How does WAX enable energy-efficient NFT minting?

WAX (Worldwide Asset Exchange) is a leading blockchain for NFTs. It is mainly known for its low energy consumption, which according to ClimateCare.org data, is about 0.000223 terawatts per year. Compared to Bitcoin, WAX is 66,454 times more energy efficient.

Delegated proof-of-stake is the key to low energy consumption

Energy efficiency is achieved thanks to the type of blockchain consensus algorithm WAX uses. This is known as Delegated Proof-of-Stake (dPoS), developed by Daniel Larimer in 2014. Although this works similarly to proof-of-stake, there is an important nuance.

In dPoS, transactions are not directly verified by token holders. Instead, WAXP token holders delegate the work of validation to others through their votes. Delegates act as block producers and are responsible for reaching consensus during the generation and validation of new blocks.

In a dPoS system, there can be 21 to 100 unique delegates. WAX uses a 21-delegate system where delegates (or block producers) are known as “WAX Guilds”.

The success of dPoS depends strongly on the reputation of the guild. If a chosen guild does not perform efficiently, token holders can quickly choose a new one. for this, Although the system is partially centralizeddPoS can process more transactions per second (TPS) than Proof-of-Stake in most cases.

How does the voting process work?

WAX motivates community participation in choosing guilds by distributing rewards to voters. To vote, you should hold WAXP tokens in your WAX cloud wallet and share them.

To earn staking rewards, you must vote for at least 16 guilds. But, for most people, this method of voting is cumbersome, as it takes time to research the right representatives. Therefore, you can also vote through proxies that research and vote for the best guilds. You can search wax proxy here.

Each month, the WAX ​​community chooses 21 active and 10 standby guilds. Monthly guild rating reports are published by the WAX ​​Office of Inspector General, a committee whose primary job is to look at all guilds to judge their contribution to the WAX ​​ecosystem.

With efficient community participation in the voting process and the use of delegated proof-of-stake consensus algorithms, eco-friendly NFT minting is possible.

WAX NFTs

In short, WAX can handle a high volume of transactions with low fees. As a result, it is a significant player in the NFT world as it is the blockchain for many NFT collections, marketplaces and games.

AtomicHub and NeftyBlocks are two notable marketplaces where you can trade WAX ​​NFTs.

Well-known play-to-earn games including Alien Worlds and Farmer’s World also run on the WAX ​​blockchain. Both of these games are in the top 10 games per DAP Radar data at the time of writing. Another analysis of Dapp Radar from July 2022 shows that 42% of the entire GameFi sector are WAX ​​users.

What are vIRL NFTs?

Virtual in Real Life (VIRL) NFTs are special types of wax NFTs. Each vIRL is associated with a physical, real-world product or service. VIRL owners can redeem NFTs for physical products or transfer ownership to someone else without physically shipping the linked product, a sustainable way to trade real-life items.

vIRLs represent WAX’s approach to integrating e-commerce with blockchain. To this end, it has partnered with notable consumer brands. For example, Funko launched its first NFT collection using VIRL that is associated with physical Funko figures. Hasbro also launched a VIRL NFT collection featuring its Power Rangers franchise.

WAX’s next big step towards a green blockchain ecosystem will be WAX ​​Carbon Impact NFTs, vIRL NFTs that will act as carbon offsets. Users holding these NFTs will be able to contribute to tree saplings planted by the National Forest Foundation.

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