How to Use Your WAX Wallet

Use Your WAX Account

If you haven’t checked out our account creation guide yet, don’t worry! It’s a simple process. For a quick overview, you can read our article: Create a WAX Account.
In the previous article, we covered the main sections of your WAX wallet: Balance, Address, and Settings. Here, we’ll expand on how to effectively use your WAX account on the updated WAX.io site.

Getting Started with Your Account

After acquiring WAXP tokens by swapping coins or purchasing them, you can start utilizing your account’s features and resources within the WAX ecosystem.

Understanding the WAX Ecosystem

The WAX ecosystem operates on a unique resource model to manage bandwidth (NET and CPU) and memory (RAM). Here’s how these resources function:

Bandwidth (NET and CPU)

• NET (Network Bandwidth): Think of NET as the number of available seats on a flight. If you’ve reserved a seat (staked WAXP for NET), it’s guaranteed to you when needed. However, if the flight isn’t full, you can use additional seats that are temporarily free until their owners need them.

• CPU (Processing Power): CPU represents your ticket to board the flight. On the WAX Blockchain, CPU allows you to perform actions during specific timeframes. The availability of CPU depends on network activity—if the blockchain is busy, you may experience delays.

Memory (RAM)

• RAM represents the operational costs of running the blockchain. This includes infrastructure, data storage, and administrative tasks necessary to facilitate transactions. Unlike NET and CPU, RAM does not regenerate and must be purchased for specific tasks like creating accounts or storing data.

Staking on the WAX Blockchain

Staking WAXP tokens is a highly effective way to ensure smooth operations within the WAX ecosystem. Here’s how it works:

• When you stake WAXP for CPU or NET, you gain proportional access to the shared resource pool based on the amount you’ve staked compared to the total stake.

• Staking allows you to:

  • Perform transactions without worrying about running out of CPU or NET resources.

  • Participate in the ecosystem while earning potential rewards.

Staking benefits both individual users and the network by maintaining a steady flow of resources for decentralized applications (dApps) and other activities.

How Resources Are Consumed

Resources like CPU and RAM are used when interacting with dApps and other blockchain operations. For example:

• CPU: Consumed when performing actions like transferring tokens or interacting with smart contracts.

• RAM: Used for storing account-related data or metadata associated with NFTs.

By understanding and managing your resources through staking, you can maximize your wallet’s efficiency and enjoy seamless interactions within the WAX ecosystem.

Conclusion

The WAX Blockchain’s innovative resource model ensures a smooth and efficient user experience. By staking your WAXP tokens and understanding how NET, CPU, and RAM function, you can make the most of your WAX wallet on the updated WAX.io platform. Dive into the ecosystem and explore all the possibilities WAX has to offer!