The Worldwide Asset Exchange (WAX) is an innovative platform that allows anyone to take advantage of tokenizing for virtual game assets. Wax has opened up new possibilities in the virtual gaming world that wasn’t possible before while reducing transaction cost. Tokenization allows owners of virtual assets increased accessibility to their virtual money with the potential to turn it into real assets.
The biggest problem in tokening assets is being able to monitor and ensure they stay tied to the correct asset. The platform has a multi-layer security approach that allows users to govern and regulate their assets. The layers of the process include transfer agents, guilds, a rating system and a proof of stakes algorithm. A failure in any of the processes can damage the reputation of the responsible party. Transfer agents main purpose is to deliver the assets and the guilds regulate and oversee the transactions.
Malcolm Casselle is a successful entrepreneur and has played a major role in many companies such as OPSkins, New Ventures at Tronc,Inc and SeaChange International. He also was an early investor in Facebook, Zynga and Bitcoin. Malcom is fluent in Japanese and Mandarin. He received a bachelor’s degree from MIT and a master’s from Stanford University both in the field of computer science.
Wax was created to improve the buying and selling experience of the more than 400 million online players. The platform takes advantage of blockchain technology which allows tokens to be utilized for games and other virtual goods to be easily exchanged for cryptocurrency. The technology also enables a worldwide pool of buyers and sellers to exchange virtual goods while minimizing typical risks. The platform is decentralized which solves prior problems such as high processor and currency fees. Eliminating these barriers is expected to make the trading market grow at unimagined levels.