What is Wemix (WEMIX)?
WEMIX is the native token for the platform of the same name. The Wemix ecosystem hosts blockchain-based digital games and decentralized applications (dApps). It was built on the Klaytn blockchain.
Wemix offers its users a platform that simplifies the process of game development. It provides a combination of public, private, and bridge chains to create a user-friendly, scalable gaming platform. Developers are also eligible for crowdfunding services to finance their projects.
Who is the Team Behind Wemix?
Wemix is a project by Wemade, a South Korean game developing company. Weade was founded in 2000 and has been the company behind titles such as The Legend of Mir, Riders of Icarus, and Avalon Heroes.
The goal of establishing Wemix was to move the Wemade game development expertise into the blockchain environment. As decentralized gaming is a relatively new niche in the crypto space, Wemix aims to provide a blockchain environment that players can take advantage of even if they are not crypto-savvy.
The key aim of Wemix is to promote the mass adoption of blockchain-based digital games. The platform hopes to attract a range of game developers by providing them with simpler solutions for working with decentralized projects.
The Wemix tokens officially launched in the latter half of 2020. Throughout the rest of the year, its value remained low, not exceeding $0.3. There was a jump upwards in April 2021, when the Wemix price briefly exceeded $1 for the first time. However, this was followed by several months of low volatility and balancing under $1.
From August 2021 onwards, the asset started to appear more volatile. In November 2021, the asset exceeded the $10 threshold, and the WEMIX price peaked at $24.68. In general, Wemix appears to follow the trends of the crypto market.
What Are the Uses of Wemix?
The overall supply of Wemix tokens is capped at 1 billion. The protocol is programmed to issue 60 tokens per minute. All vested assets are scheduled to be gradually released over at least 10 years. The asset is deflationary. This means that the Wemix price is likely to increase as the number of tokens in circulation decreases.
According to the Wemix team, the platform offers high transaction speeds for low costs, as well as platform scalability.
The Wemix crypto platform consists of three types of blockchains:
- Service (private) chains – chains that handle in-game transactions. They’re owned by Wemix. Such chains help prevent an unnecessary transaction date overload on the public blockchains and ensure lower transaction fees;
- Public chains – chains that are used for managing all transactions that do not occur in-game, i.e., development services that are listed with the Wemix price value;
- Bridge chains – blockchains that connect service and public chains to enable scalable asset management and trading. Using bridge chains, users can move their in-game assets from the service to the public network and vice versa.
The combination of three blockchain types is used as a solution to scalability issues that other blockchains experience. The use of service chains reduces the network load that the public chains would otherwise have to handle, while the bridges help avoid network congestion by moving assets around as required.
The bridging of private and public chains also helps users handle a broad range of assets. Each game on the service chains can have its own token. To help manage different assets, Wemix offers a native wallet. It helps check the WEMIX price value of the different in-game assets and trade different assets between chains more efficiently.
Developers on the Wemix platform are given access to middleware known as “trade delegators” for their projects. This software takes over the process of managing trades and handling smart contracts. This makes the development environment more user-friendly for those who don’t have prior experience working with blockchain technology.
The Wemix ecosystem acts as a bridge between traditional and blockchain game developers, allowing them to have a level field and providing them with the necessary toolkit. Binders are a tool that developers can use to integrate blockchain features into their existing projects. They facilitate data transfers, transactions, and can act as game servers.
In addition to dev support, Wemix also offers crowdfunding services for game developers. This helps the project teams access the resources they need and bring their games into the spotlight.
Among its services, Wemix also supports non-fungible tokens (NFTs). NFTs can be created and traded in-game or moved from their service chains to the public network. Users can then exchange the NFTs for the specified WEMIX price and use them to boost their gaming performance.
Although users are able to stake WEMIX coins to yield profits, staking is not used as the core network security measure. Instead, Wemix relies on Klaytn’s Istanbul Byzantine Fault Tolerance (PBFT) consensus mechanism. It’s an alternative to Proof-of-Work (PoW) and is used by scalable networks to reduce the time between blocks and reinforce data integrity.
Additionally, Wemix also uses the Proof-of-Contribution (PoC) consensus algorithm. This method takes into account what contributions users have made to the network, with regards to transactions and active participation. The more users contribute to the Wemix network, the more likely they are to be chosen as blockchain validators.
Wemix launched its first blockchain-based Game, CrypTornado, in June 2021. Following the model of the most popular Wemade games, CrypTornado is an RPG that allows users to create and trade NFT items. The game uses the TORNADO token which can be transferred to the public chain and traded with the WEMIX price value.
