WAX describes itself as a purpose-built blockchain and protocol token designed to make e-commerce transactions faster, easier, and safer for all participants. The WAX Blockchain uses Delegated Proof of Stake (DPoS) as its consensus mechanism and is meant to be fully backward compatible with EOS. The custom features and incentive mechanisms developed by WAX are designed to optimize the blockchain’s usability in e-commerce, and encourage voting on guilds and proposals.
WAX claims to have created a suite of blockchain-based tools upon which dApps, marketplaces, and native non-fungible tokens (NFTs) are built. These tools would include services to support e-commerce operations such as an interactive block explorer, wallet, SSO and OAUTH, item creation, an RNG service, interactive item viewers, marketplace creation, and more. The resulting technology represents a blockchain architecture that is reportedly fast (500 millisecond block times), fee-less for customers, less expensive for developers, and leverages voting rewards to incentivize participation in the selection of block producers and proposals.