Getting Started on WAX
Last updated
Last updated
The ZenMother understands that learning how to use the WAX ecosystem or any blockchain ecosystem can be quite overwhelming. So here's her guide on how you can get started, or any of your friends who might be interested in Zendodo Party Project! The Worldwide Asset eXchange (WAX) blockchain focuses on the trading of Non-Fungible Tokens (NFTs). NFTs are assets or items that are unique and not interchangeable. Unlike Fungible Tokens like Bitcoin, where there is no way of telling one Bitcoin from another Bitcoin. Most importantly, the best thing about the WAX Blockchain is that it does not require you to pay in order to send a transaction onto the blockchain!
Firstly, valiant heroes who would like to adopt Zendodos need to have their own WAX wallet. You can create one using the WAX Cloud Wallet. There are many login methods, ranging from email, Facebook, Gmail, Twitter and even Discord. Here's an example of what you will see on your homepage:
Let us go deeper into the different functions and aspects of your new WAX Wallet: (1) - Wallet Address: This is your personal WAX address which is public and another party can send you NFTs and Tokens by putting this address as the recipient. (2) - WAXP Balance: WAXP is the main token of the WAX blockchain that is used for transaction when buying and selling NFTs on the market. (3) - Resources: Indeed you do not need to pay to send any transaction on the blockchain but you will need sufficient resources to transaction. To be explained further below. (4) - Buy WAXP: When you click on this button, you will be able to purchase WAXP via your credit card. (5) - NFTs: When you access this tab, you are able to see all the NFTs you own in your account.
As mentioned above, WAXP are the main tokens used in the blockchain when trading NFTs. You will be able to see the current price of WAXP Tokens here: https://coinmarketcap.com/currencies/wax/ Now, what are the ways of getting your WAXP Tokens: (1) - Buying them with credit card on your WAX Cloud Wallet (2) - Buying them on a cryptocurrency exchanges: Huobi, KuCoin, Bittrex (3) - Sell NFTs that you've collected (You can follow our Twitter for free giveaways)
On the WAX Blockchain, there are 3 different resources (NET, CPU & RAM) to allow you transact and store information on the blockchain. CPU & NET allows you to send/sign a transaction on the blockchain while RAM allows you to store information on the blockchain. In order to get more of these resources, you will need to stake/lock in WAX tokens on your account (Under the "Resources" tab in your WAX Cloud Wallet). The more WAX you stake in these resources, the more you are able to transact on the blockchain. NET & CPU replenishes every 72 hours; meaning after you have utilised a certain amount of NET/CPU to carry out a transaction, the amount of resources used is automatically replenished 72 hours after that transaction. On the other hand, RAM is used to store information on the blockchain such as your NFTs. RAM can be bought and sold on the open market through your WAX Cloud Wallet. When you start using the WAX Cloud Wallet, you are given 1 WAX in NET, 1 WAX in CPU and about 5000 bytes in RAM. Most of the time, you'll run out of CPU/RAM rather quickly and you should stake more in them. Roughly 50 WAX in CPU and 5 WAX in NET should allow you to transact within the blockchain for a sufficiently long time! If you find yourself having excess resources, you can unstake your WAX tokens and the tokens will be returned back to your account in 72 hours. This is also another safety precaution you can take; for example if someone gained access to your account and wishes to take away your resources, you have 72 hours to regain access to your account and protect your staked tokens.
What's the point of owning NFTs but not being able to sell them. If you have Zendodo Party NFTs, you can trade them here: https://wax.atomichub.io/explorer/collection/zendodoparty.
Here are the links to other marketplaces: AtomicHub and NFTHive. We're sure there are other marketplaces opening in the future!
If you have friends that might have an interest in collectibles and blockchain games, please share this article with them to get them started: https://zendodoparty.gitbook.io/zendodo-party/wax or RT & share our Twitter Post: https://twitter.com/ZendodoParty/status/1396550247296479234?s=20.
