The game skins platform called WAX, formerly known as Worldwide Assets Exchange aims to innovate token trading. Its decision to expand into live cryptocurrency trading for its incentivized in-game apps came as no surprise. With plans to establish an intelligent network of marketplaces, WAX innovations put emphasis on trading digital video game assets (items) for the cryptocurrency.
It’ll be developed on a Blockchain framework, in conjunction with a multi-layered regulatory oversight. This collective constitutes a supervisory body known as Guilds and their subordinates operating as Transfer Agents. In addition, WAX entrusted a blockchain consensus algorithm and rating systems to support its collective. It’s taken this collaborative approach to enhance security and safeguard its digital asset exchange.
Its rating system ensures proper conduct of Guilds and Transfer Agents authenticating virtual exchange transactions. Transfer Agent duties range from completing transfer exchanges to asset delivery. Whereas, Guilds monitor ownership and authenticate exchanges conducted by transfer agents as a governance/regulatory oversight. With specialized IoT tools and RFID technology, recording and tracking physical assets linked to token holders (owners) as they become available is a breeze. In any event, a representative (Transfer Agent) fails to make do when on duty.
Guilds have the right to take disciplinary action against the supposed agent or face punishment. A common form of penalty imposed on Guilds is degradation. In some instances, misconduct can also compromise any outstanding earnings or compensatory benefits promised to a Guild. Token holders can also choose not to re-elect a Guild for future games. Those participating, be it collectors or fans, gain a rare opportunity to acquire prized assets (limited edition items) with virtual game tokens. For example, preowned championship game collectibles (NBA player jersey or shoe), James Bond featured Aston Martin, baseball card (Babe Ruth) and more.
Wax president, Malcolm CasSelle has developed master expertise managing cryptocurrencies. The MIT (Massachusetts Institute of Technology) graduate has worked extensively on the Bitcoin platform. A multilinguist, Mr. CasSelle speaks Mandarin and Japanese fluently. He obtained Computer Science degrees from Stanford and MIT. Prior to joining the WAX family, he developed impressive resume assuming leadership to top cryptocurrency and digital asset companies. A sampling includes SeaChange’s Digital Media where he assumed the role of General Manager/Senior Vice-president.
At Tronc, CasSelle assumed the role of an oversight governing and managing digital assets as CTO/president.He previously served Timeline Labs as CEO before SeaChange acquired the social signaling startup in 2014. It’s one of the startups established by Malcolm CasSelle that found success. This digital industry executive has guided many startups, including the gaming social network, Xfire, Media Mass and more.
He’s acquired shares in a collection of blockchain verticals, Zynga and Facebook. Mr. CasSelle also co-founded and played a pivotal position in raising funding for the billionaire telecom company called PCCW. Today, this Hong Kong-based telecom partner is estimated at $35 billion. The top digital video games marketplace, OpSkins, a global industry heavyweight, appointed CasSelle as CIO.