Worldwide Asset eXchange (WAX), a blockchain-powered platform to create, buy, sell, and trade virtual items, today introduced WAX Labs, a worker proposal system designed to grow the WAX Blockchain.
There are presently more than 75 million WAX tokens worth millions of dollars in the WAX Labs fund; which allocated toward compensating developers who build on the WAX Blockchain over many years. WAX hopes to build the most extensive network of blockchain developers in the world.
Candidates can now submit projects for consideration, and WAX token holders can vote on them.
WAX Labs worker proposal system
WAX Labs incentivizes developers to build new projects on WAX, work on community needs, patches, and upgrades. In exchange for their time and effort contributing to the development of WAX, these developers will be eligible to receive WAX Tokens from the WAX Labs fund, which will provide support for WAX development efforts for many years to come.
Projects that will have a clear positive and measurable impact on the WAX ecosystem are eligible to be funded.
If you request more funds for your project than the Reviewers and voters feel is appropriate for the project’s anticipated value to the WAX ecosystem, the project may not be approved (but is eligible for resubmission). Projects will not be approved if they are functions of another role in the WAX ecosystem that also earns WAX tokens (ie: WAX Guild functions).
Through WAX Labs, the WAX Community benefits from a decentralized structure by reducing the reliance on a single source for new additions. This system is beneficial for everyone including:
- Developers – who are compensated for their efforts.
- Community – for having access to additional resources.
- The WAX organization – which can leverage the creativity of the community to advance projects.
How to submit a project to WAX Labs:
- To submit a project for consideration, visit the WAX Labs portal. Complete a candidate profile, then submit your project.
- Reviewers, selected by a committee that is selected by the WAX Guilds, will assess your project. If the Reviewers approve your project, it will be put forth to the WAX Community who has 30 days to vote on whether to accept or reject it.
- For your project to be accepted, 35% of the entire amount of WAX Tokens that are staked must be voted towards your project (ie: if there are 1 million total WAX Tokens staked, then 350,000 of those must be voted towards your project).
- If your project is accepted, you will receive payments of WAX Tokens in order to fund your project in accordance with the schedule you requested during the submission process.
Please note that WAX Labs will establish its own governance rules in order to ensure both project quality and project completion, including making payments based on achieving project milestones.