📝Wax 101

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Introducing Wax.io: Leading the Way with Carbon-Neutral NFTs and Innovative Resource Models

In an ever-evolving digital landscape, Wax.io has emerged as a groundbreaking blockchain platform, fundamentally altering the way we perceive digital ownership and NFTs. What sets Wax.io apart is not just its pioneering role in NFTs, but also its commitment to sustainability through carbon-neutral NFTs and its innovative resource model.

Carbon-Neutral NFTs:

Wax.io has taken a forward-looking stance on environmental sustainability by introducing carbon-neutral NFTs. In a time when concerns about the carbon footprint of blockchain technology and NFT creation are on the rise, Wax.io's carbon-neutral approach is a breath of fresh air. This approach means that the platform is designed to offset the environmental impact of NFT creation and transactions, making it an eco-conscious choice for creators and collectors. By implementing this groundbreaking feature, Wax.io is not only transforming the digital ownership landscape but also helping shape a more sustainable future for NFTs.

Resource Model (CPU, RAM, and NET):

One of Wax.io's most innovative features is its resource model, which plays a critical role in ensuring the efficiency and scalability of the blockchain. This resource model is composed of CPU, RAM, and NET (Network Bandwidth), and it operates on a unique staking system. Users are required to stake a certain amount of WAX tokens to access and utilize these resources.

• CPU: CPU-wallet resources are essential for executing smart contracts and running decentralized applications. Users can stake WAX tokens to gain access to CPU resources based on the amount they stake.

• NET (Network Bandwidth): NET resources are vital for transferring data across the network. Just like CPU and RAM, users can stake WAX tokens to ensure they have the necessary network bandwidth for their transactions.

• RAM: RAM is crucial for storing data and information on the blockchain. Users can spend WAX tokens to secure a portion of the blockchain's RAM capacity. Unlike NET/CPU which is staked, RAM is bought/sold instantly (with a 0.25% RAM trade fee)

(RAM can be sold instantly, where CPU and NET has a 72 hour unstaking period)

CPU and NET wallet stakes determine the Wax-accounts daily limit of transactions, and are 'temporarily spent' on transactions, up to each accounts resource limits. However all CPU/NET resources regenerate 24 hours after spending, to be utilized once again.

We recommend to at least have 10-20wax worth of NET, 50-200 Wax staked to CPU, and 10-50wax worth of RAM available at all times to ensure a smooth experience in using the Wax Blockchain.

In total this comes down around $10 worth of Wax at current rates, to setup a usable account to be able to do hundreds of actions a day on the Wax Blockchain.

This current Wax2.0 Resource model ensures that the Wax.io blockchain remains efficient and scalable by preventing network congestion and resource hoarding. Users have a vested interest in maintaining a balance between their resource usage and their staked tokens, thus promoting a fair and equitable ecosystem.

Wax.io's commitment to environmental sustainability through carbon-neutral NFTs and its innovative resource model with CPU, RAM, and NET resources are emblematic of its forward-thinking approach to blockchain technology. As we explore the world of Wax.io, we discover an ecosystem that not only empowers digital ownership but also strives for environmental responsibility and resource efficiency, making it a standout platform in the blockchain arena.

Wax Stats:

At this time of writing (autumn 2024) there are:

• Over 402 million NFTs created on Wax

• Over 14.8 million accounts created on Wax

• Over 100k transactions per day

• 211 tonnes of CO2 offset so far this year

• Over 273 million blocks processed