What is WAX?
WAX is a Carbon Neutral purpose built blockchain for NFTs. It is designed to cover the needs of creators, artists and collectors of NFTs in all shape and forms. At the time of writing there are over 80 million NFTs created on WAX alone. If you do not yet know what an NFT is, you can read this short article.
There are existing and upcoming games utilizing NFTs on wax such as Alienworlds, Splinterlands, Farmers world, xpansion, Dark country, Kogs, Upliftworld, Prospectors, Hodlgod, Clashdome, Rplanet and many more. If you follow the space you will notice new games popping up every week.
The overall view on the development of WAX and the projects is encouraging and intriguing. There are more projects to digest than most people have time for, it is truely an amusement park for NFTs. With a daily NFT trade volume in the hundreds of thousands $USD divided between many thousands of trades, Free transactions and many available games, there is seldom a boring moment. The Official Discord has over 55k users and there are many telegram chats for the different NFT projects and communities.
With 0.5s block time and virtually free transactions, being a highly programmable blockchain, it's the perfect place for NFT collectors to indulge in the metaverse of WAX.
WAX account system is your identifier in the metaverse
On WAX, you have your unique account name. Majority of users on WAX use the WAX cloud wallet which auto generates an account name that is similar to: 'q4k5u.wam', which is my cloud wallet. Any account that ends with .wam is a cloud wallet based account.
After you spent some time on WAX, you will notice that some users, games and applications have a custom account name, this is possible for everyone but require you to manage your private keys yourself. This require a bit of knowledge in IT security to properly operate, but that's something anyone can learn.
If you or anyone else want to transfer anything on WAX, you do that to the account. Which means if you want to transfer anything to me, you would enter q4k5u.wam as recipient. This enables you to quickly and with ease double check that you are transferring to the correct address.
The same applies for WAXP, NFTs or anything else.
Deposits to Exchanges from WAX
If you have used other blockchains like Bitcoin or Ethereum you are used to transfer to long addresses of seeming random characters. For deposits of Bitcoin or Ethereum to Exchanges you are given a unique address that represent you. For WAX this is different. Instead of everyone getting a unique address, you receive a unique memo. For your transfer to appear in your exchange account, this memo address has to be correct. It is your identifier, so if you transfer WAXP to an exchange account and enter the wrong memo, it will not come to your exchange account.
What is positive with this structure is that you as a user can easily identify that you are sending your WAXP to the actual exchange. The exchange account name is readable and easily identifiable.
Binance account is: waxonbinance
Bittrex account is: bittrex
Huobi account is: huobiwaxdepo
All of the above accounts is easy for you to identify and know by certainty that you are sending your tokens to the correct place. This information is clear inside the exchange interface as you go through the deposit process. Copy paste from the exchange interface, and then double check that it is correct.
Withdrawals from Exchanges to WAX
To transfer from an exchange is super easy, it's the same process on all exchanges. All you need to do is to enter your WAX account name. Memo is not required but is optional. If I would take out WAXP from an exchange I would just enter q4k5u.wam as the receiver and it would come to my account. This usually goes rather fast.
When you transfer WAXP to your own account, you do not need memo, it's optional.
When you transfer WAXP to a exchange, you require an exact memo.
If you move WAXP from one exchange to another, you are required to enter the exact memo of the next exchange or the WAXP will not come into your exchange account.
You can think of memo as your unique identifier in the exchange database. Without it, your transfer is lost in the limbo of the exchange. Most times you can manually put in a support request with the exchange and get your WAXP, but this might take weeks or months, and have a fee. To avoid these mistakes, make sure you always enter the memo if required.