WandX Review – Decentralized ERC20 Token Exchange
The cryptocurrency market is expanding at a rapid rate. One of the most common and successful types of coins are those which are called ERC20, which is a type of token issued on the Ethereum blockchain. With so many ERC20 tokens out there, it is very hard to trade all of them in one place. There is a problem with liquidity and there are currently limited ways that people can trade all the altcoins.
These issues are currently being partially solved by centralized exchanges. However, centralization is the opposite of what cryptocurrency represents, which is decentralization. And centralization brings with it all sorts of security concerns and issues.
WandX aims to solve this issue by releasing their decentralized exchange for trading ERC20 tokens and ERC20 token baskets. This WandX review will explain what WandX is, what problem is seeks to fix and what the WandX platform can be used for.
What is WandX?
WandX has built a decentralized exchange for ERC20 tokens and ERC20 tokens that can be combined in baskets. In addition, it is possible to create your own tokens on the WandX platform. This video does a great job introducing the platform.
WandX is based on the Ethereum blockchain and users can build baskets of ERC20 tokens that they can then trade as a whole basket which is represented by a token. Bidders need to bid in order to buy the ERC20 token basket.
Unlike the traditional method where users had to buy one ERC20 token in a single transaction, WandX enables you buy multiple ERC20 tokens with a single transaction. With the help of WandX, one can invest in two broad types of crypto-assets.
- ERC20 tokens: Users can buy multiple ERC20 tokens at one time by buying the ERC20 token baskets. These baskets have a price attached to them which is determined by the value of the ERC20 tokens in the basket.
- Crypto-assets: You can also trade other digital assets like reward points that are registered on the blockchain. With the help of WandX, you can register any digital asset on the Ethereum blockchain as an ERC20 token and can then trade it with others. A smart contract governs all the transactions made on the platform
- WandX provides a very user-friendly interface to register any crypto asset and later trade it on the blockchain
- You can buy multiple ERC20 tokens at the same time
- WandX also allows you to start crowdfunding projects on the blockchain
- Creating smart contracts are extremely easy using the interface provided by WandX
WandX ICO and WAND Token Sale
On WandX, users will need to pay for services using the WAND token instead of Ether (ETH). This is because by using the WAND token it is easier and more efficient to be able to implement tokens created on another blockchain such as NEO. The WAND tokens will also be used as incentives for events such as bug bounties.
A total of 75,000,000 WAND tokens exist, with 55,000,000 distributed to the users during the crowd sale. The remaining tokens will be retained by the founders and the advisory board. The WandX ICO token sale ended once the company received 12,500 ETH.
The WandX project is spearheaded by Abhinav Ramesh, a 26-year-old who worked in the field of supply chain and analytics at Ernst & Young. Sridhar Kolapalli is the chief smart contract architect and Dinesh Rekula is the smart contract developer.
Other members of the team include Amith Maurya, Inder Singh, Vivek K and Shyam Mamidi.
WandX Use Cases
- Using the WandX platform, users can seamlessly register any digital asset on the blockchain and trade them on the platform. This ensures that all digital assets, like loyalty points, can be registered and traded among users. Since the whole system is governed by smart contracts, you can be assured that you receive the right value for the token.
- By introducing ERC20 token baskets, users can now buy multiple crypto-assets all at once and at the same place. This means that users need not have to go around looking for exchanges to buy some ERC20 token as they will be available as a token basket on the WandX platform.
- The whole WandX platform is decentralized which means that there is no central authority controlling the system. You have full control over your funds, and hence the project gives the control back to the people.
The WandX platform makes it so that users can create their own ERC20 token without having to know the ABC’s of coding. You can then trade these tokens as an ERC20 token basket containing a range of different ERC20 tokens, and the price is governed by a smart contract.
However, at the present time, until we see further development of the platform, some may wonder, is WandX a scam designed to simply take money from unsuspecting purchasers of the WAND token? Only time will tell.
This ensures that users get the right value for their tokens. It is a wonderful platform and brings in more liquidity to the market. The platform is based on the use of the WAND token. Their BETA project has already been released and you can check it out at WandX.co.
Dave Starkax built his first computer when he was 8 years old and has never looked back. Dave built trading platforms for the exchange of video game digital goods beginning in 2001. When he read the bitcoin whitepaper in 2011, he recognized it as a solution to the biggest problem his industry had been facing for over a decade. He joined Do Cryptocurrency upon meeting the founder and learning about his inspiring mission for the crypto community.