How does a WAX account work?
Many blockchains have a public key that works as your public wallet address, and a private key for access.
More about wallets here: https://goldmannstaxx.com/whats-in-your-crypto-wallet/
THE WAX blockchain system has public and private keys, but there are also additional features we will be covering in this article.
So lets jump right in!!!
A WAX account is associated to a Account Name or Username, different from other chains.
The Account Name has public and private keys associated with it.
As illustrated in the image, there are different formats for the Account Names, corresponding to different types of WAX Accounts:
- Custodial Account/Wax Cloud Wallet Account (https://all-access.wax.io):
The first account we recommend is a cloud wallet as it is the easiest to start with. A WAX cloud wallet is easy to set up and login, just like we do on other websites, and no need to worry about keeping track of public and private keys.
Since a WAX cloud wallet is a custodial wallet run by the WAX team, they manage the keys for you. In this type of account you cannot choose the username you want, it is randomly assigned, and its format is xxxxx.wam (five characters). - 12 Character Account Name:
Self managed account, you have self control of all your keys and you can pick whatever custom username you want as long as it’s not previously in use by someone else. Account names must consist of 12 characters; including lower case a to z and/or numbers from 1 to 5.
Others: - We will not be covering other types of accounts, such as premium accounts in this article because they are for specialized usage.
Once an account name is established it can not be modified.
The account is linked to keys, which work in similar ways to other public blockchains.
The public key associated to it’s private key – however it is not just one pair of public and private keys on WAX.
Many pairs of keys can be associated to one account, which gives the user additional benefits.
We can identify three kinds of keys in the WAX blockchain:
- Owner key: also known as the master key or the admin key. This key gives permission to perform all actions and can even change the owner key itself or add more keys to the account. Therefore the Owner / Admin key is considered the most important key.
- Active key: Active keys can do everything that the owner key can do except change the owner key.
- Custom key: these are keys that a user can customize what actions can be performed or not allowed.
Closing notes:
– All keys can be updated and modified at any time, as long as you have access to them.
– Remember if you lose access to the Owner key you lose the full access to the WAX account and there is no way to recover it. Active and custom keys can be regenerated.
– Different kinds of keys allow additional security layers and features.
– WAX protocol is very similar to that of EOS, learn more about EOS here https://eos.io/
Leave comments and ask questions! Tell us what you think!
Comments 11
first and 5kqqm.wam I just use it. Don’t really know how it works. Thanks for the article
Excellent brother, good contribution, I really liked your explanation, clarifying doubts, your work is always appreciated.
p3rre.wam
After i read it, this is actually discussing about the Wax account name and key. I would hope you can add in some picture /image that show how can we change the account name from the normal one to more specific one. So the reader who intend to do a specific one can know how to do it. Be sided about the key part, you not mention how can we see or find it. Since i use so many long time haven’t see it. Maybe you can also put a image that show us how to reveal it. This is just some advice that i found in this article. Can be ignore if feel not relevant.
czdqw.wam
appreciate the feedback!
Why my atomic resources always shows error even I staked wax for cpu ?
.v.aw.wam
maybe this will help https://wax-io.medium.com/psa-understanding-cpu-usage-and-fluctuations-in-accordance-with-staking-on-wax-84f88ef03f5f
great contribution as always … excellent information especially for new entrants to this crypto universe … congratulations.
wax: hmoqw.wam
Thanks a lot bro. It really realy helped a lot. Staxx are going great job in educating people.
Wax addy : giyb4.wam
Good job agxaw.wam
I am not sure if this exists but a feature to see all the other wax accounts associated to a person would be nice. Especially if we need to trade with a person or to see the people that are doing sketchy activities 😀
Also a speed to match the one of anchor could be also good to implement. Many use the wcw but not many know that for ex the people who are fast at claiming drops are using actually anchor due to bigger speed…
kchba.wam
Wow… Nice article got to understand better about wax, thanks a lot 😊
omoqw.wam