Both for salvaging my original investment into WAX, as well as for the new income opportunity presented, yesterday I completed the most complicated conversion I have yet experienced. Specifically, the now familiar path for a new "crypto" beginning life as an Ethereum-based ERC-20 token, then "growing up" and "moving out" to its very own blockchain.
The new WAX (Worldwide Asset eXchange™) token, however, is in a class that is brand new to me. Rather than building their own blockchain from "scratch," they have elected to build theirs on top of EOSIO. Sound familiar? It should, as it provides the blockchain foundation for EOS.
Making no claim to being a blockchain developer / programmer, I nonetheless have some programming and system experience. My initial impression was very favorable. I think they elected to save themselves a lot of time and expense by building their blockchain with a fairly proven set of developer tools, that has a huge "resource pool" behind it for delivering future improvements.
I would like to introduce you to the income opportunity represented by conversion, dear reader. As well as share my impressions from the conversion experience.
So ... First I would like to briefly cover my conversion experience.
The conversion process I followed was first "ready to go" on June 30th. For a variety of reasons, I only got started into it earlier this week. Given the complexity and technical glitches encountered, this was not the smartest decision I ever made ...
With my WAX ERC-20 tokens safely "tucked away" in two different accounts in MyEtherWallet's Ledger-backed website wallet since April 2018, I wasn't in a hurry to change that. The combination of how well this interface works, along with the safety and security it provides are hard to beat.
So ... Right out of the gate, I faced two concerns with this looming conversion:
For helping those who faced getting through this conversion process, Team WAX put together a pretty respectable blog on the details.
At least when I initially glanced through it, that was my impression. When I saw this below ...
... and satisfied myself that the answer to Concern #1 was Yes!, then I set the task aside for a "rainy day," since I had a lot of other higher priorities. Besides, since I had been through this process a number of times prior, how hard could it be? I was belatedly going to find out ...
Starting into the project, I read through all of the documentation and watched the related videos. All reinforced that this was going to be a pretty simple, straightforward process. It was not like that, at all ...
Unlike any other project of this type I had previously been through, there was not just a wallet, but also a completely separate account. Getting them properly linked together was an essential part of the conversion success, as (a brief outline) follows:
Set-up utilized my Ledger Nano S, which displayed multiple public keys, much as one would find using the awesome MyEtherWallet interface. Should be no problem setting up multiple accounts, right? 😊 Wrong ...😧
The good news was set-up provided a robust method of establishing log-in credentials, including a mandatory F2A step. Good security! That was pretty much the end of the good news ...
The WAX AllAccess account set-up steps are providing to the Scatter wallet your account name on the EOS blockchain and ensuring it is linked with an essential "unique to you" conversion address. It is to this address you send your WAX ERC-20 tokens for successful conversion to the new WAX mainnet ...
This last part was the showstopper for me. I waited days for repeated rounds of inadequate (once it finally showed up in the first place) tech support to help me solve the problem of creating a second account. With the "clock ticking," I was desperately trying to avoid my "last resort" option - dumping all of my previously separate WAX ERC-20 tokens into the same account
In the end I solved the problem on my own, given I have a pretty extensive systems background, with some programming experience. Meaning simply I have a general "feel" for what to try and why it might work, although you never know ... My solution involved going to a separate computer, starting from scratch as though going through this the first time, with the exception of picking a different public key from the list my Ledger Nano S provided.
Well, now everything was just fine, with it being easy to work with the different accounts, right? No ... This is what it takes, to manage two different WAX accounts, with the current version of the Scatter wallet:
Thankfully, this was a "one and done" experience which I will not have to go through again.
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So ... Overall, a "piece of cake" right? Yeah well, in any case, I got through it, so on to how to make some additional income off of this investment!
As we very familiar with on our Steem blockchain, the most important part of the details is the requirement to stake your WAX tokens. Excerpts from there:
"For example, if you vote in any given week, your vote strength is then 1. If you do not vote again, then your vote strength will decay until it approaches zero. You can increase it back to 1 by voting."
"Each staked Genesis WAX Protocol Token will produce one WAX Protocol Token as a GBM reward over the course of 3 years (i.e. one staked Genesis WAX Protocol Token will produce 1/1096 of a WAX Protocol Token each day for 1,096 days)."
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While it was not necessary for me to maintain my own investment into WAX, to receive any additional staking rewards, I was impressed by the effort made to incentivize current and future WAX token HODLers. Of course, I won't be turning away the opportunity to double my "stack" as a proud GBM program participant!
While the details of my conversion experience above may not suggest it, overall I had a positive impression left with me of what WAX is trying to do. And the various components of what a WAX token holder has to work with, in moving forward with implementing their vision. Here are some highlights:
It also supports a number of tokens built on EOSIO, as shown below:
As part of its wallet functionality, tied to your Scatter wallet, it can handle all your reward claiming requirements:
In glancing through it, I was impressed with how well designed it was. That is, it appeared it would be a very attractive place to shop for these types of items, if so inclined.
What are your thought on this idea? If there was sufficient interest, I assume this would require a future hard fork to facilitate the details.
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Wrapping up, I thought I would quote William Quigley, CEO of WAX:
"WAX is the onramp for mass market cryptocurrency adoption."
Hmmm. Is that so? While I am not so sure about that, if you chose to investigate further, dear reader, I think you may agree with me the credentials of the executive team Worldwide Asset eXchange™ has assembled is impressive. And they certainly appear to have an exciting start on an "ecosystem" being built to go for it!
Very much looking forward to how they do, while I collect my staking rewards over the next 3 years!
The deadline for converting my WAX ERC-20 tokens was 5:00 p.m. PST, 31 August 2019. After which these tokens would be destroyed and any value they represented going "poof" ... Gone! I am pleased to report I had finished converting my 2nd account tokens at 12:24 p.m. - "breezing in" a comfortable 4-½ hours ahead of the deadline ... 😏
Seriously, I regret not paying more attention to announcements like these in the past. Had I realized in June what they were tying in to the conversion in proposing with the GBM program, I almost certainly would've added considerably to my investment. As it was, by the time I realized what the details were, it was too late!
We live in fascinating times, dear reader, and I know there are many other income-producing opportunities in this asset class. Rather than simply be a HODLer, it is an area which I intend to give more attention to in the weeks and months to come.
I trust you have found this post to be of value to you. I’d love to hear any feedback you may be inspired to provide.
Until "next time," all the best to you for a better tomorrow, as we all work together to build up our Steem Communities and increase the value of the Steem blockchain! 👍 😊
Respectfully,
Steemian 
Posted using SteemPeak and “immutably enshrined in the blockchain” on Saturday, 31 August 2019!
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