WEMIX

What is Wemix (VEMIKS)?

WEMIX is a native token for the platform of the same name. Wemix ecosystem hosts digital games and blockchain-based decentralized applications (dApps). It was built on the Klaytn blockchain.

Wemix offers its users a platform that simplifies the game development process. 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 from Wemade, a South Korean game development company.. Weade was founded in 2000 and was the author of such games as “The Legend of the World”, “Riders of Icarus” and “Heroes of Avalon”.

The goal of creating Wemix was to bring Wemade’s experience in game development to the blockchain environment. Since 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 main goal of Wemix is promote mass adoption of blockchain-based digital games. The platform hopes to attract a number of game developers by providing them with simpler solutions for working with decentralized projects.

Wemix tokens were officially launched in the second half of 2020. During the rest of the year, their prices remained low, not exceeding $0.3. The upward surge occurred in April 2021, when the price of Wemix briefly exceeded $1 for the first time. However, this was followed by several months of low volatility and balancing below $1.

Since August 2021, the asset has become more volatile. In November 2021, the asset crossed the $10 threshold and the WEMIX price reached a high of $24.68. Overall, Wemix seems to be following the trends of the crypto market.

What are the benefits of Wemix?

The total supply of Wemix tokens is limited to 1 billion. The protocol is programmed to issue 60 tokens per minute. All transferred assets are planned to be gradually released over at least 10 years. The asset is deflationary. This means that the price of Wemix will likely increase as the number of tokens in circulation decreases.

According to the Wemix team, the platform offers high transaction speeds at low costs, as well as platform scalability..

The Wemix crypto platform consists of three types of blockchains:

• Service (private) networks – chains that process in-game transactions. They belong to Wemix. Such chains help prevent unnecessary congestion of transaction dates on public blockchains and ensure lower transaction fees;
• Public networks – chains that are used to manage all transactions that occur outside of the game, i.e. development services specified in the Wemix price value;
• Bridge chains – blockchains that connect service and public networks, enabling scalable asset management and trading. Using bridge chains, users can move their game assets from the service to the public network and vice versa.

The combination of the three types of blockchains is used as a solution to the scalability problems faced by other blockchains. Using service chains reduces the network load that public chains would otherwise have to handle, and bridges help avoid network congestion by moving assets as needed.

Connecting private and public chains also helps users manage a wide range of assets. Each game in service chains can have its own token. To help manage various assets, Wemix offers its own wallet. This helps you check the WEMIX value of various in-game assets and trade various assets across chains more efficiently.

Wemix platform developers are given access to middleware known as “trade delegators” for their projects. This software takes over the process of managing transactions and working with smart contracts. This makes the development environment more convenient for those who do not have experience with blockchain technology.

Wemix ecosystem acts as a bridge between traditional game developers and blockchain games., which allows them to have a level field and provides them with the necessary set of tools. Binders is a tool that developers can use to integrate blockchain functionality into their existing projects. They facilitate data transfer, transactions and can act as game servers.

In addition to supporting developers, Wemix also offers crowdfunding services for game developers. This helps project teams access the resources they need and get their games noticed.

Among its services Wemix also supports non-fungible tokens (NFTs). NFTs can be created and sold 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 improve their gaming performance.

Although users may bet WEMIX coins to make a profitstaking is not used as a security measure for the underlying network. Instead, Wemix relies on the Istanbul Byzantine Fault Tolerance (PBFT) consensus mechanism of Klaytn. It is an alternative to Proof-of-Work (PoW) and is used by scalable networks to reduce the time between blocks and improve data integrity.

In addition, Wemix also uses the Proof-of-Contribution (PoC) consensus algorithm. This method takes into account how much users have contributed to the network in terms of transactions and active participation. The more users contribute to the Wemix network, the more likely they are to be selected as blockchain validators.

Wemix launched its first blockchain-based game, CrypTornado, in June 2021. Following the model of Wemade’s most popular 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 network and sold at the price of WEMIX.