Digital asset firm Okcoin reveals that clients are now able to trade the WAX token (WAXP) against USD via the crypto trading platform.
Okcoin has shared what the initiative is all about, “in simple terms.”
The team at Okcoin confirmed that you can now deposit, withdraw, and trade WAXP against USD via their platform. This offer is for all Okcoin clients including those in the US, “except for residents of the EU, the UK, Singapore, and Brunei.”
You may deposit, withdraw, and trade this digital token (started on February 16, 2022).
As explained by Okcoin in a blog post, WAXP is “the token of WAX, The Worldwide Asset eXchange™, a blockchain-focused on e-commerce.”
WAX uses a delegated proof-of-stake (DPoS) consensus mechanism and “touts support for 500-millisecond block time and zero-fee transactions.”
As noted in the update, the goal of WAX is to “enable anyone to operate a virtual marketplace by providing low-cost security, infrastructure, and payment processing.” It also allows users “to trade digital items such as video game skins, in-game items, and other digital collectibles.”
This is why “a bunch of GameFi projects have become big players in the WAX NFT ecosystem.”
The Okcoin team further noted that the WAX blockchain is “secured by a voting system based on so-called “guilds”, which choose who produces blocks.” and if a block is not produced on time, the next WAX guild in line is “chosen to produce a block.”
Also, if a block is produced but then skipped, that block is “not counted and, again, the next WAX guild in line gets to produce the next block.” As noted in the update, this “prevents any one WAX guild from controlling the entire blockchain.”
The WAXP token is designed to be used for:
- Paying for goods and services in the WAX ecosystem
- Investing in other cryptocurrencies
- Purchasing NFTs
- Voting for block producers
- Earning voting rewards
- Buy WAXP
In a separate update, Okcoin explained how to protect your crypto-assets.
The firm offers “a wide range of security options that are easy to implement.” The team shared that unlike credit card purchases, crypto transactions “can’t be reversed.” They also noted that “protecting your crypto is really important.”
The firm claims that they have “got you covered with a wide range of security features to help you keep your assets safe.” They also noted that account passwords, two-factor authentication, and anti-phishing codes are “some of the security tools [they] support.” Their Customer Support team is “always ready to help if you have questions,” the company noted.
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