The Worldwide Asset eXchange, WAX, is a devolved platform that allows an individual to take part in the virtual game assets marketplace. WAX has managed to prove how important tokenizing items in a game is. The platform is set to reduce the costs of transactions in games, come up with a marketplace for gamers to transfer assets, as well as to divide the profits of a player from centralized exchanges. Having to tokenize items in a game enables gamers to own virtual assets with a potential of expanding them to physical assets. WAX innovations have brought about a new form of assets that in the past could not be exchanged for physical assets.
The major hurdle that WAX tokens have is coming up with a way of monitoring them to ensure the tokens found on the blockchain remain linked to their asset. A multi-layered approach governance system brings about a regulatory oversight of the tokens by their holders. The transfer process of the virtual assets is managed by Transfer Agents. These agents are supervised and rated by Guilds. There also exists an algorithm that is tasked with proving the stake reaches a consensus. In the event a Transfer Agent fails to perform the allocated responsibilities, the reputation and financial stake of the Guild gets impacted negatively. When the Guild happens not to act accordingly with the Transfer Agent, the token holder has the right to refuse to reelect them. This loop in feedback is meant to ensure the WAX tokens are continuously linked to their virtual asset.
Malcolm Casselle currently serves as the President of WAX. He also serves as the CIO of OPSkins, the largest marketplace that specializes in the buying and selling of items that are found in online video games. As an international entrepreneur, Malcolm has been active in the investment business. He has invested in companies like Zynga and Facebook.
Malcolm Casselle studied Computer Science at MIT and Stanford University. He speaks both Mandarin and Japanese fluently. Malcolm previously ran startups businesses in the digital industry, they include Xfire, MediaPass, and the joint venture Groupon had with Tencent in China. Malcolm has also served as the Senior V.P. and G.M. of SeaChange International.