Wax Guilds & Block Producers
WAX Guilds play a pivotal role in maintaining and enhancing the network's performance and security.
Wax Guilds
What Are WAX Guilds?
WAX Guilds are community-driven entities that work together to maintain the integrity and functionality of the WAX Blockchain. They are responsible for running our nodes; producing blocks, validating transactions, and ensuring the overall health of the network. By decentralizing these critical tasks, WAX Guilds help to create a more resilient and secure blockchain environment.
Benefits of WAX Guilds
WAX Guilds offer numerous benefits to the WAX Blockchain, including:
Decentralization: By distributing block production and validation responsibilities among multiple guilds, the WAX Blockchain minimizes the risk of single points of failure and enhances overall security.
Community Governance: Guilds are typically composed of community members who are deeply invested in the success of the WAX ecosystem. This ensures that decision-making is aligned with the best interests of the community.
Enhanced Performance: Guilds work together to optimize the performance of the WAX Blockchain, ensuring that it can handle high transaction volumes and maintain fast, reliable service.
Becoming a WAX Guild
To become a WAX Guild, interested parties must meet specific criteria and demonstrate their ability to contribute positively to the network. This includes:
Technical Expertise: Guilds must have the technical know-how to maintain and operate blockchain infrastructure.
Community Involvement: Active participation in the WAX community is essential, as guilds are expected to be ambassadors and advocates for the network.
Commitment to Transparency: Guilds must operate transparently, regularly reporting on their activities and contributions to the community.
Supporting WAX Guilds
The WAX community can support guilds by voting for them in block producer elections. Votes are typically cast based on factors such as the guild's track record, technical capabilities, and community engagement. By participating in these elections, community members help to ensure that the most qualified and dedicated guilds are selected to maintain the network.
WAX Guilds are everything on the WAX Blockchain, playing a crucial role in its decentralization, governance, and performance. By fostering a collaborative and transparent environment, WAX Guilds help to maintain the integrity, growth and resilience of the network, ensuring that it can continue to support a wide array of past/current/future dApps, NFTs, and digital collectibles.
WAX Guilds all run a number of different nodes each, and are evaluated -> rewarded on their contributions to the network by the WAX OIG, and the Wax Network.
Block Producers (BPs)
The top 21 highest voted Guilds in the Wax are elected as the main active Block Producers, and are recompensed daily with 5484WAX/day for maintaining the Wax Network Infrastructure, and to run their various Guild-sourced contributions.
Every Guild from 22-40 most voted are Standby Guilds, who receive ~half the daily BP-reward, but who must still qualify by making the required nodes available to the network.
Find more information/voting on WaxBlock or EOSAuthority here below:
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