When the binder for pigment is wax, it is known as encaustic painting. Encaustic painting was practiced by the Greeks as far back as the 5th century B.C. The encaustic technique was also used in the 19th Century to solve the problem of dampness faced by mural painters in northern climates. The 20th Century brought a major, renewed interest in this technique.
Wax is considered as durable as oil and tempera and, as an excellent preservative, was used by the Greeks to weatherproof ships.
Additional information can be found at encaustic.com.