Revolution In The Gaming Industry? WAX?
WAX on, WAX off! WAX on, WAX off!
The revolution started when P2P sharing platform appeared like Utorrent. Next, Bitcoin, a decentralized way of transferring and storing value from one person to the next without using a bank, making you your own bank! Cryptocurrencies such as ETH allowed for the creation of Smart Contracts! Decentralized contracts that enforce one to do something because it's in the code, it removes the whole human associated-risk! There is nothing to corrupt, nothing to bribe... the only thing that exists is the code!
Why is this so great? People are corruptible! A code isn't! This allows for fast transfers of money, allows for contracts between two parties to be made without a centralized third party. This allows for immutability and true data ownership... Imagine being paid by the big marketing corporations for your own encrypted data, they already pay websites like facebook millions a year just to get this information, why not pay us, the true owners of such information?
Decentralization allows for a revolution in the current way the world works, one of these revolutions is in the gaming sector like I've talked before. And today I looked into WAX!
WAX!
WAX, also known as, Worldwide Asset eXchange™, is a decentralized way of transferring items from one person to the next, even though their main focus is in-game items they can also transfer other physical items! It's a DPOS blockchain that is based on Bitshares, so it works more or less in the same way STEEM and EOS do...
There are 4 parties associated with WAX. Users, Guilds, Transfer Agents and Contracts. Users and contracts are, as the name suggests, just normal users and smart contracts, the important part is what Guilds and Transfer Agents are...
Guilds are the nodes of WAX, they are chosen the same way the Witnesses on STEEM or Block Producers on EOS are, trough DPoS, where the hodlers of WAX vote for them. Guilds confirm the transactions on the blockchain and get a fee for each sale done and for each block created. They share the trade fees to the users who pledge their support to that same Guild... For a Guild to be created the guild needs to submit a proposal stating what game and or server they are going to be in and how much percentage of the fees they are going to share with the stakeholders that pledge their allegiance to that guild.
The WAX platform will start with 64 guilds, these 64 can later be increased to accommodate more games and servers as time moves on.
Transfer agents are chosen by the Guild and are the third party that is responsible for accepting the item from player A and the money from player B and doing the transfer., they get a reward every time they do a transfer. These transfer agents must put a bond in the form of WAX tokens that they lose if they misbehave...
The COO of WAX, Jonathan Yantis, has a nice reputation in the in-game item trading industry since he bought an almost failing in-game-item trading company off of the hands of Brock Pierce and was able to turn it around and make it into a powerhouse of in-game item trading, so, he does have experience in the item trading sector.
Wax is already working on OPskins, a really famous in-game trading website making millions already, which is really good and has a decent volume from what I see in the statistics...
The economy of the token is promising... if they get adoption.
First, guilds have to stake tokens to be created - Increase scarcity
Second stakeholders need to stake their tokens to get the Guild's fee- Increase scarcity
Third the Transfer Agents need to lock their tokens every time they do a transaction - Increased Scarcity
Fourth, users accepting WAX as the currency of choice inside the ecosystem. - Increased demand
Fifth, more shops and games associated with WAX more guild needs to be created more WAX needs to be bought- Increased demand
If they get adoption this causes a snowball effect of demand and scarcity that might make the token increase really well in price... and, when every in-game item is associated with a Smart Contracts, like they are going to be with Enjin, transfer agents would cease to exist, increasing the percentage of fees a guild gives to their supporters.
But I do have two huge problems with this crypto...
The law... OPskins was already prohibited by Steam from using counter strike assets on their site and Steam went so far as shutting down their bots, Steam doesn't allow item trading and can ban users because of it, the shutdown can happen again, and as more markets come up they can face troubles...
The fact that Enjin and other cryptos are working with devs in creating in-game crypto markets, WAX is not in-game, which might cause its downfall... why would someone send the item to a WAX shop to sell if that person could just sell it in-game? I know that game items aren't the only things that will be traded in WAX-based shops, but game items markets are what Yantis knows about and what WAX wants to focus on...
