Launching Worldwide Asset eXchange (WAX) in August 2017 demonstrated the strength of utilizing tokens in trading games components. WAX is a decentralized trading platform that bridges over 400 million online video gamers using the blockchain technology. According to Malcolm CasSelle, the use of the token minimises the trading cost as well as establishing an online market that enables one to transfer assets from a centralized point. The WAX innovation has created a new platform that was not possible before. It guarantees the tokens to remain tied to the corresponding physical items.
Monitoring and ensuring that the tokens remain bound to the assets is a challenge of tokenizing assets. However, WAX have utilized the Transfer Agents, their supervisory committee known as Guilds, a consensus algorithm, and rating systems. This measure ensures the token holder takes a regulatory oversight on the trading. The Transfer Agents focuses on the delivery of assets while guilds specialize on authenticating the items as well as monitoring the ownership.
The future Guilds and Transfer Agents are expected to carry out the RFID and IoT technologies by registering the location of the asset in real time. This role will enable WAX to connect its tokens to their actual owners. By Guild authenticating the asset, sellers will be updating their chained WAX token every time their sell an item. Therefore, it will create confidence to the seller and asset owners thereby increasing the WAX reputation. Furthermore, the security will be enhanced when physical assets are incorporated into the WAX blockchain thus deterring the risk of hackers.
About Malcolm CasSelle
Malcolm CasSelle is a serial entrepreneur who has played the business executive role in various companies. Malcolm has involved himself in many of startup ventures in areas of technology, marketing, fundraising, sales, and distributions. Malcolm CasSelle graduated from the Massachusetts Institute of Technology with a BS in computer science. Then he proceeded to the Stanford University for Masters in computer science.
On August 2017, Malcolm CasSelle became the president of WAX and CIO at OPSkin. OPSkin the global number one market for online games items. Malcolm CasSelle has also served in various capacities in companies like Xfire, MediaPass, Timeline Labs, SeaChange International and Tonic among others.