The development of Worldwide Asset eXchange, a dispersed platform that empowers people to engage in a market of virtual game assets, indicates the influence of replacing in-game items with unique identification symbols. WAX will downgrade costs of transactions, create markets for virtual games, and divide player income from centralized trades. Tokenization facilitates virtual assets ownership, developing a new and more manageable economy with the ability to grow into physical assets.
One of the most significant challenges in tokenizing assets is establishing how to monitor and also guarantee tokens on the block-chain stay interlinked to their asset. The multi-level governance technique of WAX develops regulatory control by token holders themselves. The process of virtual asset exchange runs through users liable for the transfer of the items, referred to as Transfer Agents, their supervisory team known as Guilds, the rating systems, as well as a consensus algorithm.
If the Transfer Agents are unable to carry out their responsibilities, a financial stake and Guild’s reputation will be altered. If the Guilds fail to take appropriate action against the nonfunctional Transfer Agents, the token controllers will not elect them again to oversee their game. This form of economic response loop guarantees WAX tokens stays linked to their virtual asset.
Malcolm CasSelle is current President of WAX and CIO of OPSkins, the biggest market for purchasing and selling products from online video games. Previously, he was the CTO and President of Tronc, formerly known as Tribune Publishing, managing rapid development properties controlling digital assets. He also served in SeaChange Int’l as the GM & SVP of digital media. Previously, CasSelle has led various startups in the digital sector, including Xfire, a gamer social network, Groupon’s joint investment with Tencent in China, and MediaPass, a leader in the digital subscription to big media companies.
Malcolm is also an enthusiastic investor in major companies such as Zynga, Facebook, supports big data as well as blockchain verticals. Initially, in his career, Mr. CasSelle was a co-founder of PCCW, an openly traded telecom based firm in Hong Kong recently valued at more than USD 35 billion. In his career, Malcolm has helped in raising billions of dollars for PCCW’s charities and millions for other private businesses. He graduated from Stanford University and MIT with several degrees in Computer Science.