Introduction of Worldwide Asset eXchange (WAX) has provided a platform that is enabling any person to take part in the market of virtual game assets, proving the potentiality of tokenizing the in-game items. WAX is in place to lower transaction charges, develop marketplaces for this games which were difficult in the past to allow transfer of assets and rationalize participants profits off the centralized exchanges. Tokenization guarantees complete possession of the virtual assets hence initiating a new and more-friendly economy that has the power to grow into physical assets.
Ways to safeguard WAX Token and the Virtual Assets Bond.
The biggest challenge which is faced when tokenizing assets is determining the strategy of monitoring and keeping tokens on the blockchain tied to their relevant assets. WAX has a Multi-layered structure of administration that creates a managing oversight by the token owners. The procedure for token exchange involves by involving users responsible for transferring the game items called Transfer Agents, supervisory committees known as Guilds and the delegation team of proof stake consensus algorithm.
When the Transfer Agents fail to deliver well in their responsibilities, the Guild’s reputation and monetary stake will have an impact on the game. If the Guilds delay taking a required step against the underperforming Transfer Agents, token owners will be compelled to re-elect new team to manage the game. In return, it will ensure that the economic feedback loop will add WAX’s confidence that the tokens remain linked to their virtual assets.
Mr. Malcolm CasSelle is a dedicated international entrepreneur and serves as the President of WAX and a CIO of OPSkins. WAX mark the top marketplace, which is a platform for purchasing and selling items from the online video games. Before joining WAX, Malcolm worked at Tronc as a President and CTO and is attributed to rapid growth properties which leveraged digital assets. Also, he worked as SVP& GM of Digital Media in SeaChange Int’l which saw the company acquiring his company Timeline Labs as a CEO, a top solution for the firms to discover, display and evaluate content based on the social signals.
Malcolm CasSelle actively participated in early stage investor in various companies such Facebook, Zynga and the recently started Bitcoin. He has bachelor’s degree in computer science from MIT and The Stanford University.