Worldwide Asset eXchange (WAX) is a platform that allows people to take part in virtual game assets marketplace. WAX creates marketplaces and reduces transaction costs for games that were previously impossible to fractionalize player profits and transfer assets. WAX also enables in-game items tokenization. With tokenization, ownership of virtual assets is enabled. Moreover, tokenization enables the creation of new and more accessible economy which can be expanded into physical assets. Tokenizing assets faces some big challenges including establishing how to keep an eye on tokens on the blockchain to ensure that they stay tied to their asset. With WAX’s governance approach, token holders are able to create a regulatory oversight themselves.
The process of virtual asset exchange is conducted through Transfer Agents, rating systems, and Guilds. The reputation of the Guilds is affected if Transfer Agents are unable to carry out their duties. If Guilds fail to take the necessary action against low-performing Transfer Agents, they are not re-elected by token holders. This measure guarantees WAX tokens connection to their virtual asset. Through governance decentralization and modernizing delivery operations, Guilds will dedicate themselves to regulatory oversight by monitoring ownership and items authentication in the future. On the other hand, Transfer Agents will specialize on asset delivery.
About Malcolm Casselle
Presently, Malcolm Casselle is the CIO of OPSkins and President of WAX. OPSkins is a leading marketplace for selling and purchasing items from video games online. Previously, Malcolm Casselle worked at tronc as CTO and President where he oversaw rapid growth properties leverage digital assets. At some point, Malcolm Casselle worked at SeaChange Int’l where he was GM and SVP of Digital Media. He also worked at Timeline Labs as Chief Executive Officer.
For many years, Mr. Casselle has held executive positions in leading digital industry startups such as MediaPass, Xfire, and Tencent. Malcolm Casselle is an active investor in major companies such as Zynga and Facebook. Additionally, he is a co-founder of a publicly traded telecom headquartered in Hong Kong known as PCCW. Presently, PCCW is valued at $35 billion. Malcolm Casselle holds Computer Science degrees from Stanford University and MIT. He can fluently speak Mandarin and Japanese.