WEMIX (WEMIX)

What Is Wemix (WEMIX)?

Wemix is a blockchain ecosystem aimed at providing blockchain-based games and DApps with the infrastructure to run without barriers like high gas fees or low transaction speeds. Wemix claims to have solved these problems by utilizing a mixture of private and public blockchain functions and connecting them with intermediary chains under a hybrid structure. Consequently, this system increases the scalability of on-chain gaming by providing private blockchains to accommodate the increase in the number of games.

Wemix also claims to lower technological entry barriers for traditional game developers since it provides middleware that takes over blockchain-related functions of games and minimizes modifications to existing games. Furthermore, its crowdfunding solutions lower financial barriers of entry for games by reducing development costs and simplifying the entry experience new users have to go through.

Its ultimate goal is to achieve mass adoption of blockchain gaming by targeting the traditional gaming sector, which currently stands at one billion gamers strong. Moreover, the developers hope to provide solutions catered to gamers themselves instead of the overly complicated decentralized applications available on the market now.

Who Are the Founders of Wemix?

Wemix is being developed by Wemade Tree, a subsidiary of Wemade that is dedicated to the blockchain business. Wemade is a publicly-traded South Korean video game developer based in Seoul that was behind the Legend of Mir RPG, which sold 500 million copies in China. Wemade has over 10 subsidiaries like Joymax (developer of Wind runner) and Flero Games (developer of Every Town) and is a shareholder in several promising Korean game developing companies.

Founded in 2000, Wemade has more than 20 years of game development experience and launched the following titles: Icarus, Lost Saga, The Legend of Mir Ⅱ, Ⅲ, Avalon Online, Aster Online, Changchun Online, Wind Runner, Wind Runner Z, Icarus M, Candy Pang: Juicy World, Touch Fighter, Aero Strike, My Secret Bistro, Everytown, Abyssrium, Goddess’ Kiss, and Viking Island.

What Makes Wemix Unique?

The Wemix ecosystem consists of several elements in order to achieve its highly ambitious goal of bringing blockchain gaming to the masses. At its core, Wemix is a multi-chain project that is not too dissimilar from public blockchains like Avalanche ( AVAX ). It consists of service chains, a public chain, and a bridge chain connecting them.

Service chains are private blockchains run by Wemix that focus on the swift and smooth processing of mass transactions to avoid gas fees inherent in public blockchains. Wemix argues that providing a pleasant user experience should be prioritized over unnecessarily recording all in-game transactions on a public blockchain. In doing so, Wemix would be able to solve the scalability problem of games and DApps since it can adjust the number of service chains needed.

The public chain would take the role of the asset management chain in the Wemix ecosystem and process all monetary transactions. Assets generated on the service chains would eventually be bridged to the public chain, where trading occurs.

The bridge chain is an intermediary chain for easy transfer and comprehensive management of game assets. Assets that exist on the service chains would be bridged to the public chain via the bridge chain. Once the desired transaction is completed, the assets could then migrate back to the respective service chain via the bridge chain. Wemix argues that this bridge chain is needed to reduce congestion in the other chains and achieve performance comparable to traditional client-server infrastructure that games have been using thus far.

Other important actors in the Wemix ecosystem are trade delegators , which is a type of middleware that processes trades on behalf of users and minimizes the burden faced by the user when having to interact with smart contracts. Wemix also has its own wallet to exchange between the WEMIX token and the game-specific tokens on the service chains. Finally, binders are another type of middleware that facilitates the integration of existing games with blockchain processes. Binders transfer the necessary data from existing game databases to blockchains and generate the transactions needed. In that sense, binders replace the role of the game server by connecting games to blockchains.

Related Pages:

Check out The Sandbox(SAND) — a popular metaverse game.

Check out Illuvium (ILV) — another highly-anticipated game with its own metaverse.

Read our deep dive into the top metaverses .

Get the latest crypto news and latest trading insights with the CoinMarketCap blog .

How Many Wemix (WEMIX) Coins Are There in Circulation?

WEMIX serves as the medium of trade for all activities on the platform. Users will be able to exchange in-game tokens from the various games to WEMIX and vice versa, as well as use it for purchasing in-game assets.

It will also provide a way to crowdfund for developers whose games are reaching the completion phase. They will be able to pre sell some of their games’ fungible and non-fungible tokens in exchange for WEMIX and raise money for development completion.

Users will also be able to stake WEMIX, although WEMIX will not require staking to participate in games launched as a part of its ecosystem. The total supply of WEMIX is 1 billion, and the token distribution is as follows:

• Ecosystem (74%)
• Private sale (10%)
• Team and advisors (9%): vested over three years
• Marketing (7%)

WEMIX is issued at a rate of 60 tokens per minute.

How Is the Wemix Network Secured?

Wemix uses Klaytn , a South Korean-based project, as its public blockchain. Klaytn relies on an optimized version of the Istanbul Byzantine Fault Tolerance as its consensus mechanism , implementing a Practical Byzantine Fault Tolerance ( PBFT ) with modifications to achieve the necessary blockchain network characteristics. Furthermore, Klaytn introduces proof-of-contribution, where participants of its token economy have to make meaningful contributions to be eligible as validators.

Whe