Worldwide Asset eXchange (WAX) is a platform that provides everyone with an opportunity to participate in a tradeoff for virtual game assets. The platform utilizes the power of tokenization which enables the ownership of in-game items. WAX is more accessible than other platforms, and it creates a new economy that has the potential to include physical assets in the future. Worldwide Asset eXchange will come with amazing features that will lead to the reduction of transaction costs in the gaming marketplace. This platform will enable people to transfer game assets, a feature that was not present before.
The governance of the platform is unique, and it allows the token holders to create regulatory oversight. The exchange process is performed by Transfer Agents (users responsible for transferring assets). These agents are overseen by rating systems, supervisory committees usually referred to as Guilds, and a special consensus algorithm.
Poor performance of the agents will affect the financial stake and the reputation of the Guild. Therefore, the Guilds have to deal with disappointing Transfer Agents, list the token holders fail to re-elect them to oversee their operations. It is through this economic feedback loop that the tokens offered by Worldwide Asset eXchange remain connected to their virtual game assets.
Despite the numerous advantages of tokenizing, there is one major challenge. The platform has challenges in determining how to manage the tokens to ensure those on the blockchain stick to their gaming assets.
Fractionizing gaming assets will open great possibilities for collectors as well as gaming fans. The decentralized governance also comes in with its advantages. The Guilds will deal with monitoring asset ownership and authenticating items whereas the Transfer Agents will implement IoT and RFID technologies to get the asset location in real time, to ensure the tokens remain connected to their rightful owners.
The current President of Worldwide Asset eXchange is Malcolm CasSelle. He also serves as the CIO of OPSkins. Before joining WAX, Malcolm worked at New Ventures as the CTO as well as the President. He has also worked at Digital Media of SeaChange International as the General Manager and Senior Vice President.
Malcolm CasSelle attended MIT and Stanford University. In his early years, he led startups in the tech industry. He is an advisor to various tech centers such as VOTOCOST, DirecTech Labs, and Bringhub.
WAX’s innovations will create a marketplace that facilitates the exchange of items that could never be exchanged before. The platform will include both virtual and physical assets.