WiMax was introduced to address limitations of existing wireless technologies like Bluetooth and WiFi that have short ranges and lower data rates. WiMax provides broadband connectivity over distances of up to 50km with data rates comparable to cable. It allows for quick deployment of wireless networks without the need for cables. Key features of WiMax include flexible network architectures, high security, support for multiple service levels, interoperability between equipment vendors, portability between base stations, and soon mobility for users.