The President of Worldwide Asset eXchange or WAX, Malcolm CasSelle, has recently described the benefits of the platform. The decentralized system allows people to transact virtual game assets through the marketplace. It utilizes the tokenizing system for the in-game items. Additionally, the new platform reduces the transaction costs, fractionalize the profits received by the players through centralized exchanges, create marketplaces for efficient transaction of assets, and more. The tokenization system of WAX makes ownership of virtual assets possible and create a bigger economy that can even offer physical assets.
WAX is utilizing a multi-layered governance approach that ensures regulatory surveillance by the token holders. This creates the monitoring and safety of the token hassle-free. When it comes to transferring of these virtual assets, there are Transfer Agents to ensure the same. Also, there are Guilds, supervisory committees of TAs, to monitor the transactions along with consensus algorithm. When TAs could not execute their tasks, it affects both reputation and monetary stake of the Guilds. Similarly, the Guilds who could not take action against TAs would not be re-elected by the token holders to administer their game.
Malcolm CasSelle says that owning a fraction of assets is the latest trend in the industry, like percent of a popular NBA player’s shoes. The fractionalizing option of physical properties adds numerous possibilities, especially for collectors and fans. With the decentralizing type of governance, Guilds take care of the regulatory oversight including monitoring ownership and authenticating items, whereas TAs specialize in asset delivery. Malcolm CasSelle visions that both TAs and Guilds would utilize IoT and RFID technologies to ensure efficient transaction of WAX tokens.
CasSelle completed his graduation from MIT in Computer Science and earned his master’s from Stanford University. He worked with a number of companies including SeaChange International, MediaPass, Xfire, Capital Union Investments, Groupon, and more. CasSelle is also the co-founder of NetNoir – an online news website and Pacific Century CyberWorks – a Hong Kong-based telecommunication service provider.