Worldwide Asset eXchange (WAX) is a devolved platform on which users engage in buying and selling of virtual game items. WAX has already shown the possibility to tokenize various virtual items. When adopted WAX will immensely reduce transaction costs thus creating markets for games where previously was difficult to transfer assets and also fractionalize player earnings from centralized exchanges. Basically put, tokenization helps individuals own virtual assets thereby creating a new and more accessible economy with a very high probability of expanding into the physical assets space.
Many people have reservations about joining the virtual marketplace economy because of the perceived challenge of monitoring and ensuring that tokens tied to a specific asset on the blockchain remain attached to the asset. WAX addresses this by using its multi-layered governance approach by implementing self-regulatory and oversight by the token owners themselves. The process of trading in virtual assets is done by specific users who are responsible for the transfer of items, they are called transfer agents, the Guilds who are basically supervisory committees, rating systems and finally a devolved algorithm for stake reconciliation.
This is how the multi-layered governance approach basically works if for instance, the Transfer Agents for one reason or another fail to perform their duties as expected, it consequentially means that their Guild’s repute and financial stake will be negatively affected. If Guilds fail to take appropriate corrective measures against the Transfer Agents sleeping on their job, token holders won’t re-elect them. These checks and balances assure users that their WAX tokens will always remain tied to their respective virtual assets.
Who is Malcolm Casselle?
Malcolm Casselle is the current President of WAX (Worldwide Asset eXchange) and the Chief Information Officer of OPSkins one of the biggest marketplaces for buying and selling items from online video games. Before joining WAX, Malcolm served as the President and Chief Technology Officer at Tronc (formerly Tribune Publishing) an American newspaper print and online media publishing company based in Chicago, Illinois. Malcolm has also worked with several startups including Xfire a social network of more than 20 million gamers and MediaPass one of the leading digital subscription companies on the internet. Apart from being a serial entrepreneur, Malcolm is also an active investor in companies such as Facebook and Zynga.
Malcolm Casselle holds degrees in Computer Science from both Massachusetts Institute of Technology (MIT) and Stanford University. He can also speak fluent Japanese and Mandarin.