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 WhaleShares 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 WhaleShares 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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