Everything you need to know about the WandX Dapp & its unique features
WandX recently released its decentralized app (Dapp) in beta for Windows, Mac and Linux (Ubuntu). You can download it here. Currently in beta, the Dapp is connected to the test nets of both Ethereum and NEO.
On September 9th, 2018, the app will transition to connect to the main net for both blockchains. Essentially, what this means is that between now and the 9th, you can play with fake cryptocurrency on it without any consequences. After the 9th, you’ll start using your actual cryptocurrency balances.
The beta app is a tremendous milestone for WandX in its efforts to manifest its Basket Protocol for users — individual and institutional alike. While the app has many features including trading tokens much like on a traditional exchange, the basket-and-sell feature offers a very simple and effective stepping stone (i.e., an entry point) that connects new, willing traders to the world of crypto financial assets in a way that’s convenient, meaningful and more risk-balanced than other means of entry.
Prior to the WandX app, sending many altcoins simultaneously has been a problem. With web-based Ethereum wallet applications like MyEtherWallet, users had to send ERC-20 Tokens synchronously, rather that simultaneously. This requires repeating multiple steps and sometimes even re-validating credentials. This turned tasks like wallet migrations into tedious processes. Moving all of your assets from one wallet to another took time and cost transaction fees for each transfer.
The Basket Protocol feature removes that inconvenience. Through WandX, you’re able to select which tokens you want to transfer, bundle them up in a basket, and get them set up for a one-time transfer using the WandX smart contract. This process reduces the required time, removes repeated steps, and reduces the cost by generating only one transaction rather than multiple per transaction.
Currently in Beta, the WandX decentralized app allows you to basket up to three different tokens. I hope that in future releases of the app, users will be able to basket more tokens — this is a feature I would definitely use when migrating my tokens or transferring certain ones to different wallets. Furthermore, Baskets can be used to create custom Index funds, which can also be sold to potential buyers.
While the Basket Protocol feature is one of the most unique aspects of the app, it comes with a multitude of other features including locally hosting your own wallet (Ethereum and NEO), making trades through the WandX exchange, and staking WANDNEO tokens to generate profits from transaction fees on the app.
Getting Started with the WandX App
Within the app, you can do multiple things, including:
Register & confirm airdrops hosted by WandX.
Airdrop registration is straightforward. Prior to registering, you’ll need to join the WandX Telegram channel and have a NEO and/or Ethereum address. If you don’t have an address yet, don’t worry; you can create one through the app within the Wallet section, which is what we’ll explore next.
Create and manage Ethereum and/or NEO wallets.
Managing and creating wallets on the Ethereum or NEO blockchain is straightforward as well. All wallets and address keys are locally stored on your device, so only you have access to it.
Make trades through the WandX exchange similar to how you would in a normal exchange.
WandX has its own exchange built into the wallet, making trading much more convenient and involves less risk for users.
Create baskets of cryptocurrencies using WandX smart contracts.
The WandX Basket Protocol allows users to package different cryptocurrencies together; you can think of it as creating an index. After creating one, you can sell it, keep it, or you can just buy other baskets directly instead of creating one.
Stake your WANDNEO to earn Transaction Fees.
In the Staking section, you’re able to store your WANDNEO separately to stake. By staking, you’re able to earn a percentage of all transaction fees generated through the WandX transactions (e.g., exchanges and basket sales). Analogously, it’s like a savings account where you can earn interest as long as your funds remain unused in the account. You can stake any amount and withdraw your stake at any time. The more you stake, the more earnings you will receive from transaction fees.
The WandX App Tackles Unique Problems
1. A New Method for Asset Discovery
As mentioned earlier, the Basket Protocol is a powerful and unique feature of the WandX app. Through this feature, users can buy preconfigured packages of cryptocurrencies, hedging risk through diversification. Soon, users will be able to request specific token baskets, further allowing them to create asset portfolios one smart contract at a time, regardless of the amount of tokens requested.
The WandX Basket Protocol allows users to package different cryptocurrencies together; you can think of it as creating an index. After creating one, you can sell it, keep it, or you can just buy other baskets directly instead of creating one.
Through the WandX app, you can browse the available baskets through the first tab, Token Baskets (see above). Each listing has a listing price. For NEO, the prices are in GAS. The listing also describes the contents of the various cryptocurrencies within the basket. At the very bottom, there is the Buy button.
Through My Token Baskets, you’re able to view all of the Baskets that you own, either through creating or buying. And in the Create Token Baskets, you can create your baskets. Within the section, you need to first give your Basket a name in the Portfolio Title section. Then you should select the tokens you want to include in them. Because it’s a basket, you’ll need to select at least two.
