What is WandX (WAND) Crypto Beginner’s Guide
WandX is a platform that lets users create baskets of tokens. These tokens are ERC20 tokens. Several themes are possible including storage tokens, entertainment tokens, insurance tokens, gaming tokens, and identity tokens. Dozens of tokens are traded on the WandX exchange including IHT Real Estate (IHT), Metal (MTL), Skychain (SKCH), and Restart Energy (MWAT). The WandX exchange has a native token as well – WAND.
WAND Token Trading Information and Trends
WAND is traded on a few exchanges including Bancor Network and IDEX. WAND tokens are paired with BNT and ETH tokens. WAND has a market capitalization of $753,341. Daily trading volume is $705. 12.2 million WAND tokens are in circulation. A total of 16 million WAND tokens are available.
Recent trading data indicates that the WandX token has stabilized. Its value has remained within a $1 million range for the past five months. It did spike in value to nearly $3 million on April 23, 2018. Despite this, the token return to sub-$1 million numbers for the rest of the Summer. Its all-time high occurred on January 14, 2018 when its market capitalization reached $11.8 million. Currently, the WandX token is ranked 887th among all cryptocurrencies by market capitalization.
Lots of Smart Contracts
Basket trading is done through smart contracts. With a single transaction, a dozen tokens can be traded at the same time. There are no private keys. Users can create tokens on the platform and connect them with loyalty points. Users can record their digital assets on the blockchain and use the decentralized exchange to create markets.
There are six types of smart contracts including data storage, functionality enabler, settlement enabler, analytics enabler, and rating enabler. This ecosystem is used to trade, view, and settle contracts. ERC20 token instruments are created by users. They are purchased by buyers and market generators. Sellers play a part as well. The trade enabler and settlement enabler ensure that a decentralized trade happens.
Incentives and Rewards – Available Roles
Users can contribute to the platform and receive incentives in the form of WandX tokens. Some of the role available include:
market maker, developer, issuer, seller, and buyer
There are events where users have the opportunity to earn more. This includes hackathons. Bounties will be announced when they are available.
Market makers creates markets for products. For each basket they create, they will receive WAND tokens. They can collect trading fees as well.
Developers are rewarded for identifying bugs and suggesting features. If they can fix the problem, they are rewarded further. Issuers create ERC20 products. Sellers increase the liquidity of a product. Buyers purchase baskets and bilateral contracts.
Other Connections and Blockchains
The WandX platform is forming links with other Blockchains using the following applications – Oraclize, IPFS, and Streamr. This will form the basis for the backend of some types of smart contracts. WandX will be able to retrieve information from other blockchains and web APIs. IoT devices will be able to interact through the WandX platform as well.