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What Is Wax (WAXP)? | Notum

By Notum

Dec 09, 20224 min read


What Is WAX Wallet?

The WAX Wallet was founded in 2017 by William Quigley and Jonathan Yantis — these are the same people who created OPSkins, the largest online marketplace for in-game items.

WAX is an abbreviation, the whole meaning of WAX is Worldwide Asset eXchange. The wallet is a decentralized blockchain platform that provides users access to a transparent, reliable, and widely accessible market for digital items, including non-fungible tokens (NFT).

Since NFTs can range from anything, from video games to collectibles in these video games, memorabilia, or rare collectible cards, users of WAX crypto wallets can use all these items in their transactions.

WAX Wallet is needed for convenient interaction with decentralized applications, games, and NFT marketplaces. The wallet is convenient, easy to use, and works great on PCs and mobile phones.

There are several WAX Wallets available at the moment: WAX Cloud Wallet and Anchor. Let’s analyze the qualities of each of them:

  • WAX Cloud Wallet is easy to use and built into your browser, making it convenient for games. However, its main problem is security. There have been attacks on this platform more than once, because of which your funds may be lost.
  • Anchor Wallet has all the features of Cloud Wallet, but it is much safer. However, Anchor is challenging for beginners.

From this, we can conclude that it is better to keep funds on Anchor, and using WAX Cloud Wallet in games is better.

WAX Wallet​: Sign Up

As we have already noted, registration is simple and relatively fast. To create a wallet, you need to:

  1. Open to the official WAX Wallet website.
  2. Choose one of the social networks to sign up for. Users can use the following:
  • Facebook;
  • Google+;
  • Steam;
  • Kakao;
  • VKontakte;
  • Discord;
  • Twitter;
  • Twitch;
  • Reddit;
  • Line;
  • Email & password registration.
  1. If you register via social networks, you will need to specify your email address;
  2. You will receive a confirmation by email;
  3. You need to agree with the terms of the service and confirm that you are over 18 years old;
  4. Then you will need to activate your WAX Wallet: to do this, you must deposit 5 WAX to the account. This money will be credited to your balance, and you will be able to use them.    

You can also get a promo code for WAX to get a wallet for free. Such promo codes are often played by partner websites, crypto websites, and other portals.

WAX Wallet​ Overview

The wallet is highly user-friendly. In the upper left corner of the wallet is your balance — it is displayed in WAX tokens. In the upper corner on the right is the unique address of the WAX wallet. On the left is a section with NFTs. Here you can send the available items to a friend or see what you managed to get. To send an NFT, you need to click on the icon with two arrows, which is located at the bottom of the screen, and enter a friend’s WAX address in the line “Enter WAX Account.”

On the right is another section, which wallet owners most often use. Here you will find:

  • “Send” — here, and you can send tokens to another address. To do this, you must select the WAX token, enter the amount to transfer, and click “Next.” Then you will need to enter the recipient’s address and a MEMO to confirm if the funds are sent to the exchange.
  • “Receive” — here is your QR code with the address of your WAX Wallet. It is convenient if you do not want to copy a long address constantly.
  • “Resources” — wallet network resources. There are three of them in WAX: RAM, NET, and CPU. The last two are used for all actions in the wallet: transactions, claiming rewards, etc. RAM is the memory of your wallet. Below we will analyze each of the resources in detail.
  • “Buy WAXP” — in this tab, and you can find all the platforms where WAX tokens are sold. But it is not very profitable to buy WAX via these platforms because the limit and fees are pretty high.

In the lower right corner are the settings. Here you can find information about your WAX account, enable and disable two-factor authentication, change password, etc.

WAX Wallet Resources 

In the WAX blockchain, transactions do not require fees, but resources are needed. Resources are the necessary productive capacities that are bought for WAXP. They are required for transaction confirmation, NFT storage, and other operations in the WAX ecosystem.

Resources are divided into CPU, NET, and RAM.

  • CPU is responsible for the transaction time. If there is a lack of it, you may experience problems with making transactions. 
  • NET is responsible for the maximum amount of WAXP on the wallet. Usually, the standard amount of this resource is enough.
  • RAM is responsible for storing data in the WAX blockchain. This includes NFTs, which are stored in the wallet. If there is a lack of RAM, there are problems with putting the NFT up for sale.

To see how many resources there are at the moment, you need to click on the “Resources” button.

To interact with marketplaces and dApps, you need to lock your WAXP for each resource. Select a resource >> enter the amount of WAX >> click Stake. Due to changes in network congestion, the amount of resources may sometimes not be enough, so it is always worth taking with a reserve.

WAX Wallet Tokens

WAXP, or simply WAX, is the main token of the WAX ecosystem. With its help, most of the actions in the ecosystem are performed.

WAXE are WAX tokens in the Ethereum network (ERC-20). They are obtained by transferring WAX tokens via the ETH Bridge. Allows you to add liquidity to the WAXE-ETH pool for further earnings.

WAXG is an ecosystem governance token. These are the only tokens that are used for voting and governance.

WAX Wallet Benefits

  1. WAX Wallet is easy to use. This is a cloud wallet, and users don’t have to worry that they will lose all their NFTs. The password can always be restored or reset if forgotten or lost.
  2. Simple and fast integration. One of the best features of the WAX Wallet is the integration process. Developers can easily integrate it into any dApps or website in minutes. For integration, they use the code provided on the WAX developer portal.
  3. Secure transactions and accounts. WAX provides a safe and secure environment for storing your digital assets. It protects your data and information with encryption and high-level security protocols. It prohibits unauthorized access to your account. As a result, your transactions are safe and private, and only you can view them.