Binance announces the arrival of WAX coin

3 min read | August 24, 2021 03:46 PM AEST | By Daniel Paul Johns

Binance announces the arrival of WAX coin — Image source: Coyz0,Shutterstock.com

What is Wax coin?

WAX, whose native cryptocurrency is called WAXP, is a community for digital collectables and gaming.

The WAX blockchain consensus mechanism uses a Proof of Stake (POS) mining method. Moreover, it’s also compatible with EOS.

WAX made a blockchain-based suite that sees the creation decentralised applications (dApps), native non-fungible tokens (NFTs), and marketplaces. It includes features where the blockchain’s use of e-commerce is vastly optimised, and it also encourages its users to vote on guilds and development proposals.

Additionally, the tools that exist in WAX support the creation of the WAX Cloud Wallet, as well as SSO, OAUTH and others like the native RNG service and developer.

Source: © Boumenjapet | Megapixl.com

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Taking care of the planet

WAX operates on a proof-of-stake (POS) consensus where users are required to stake WAXP tokens to enter community assets like CPU, NET, and RAM and then access the dApps on the platform.

The WAX website mentions that no NFT is more important than the planet. A POS consensus is considered largely better for the environment than a proof-of-work (POW) consensus.

This is because POW mining practices require high powered computers to solve complex mathematical algorithms to release the coins. This method uses excessive energy and has been criticised for its harmful impact on the environment.

On the other hand, POS mining practices require users to simply have crypto in their possession to mine the crypto coins. In other words, the user must have a stake in the platform.

WAX begins trading

Binance announced that they would begin trading for WAXP/BTC, WAXP/BNB, WAXP/BUSD, WAXP/USDT.

Binance has said the WAXP listing fee is 0 BNB. BNB is the native token on the Binance platform.

Binance also said the withdrawal open time is an estimated time for users’ reference. Users can see the official status on the withdrawal page.

The Binance team encouraged users to be wary when trading, noting that crypto trading is a high market risk. While the team are trying their best to include high-quality coins, the team insist they will not be responsible for any trading losses experienced by its users.

The value of WAXP at the time of writing was US$0.3585. It has a market cap of US$565.08 million.

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