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What is the Blockchain, Cryptocurrency, and WAX?

What is Blockchain Technology?

A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format (according to Investopedia). There are plenty of resources available for curious learners or avid investors, but one of the better ones to learn about blockchain technology is published by IBM that will help give you a great overview on how the technology functions.

What is Cryptocurrency?

A cryptocurrency, crypto-currency, or crypto is a digital asset that is designed to function as a medium of exchange through an online network that is not reliant on any centralized authority, such as a government or bank, to uphold or maintain it.

Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.

Investopedia has a great article written on what cryptocurrency is and how it related to the blockchain technology.

What is WAX?

BlockchainRPG runs on the Worldwide Asset eXchange (WAX) blockchain. According to CoinMarketCap, WAX is a purpose-built blockchain, released in 2017, that is designed to make e-commerce transactions faster, simpler and safer for every party involved. The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism.

For more information on WAX please check out the Official WAX Website.

Below is a video providing further information about WAX: