Over the last half of the 20th century, consumer appetites in various class as assets have grown. Methods of derisk a purchaser has evolved too. However, purchasers of cryptocurrencies still face the same problems they were facing since the inception of cryptocurrencies. WandX is a token marketplace that seeks to establish an infrastructure for the trading of ERC20 tokens and a decentralized creation. The platform is built on the Ethereum Blockchain. The pilot application of the project allows users to create combinations of ERC20 tokens and trade the basket by a single transaction.
Problems WandX seeks to solve
Some of the issues that WandX platform seeks to solve involve:
- Help users to purchase multiple ERC20 tokens in a single transaction by allowing them to trade in baskets of ERC20 tokens.
- Allows users to solve the problems concerning the price of a single ERC20 token which sometimes is higher than it ought to be.
- Help uses not lose money during a fall in the price of a single ERC20 token. The platform provides tools that help in the creating of token that is backed by digital assets that can be traded on the platform.
- Helps users increase the liquidity of single ERC20 tokens. The platform is experimenting with a larger number is trades happening off-chain. It only records that trade that happens on-chain
- Help user cream and trade digital assets like loyalty points recorded on a blockchain.
Some of the problems are currently experienced by the centralized cryptocurrency exchanges and management platform.
WandX allows users to record their digital assets through a user-friendly front-end for creating tokens on the Ethereum. The token represents ownership on the crypto-assets such as loyalty points. The transaction together with decentralized exchange can be used to create markets from crypto assets.
Basket of ERC20 Tokens
The basket of the ERC20 token is a combination of ERC20 tokens created with a single transaction. The basket has an associated price determined by the underlying ERC20 tokens in the basket.
WandX launched its Wand token through their token sale that took place on 27th October. The Wand token is used for all the transactions in the WandX platform. The token sale allowed users to create and trade in a Wand basket of ERC20 tokens.
WandX was founded by CEO Abhinav Ramesh and Yogesh Gaikwad. Sridhar Kolapalli is the platform architecture. The team includes other experts like contract developer and others.