This cryptocurrency platform will be used to build the WAX Protocol
Abhishek Ajit Posted On April 18, 2018 The WAX project has decided the platform on which it will build its custom blockchain. EOS has been chosen after a series of comprehensive tests amongst its competitors like Tendermint, NEM & ARK.
WAX is a decentralized marketplace for gaming skins and other digital items. It is being built by the team behind OPSkins.
According to Bloomberg,
About 200,000 new people buy virtual items through OPSkins each month, but the site sells gear for online games with more than 125 million regular players.
The WAX platform will enable any trader to build his own gaming item marketplace creating a peer to peer economy for the trade of gaming items. Currently, there are two tokens envisioned: one, the WAX ERC 20 token which is used for purchasing gaming skins from opskins.com. It will act as the bridge between the Ethereum blockchain and the protocol. The protocol has a native token.
The protocol will enable the various functionalities such as smart contract enabled trades, pegged asset contacts and facilitating guilds.
According to the update, the WAX team evaluated the following platforms: Tendermint, EOS, NEO, NEM, ARK, and LISK. Some of the criteria were
- Compatibility with the idea of WAX platform
- Code maturity, documentation, and stability
- Developer community size and activity
From their evaluations, they found EOS to be the most suitable of the blockchains because of their active community, dev contributions, and release frequency. They will build the protocol on top of a fork of EOS
But an interesting point made by the team highlights the nascency of the blockchain space. The team feels that all the blockchains highlighted including EOS have a lot of ground to cover before the WAX protocol can be built on it. In the event of EOS not achieving their roadmap targets, they would build the protocol on Ethereum.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