Bonus info: Possible partnership with Shopify coming up! Yantis said it on telegram, not sure if it is true and I couldn't find the message from him, just the members saying it was true... And possible partnerships with some big gaming companies.
All-in-all the project does seem legit and the fact that Yantis is working on it is a really good thing, I won't invest because of the two main problems I said in this post, there are better cryptos out there in my honest opinion... maybe I'm missing a good chance, maybe not, the blockchains industry is just starting, and we need to be very picky about where we put our money! Maybe they will work hand in hand with coins like Enjin using crosschain tech! If they do, I would rather invest in Enjin...But let's wait and see what the future brings. I might, at a later date, rethink my opinion about WAX.
Images Free Source - 1, 2,3,4,5,6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22 - Tradingview snapshots too.
Question of the day: What other cryptos made for games do you know about? I still have to make a very deep analysis about Enjin, which is, in my opinion, one of the most promising cryptos out there!
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That s great write up as I havent ever looked into WAX before, only four or longer months back when Ivan on Tech was talking about the mass apparent users it was having, which didnt seem correct at the time hahahah.. Very cool you also see the downfall they have form being non 'in-game-' postistion, and you hit the nail on the head on that! thanks for pointing it out.
I watched a short vid on enjin games that are to be produced and they look amazing!
Yeah, Enjin is one my lists of projects to research and read the whitepaper, everything I've seen so far makes me bullish bullish bullish, and they just got a huge FOMO because their wallet is probably going to be added in Samsung S10 from factory! Which is amazing, and the renting item systems makes me very excited for the ROI! Blockchain tech is just starting, the few that get out of this bear market are going to be the next Amazon, eBay, Google, etc...! Probably even better than those since it is easier to invest into cryptos than it is on stocks, which makes the potential demand much higher!
Thanks for reading!
Hahah we love some FOMO!
It will be one I will have a few of after some btc.. only a fool wouldnt invest in this gaming revolution we shall be witnessing!
We will have many fools around us in the future saying we were "lucky" and that "we bought in early"... when in fact they were just stupid because they heard "BTC is a scam, blockchain is a scam" and didn't pay any attention to it... imo the crypto market isn't even near the dotcom bubble of 2001, imagine what will happen when in actually push past the next bubble, the tech that we will see, the ROI that we will get! I'm so freaking excited for the future!
Me too dude! I feel honoured! edit.. Imagine a conspiricy for a long ass bear market so all the poor countrys governments can buy up btc and then they make a BTC New world order hhahahahahahaha
Hey man, thanks for the review. it is really informative. I'd pick Enjin too. Word on the street is that they've got the wallet in the new Samsung S10 devices.
Yeah, I've also heard that, my problem with it is that, from what I know, it doesn't really use the Enjin token, it just makes it easier for game items to be passed around,etc... Which doesn't really bring that much of a demand for the token, but let's wait and see, I'll search into it tomorrow or the day after, kinda tired, today I read the 2 whole whitepapers, the WAX one and the docademic one...
What a strange concept. Thanks for your research. Well done. 😎
As you mentioned big gaming companies don’t allow game items to be sold and it makes sense because they want people to pay them for the bonus, items or game currency.
I always wanted to farm gold in wow to make some extra money but the possibility of loosing access to an account that took me 3 years to build was a little to much of a risk to take.
Posted using Partiko iOS
Btw wow included a way for you to pay their monthly subscription with in game currency. Which is pretty cool, but it requires like 20h of farming to get a free month 😅
Posted using Partiko iOS
Yeah, I've seen that, and there are some tutorials on how to do it in a couple of hours, all-in-all I wouldn't go back to WoW because Activision ruined the game, bunch of greedy bastards...
Yeah, I like the way Enjin does it much more, which is enabling devs to create in-game markets that a % of the money that goes through there goes right back to the devs, this would allow a really big flow of money, maybe they would finally dedicate themselves to one game at a time instead of trying to push games one after the other after the other after the other!
Great reading! And looking forward for that Enjin review! ;)
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