Difference Between Parchment Paper and Wax Paper

So recently I was asked by some one the difference between the two papers, parchment and wax. I never really thought of the two to be much different from one another but I was curious to know myself what exactly sets them apart. So here it is...

Parchment Paper- Also called baking paper is nonstick and allows you to remober the baking recipe from its pan more easily. You can use this to line your pan before pouring in your batter to bake. It' also great for other types of baking.

Wax Paper- Is essentially tissue paper that is coated with paraffin on both sides. The paraffin is what makes it grease proof and moisture proof. Although liquids do tend to soak through wax paper eventually and it seems to tear easily. You also want to be careful when using your wax paper with heat as it tends to melt (not noticeably).

Both can be used for baking but I personally prefer parchment paper.