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Phil Hall
Phil Hall
Dec 12, 2022

Dwindling Crypto Calls for WAX Restructuring

WAX had to lay off several of its stalwart employees recently and is restructuring itself to continue evolving with dynamic market patterns.
Dwindling Crypto Calls for WAX Restructuring

The Worldwide Asset eXchange, or WAX, the Blockchain known for its carbon neutrality and online convenience, had to lay off several of its stalwart employees recently. WAX, as was expected, is restructuring itself to continue evolving with dynamic market patterns. Exactly 19 team members were given the pink slip. However, the engineering staff remained unaffected, probably due to being vital to its core functioning. 

Once again the bear market makes its effects felt. This time it's with the core WAX team. But, even though they had to layoff and restructure, WAX still feels confident about the future!

The Future of WAX

WAX Blockchain has several divisions that are paramount to its existence as a whole. They gave us a rundown of each one and their plans for the future. 

Core WAX Blockchain Protocol

WAX had been working closely with the Antelope Coalition, which stays the same. This will help WAX enhance its Antelope stack and proprietary Wax Blockchain protocols. Also, the tooling will be upgraded for both. Tokenomics are being looked into to reduce inflation and to improve WAXP token utility. They also want to implement USD pegging. USD pegging for block producer and standby rewards.. 

By the 2nd and 3rd Quarters of 2023, Inter Blockchain Communication (IBC) protocol is expected to be implemented, improving scalability and native compatibility with other chains and to facilitate connectivity with chains based on Antelope. Moreover, to better utilize sparse resources, dApps would be able to run independently. Then comes the launch of EVM, which will be a component of the Antelope stack to allow cross accessibility from external developers, enabling hassle-free migration of their projects onto WAX. 

Moreover, the impending upgrade to the stellar Antelope Instant Finality would be made, bringing the WAX Blockchain finality time from the sky-high 3 minutes to an impressive 2 seconds. This would be a game changer, simplifying the process of composing Web3 applications. 

Finally, more updates shall see the light, including upgrades to their resource model. The Antelope Scalability+ enhancements should allow the creation and operation of over a billion accounts! This is to take place in 2023 and is ultimately aimed at maintaining WAX as a robust transaction system. 

Antelope Coalition - WAX Restructuring

WAX Cloud Wallet

Cloud Wallet is one of the key areas of improvement which will be overhauled. As WAX is primarily a transaction system, there will be a complete makeover of the wallet system. It includes improvement its core functionality, a refreshed user experience and adding protections to its stringent security layers. 

To make the wallet more accessible, several gaps will be bridged through Ethereum and BNB Smart Chain. Other EVM chains will follow suit after that. This will dramatically enhance WAX’s reach to the masses. In addition, a scoring system will be introduced to identify bots. This will be done by dApp’s whitelisting scoring system. 

Currently, users can’t claim their accounts when left unused for some time. This will be changed through a Cloud Wallet browser plug-in. Then there’s the social wallet to explore newer avenues related to brand new projects, allowing newfound interaction amongst creators, and sending waves of content to WAX’s users. 

A robust multichain system is the core requirement for the cloud wallet’s restructuring. Simply said, this will calibrate the already inbuilt cloud wallet features to be compatible with multitudes of other blockchains. As a result, users can easily access other blockchains. 

WAX Cloud Wallet Restructuring

vIRL Marketplace

vIRL Marketplace will also begin the integration of multichain support for several currencies, but primarily Ethereum. dApp developers will benefit from much better access to add marketplace functions into their apps. Even Unity SDK will be closely knit with the marketplace sometime during the 3rd or the 4th quarter. 

Socialization is a big thing in the new restructuring, which a social marketplace will facilitate. It means more users, more connections and more interested creators. Empowering users is one of the goals of WAX, and that will be taken care of quite aptly with these new features in the marketplace. 

vIRL Marketplace

The core tooling components

WAX aims at user friendliness and enterprise-level agreeability with its entire ecosystem. Especially when it comes to integrating with Custodial Service Providers for better business overall. The authenticity of reporting information is another thing that needs to be paid attention to, and WAX is not slacking off on it. So, it will work with reporting services to bring out a clearer picture for the entirety of WAX’s ecosystem activity. 

Gaming will also see a boost with built-in compatibility of the cloud wallet with the Unity SDK, which will also be introduced 2023. This will allow developers to easily on-board new users and interact with smart contracts.

What about Tyranno Game Studios? 

Tyranno Game Studios, the premier Web3 studio, will continue to develop their games.

For Blockchain Brawlers, the ability to buy NFTS in-game with BRWL, WAXP, and credit cards will be implemented this year. Other staking and minting of NFT-related improvements shall be done as well. The noted highlight however would be the B.E.S.T. or the Brawlers Esports Series Tournaments. The first of these should launch soon.

Additionally, Music Mogul will have its MVP game launched sometime early next year

Finally, a new mobile app and new clients for Mac and Windows users will be available for the smoothest experience possible.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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