WAX, acronym for Worldwide Asset eXchange, is an EOS sidechain.
Sidechains, also known as sister chains, are blockchains that have adopted the main features of a consensus protocol but have made some changes or upgrades to the original blockchain.
WAX blockchain was born with the intent to create, buy, sell and trade eco-friendly virtual assets, the classic NFTs (Non-Fungible Tokens), in a convenient and secure way to anyone, anywhere in the world.
Advertised as a carbon neutral blockchain that runs on a Proof of Stake system. Meaning, it don’t need supercomputers to wage an energy-sucking battle to complete a single transaction. WAX it’s a lean, green NFT minting machine.
The WAX blockchain uses DPoS (Delegated Proof of Stake) consensus protocol and therefore it is the users, or rather the token holders, who vote the block producers, which on this blockchain are called WAX Guilds. The system of transactions, staking and so on is identical to that of the EOS main chain, so there are the 3 main resources: CPU, NET and RAM, which can be staked to earn WAX tokens or vice versa.
More information on this can be found on WAX.io or in their official whitepaper.
WAX Wallets:
Although there are already a bunch of WAX friendly wallets, here are two of the most popular ones:
- The WAX Cloud Wallet is free and allows you to both generate a free WAX account and access it through Google and various other social networks.
or
- Anchor Wallet is a security and privacy focused open-source digital wallet for all EOSIO-based networks. Stable releases are available for Windows, macOS, Linux, iOS, and soon Android operating systems.