For each token you select, you’ll be able to see the available tokens that you have, the deposited tokens, and set the quantity of each token that you want to put into the basket. Finally, you need to enter your Asking price, which is what you are willing to sell the basket for.
Prior to the Basket Protocol feature, people have used limited resources for asset discovery (i.e., finding and learning about new coins). These resources included ICO lists, market sentiment through social media, and biased sources that drive hype and hope.
2. Reducing Cost and Time for Trading Multiple Assets
You can create and manage your wallets directly through the WandX app. At the top of the table, you’ll see three tabs:
- ETH Wallets — you can click this to manage all of your Ethereum addresses, which store your ERC-20 tokens as well
- NEO Wallets — you can click this to manage all of your NEO addresses, which store your NEP5 tokens as well and also generates Gas
- Create/Add Wallet — Use this to create your first Ethereum/NEO wallet on the WandX app.
The first thing you’ll want to do is create a wallet. Because this is a decentralized desktop app, the private key information is stored locally on your desktop, which means WandX doesn’t hold or see any data on your private key. This means that you are in full control of your wallet, just like if you created it on something like MyEtherWallet. But it also means that you are responsible for keeping your key safe and available so no unauthorized user can gain access, while you can access your wallet anywhere at any time.
If you have a personal wallet that you want to just import, you can do so by importing it through a UTC/JSON file that contains the wallet information, or by pasting in the private key. If you don’t know what that means or if you don’t have a wallet, don’t worry — you can generate a new one straight through the app. Just click Generate new wallet (see below).
After you click on that, you will need to name your wallet. You can give it any name, just something you’ll remember next time you see it. For example, if you want to use one for personal and one for business, you might name one Personal and the other one Business.
After that, you’ll need to set a password. While there are no requirements, you should naturally create one that is strong and memorable for yourself. You’ll need to use the password to unlock your wallet before making any transactions through the WandX app.
After you submit your Wallet Name and Password, the Wallet and Token Details will appear underneath (see above). The address is publicly available information and is what identifies your wallet; you’ll use it to store your funds. The Private Key is essentially the password to your Wallet, so you should never share that. You can copy it and store it in a safe place.
Finally, underneath you’ll see a button: Go To Wallet Keystore. When you click the button, the folder will open up that contains the JSON file for your wallet information, so next time if for some reason you have to re-add your wallet, you can just add through the Keystore File.
You can use this wallet to store and trade assets. Because the private keys are stored locally, no one has access to your resources except you. This is different from exchange wallets, where you don’t own your private key and therefore do not own your own wallet. That’s why users often publish horror stories about exchanges freezing their funds.
Through the wallet, you’re able to store smart-contract trades as well, which enable basket trading. Through baskets, you’re able to trade multiple assets simultaneously through only a single fee, which reduces costs and saves time. This is a unique feature available only through the WandX wallet.
Unique Trading Platforms for Various Blockchains
Unlike with other wallets, users are able to trade directly through the WandX app for tokens on both the Ethereum and NEO blockchain. This means no more opening wallets, exposing private keys, and transferring personal assets across various exchanges. In the latter scenario, every transfer introduces another point for possible human error, which can risk loss of funds.
The WandX exchange, which is available within the app, is just like a normal exchange that you would find on the web. From here, you’re able to make and place trades for Ethereum, Ethereum Tokens, NEO, and NEO Tokens.
The layout is fairly standard for an exchange, where you’re able to see the Order Book, your funds, buying trends in the charts and Order information. Currently in the test net, the exchange has little volume so you shouldn’t expect much trading going on, but once the app releases on main net there should be more activity.
If you’re unfamiliar with trading or exchange interfaces, feel free to take a look at my article on trading.
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Currently, token-based exchanges are available including plenty of good decentralized ones. But exchanges like NEX and Switcheo exist exclusively for NEO tokens, while exchanges like Etherdelta focus on Ethereum. In both cases, users must transfer funds or connect their personal wallets in order to buy and sell tokens. Through the WandX exchange, users can trade through smart contracts locally on the app and on multiple blockchains, saving time, effort and money. For more risk-averse traders, themed token bundles create a package for diversified portfolios.
Conclusion
Despite the fact that it is in beta, the WandX app provides a very smooth and simple interface to do many different tasks for managing and optimizing your trading wallet. The diverse features of the app offer a rich experience for trading, creating portfolios, and other tasks to really get the most out of your Ethereum or NEO wallet and the assets within.
I excited to see future adoption for the basket protocol. On the back of the fact that it makes investments in crypto uncomplicated and innovative, bundle trading through a protocol like WandX’s may become an attractive component of asset industry, security and utility assets alike.