the gap between being an active and a passive fan. Chiliz has developed partnerships with some of the biggest sporting institutions in the world: FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain. It also boasts partnerships with the UFC and gaming organizations. By purchasing CHZ, fans get access to various fan tokens and literally have a stake in their club.

What Makes Chiliz (CHZ) Unique?

Every sporting organization using the Chiliz technology has a limited supply of fan tokens that are offered at an initial FTO (fan token offering). These tokens are offered on a first-come-first-serve basis, with the opening price and fully diluted market cap disclosed by Chiliz beforehand. The native CHZ token is used to purchase fan tokens and acts as the platform’s internal currency. Fans can then vote on the Socios platform with their fan tokens, a process made possible using smart contracts. Clubs determine the amount of influence fans have. Decisions can range from new jersey designs to deciding team matchups in exhibition games.

Chiliz pioneered direct participation for average sport fans in the decision-making process of clubs and organizations. The company is constantly creating new ways for fans to engage, with the establishment of the Chiliz Blockchain Campus, a privately-owned crypto incubator focused on accelerating blockchain technology adoption across Asia and Europe as an example. The company estimates to be at about 10% of its potential, despite the fact that it will likely have 80-100 teams as a part of its network by the end of 2021.

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How Many Chiliz (CHZ) Coins Are There in Circulation?

The total supply of CHZ is 8.8 billion, minted at its launch in October 2018 and distributed to early contributors with no public sales beyond what was made available through exchanges. The token distribution is as follows:

15 % – Strategic Acquisitions

5% – Team

7% – Seed investors

3% – Advisory board

15% – Marketing

20% – Userbase reserve

34.5% – Token sale

Initially, CHZ launched as ERC-20 token, but it was later also designed to be BEP-2 compatible, owning Binance Launchpool’s role in releasing fan tokens as part of a strategic partnership. CHZ is also available as TRC-20 token on the Tron blockchain.

How Is the Chiliz Network Secured?

CHZ is available on several blockchains, such as Ethereum, Binance Smart Chain and Tron. Fan tokens are minted on its Socios sidechain with a proprietary crowd control mechanism, so fans are in a protected environment and vote only in publicly audited polls. The sidechain uses a proof-of-authority consensus mechanism. Proof-of-authority is mostly used by private organizations that have closed blockchains and only users within its ecosystem participating. It is less decentralized than other consensus mechanisms but is easily scalable and highly secure, making it the ideal choice for a sidechain. The CHZ token has been audited by Certik.

When Will Chiliz Trading Begin?

Chiliz launched in October 2018 on the Ethereum mainnet.

Where Can You Buy Chiliz (CHZ)?

CHZ is available on Binance, Huobi, Coinbase, FTX and many other exchanges.

Cryptocurrency newbie? You can read more about how to enter the market and how to buy CITY or any other token in the CoinMarketCap education portal — Alexandria.