According to the article published in the Medium, the creation of the WAX (Worldwide Asset eXchange), a decentralized platform that allows people to take part in a virtual game assets marketplace, demonstrates the tokenizing power in-game items. WAX is going to decrease transaction costs, create games marketplaces in which it wasn’t earlier possible transferring assets, and fractionalizing player profits from the centralized exchanges. Tokenization allows virtual asset ownership, creating a new, economy that is more accessible with the potential of expanding into physical assets.
One of the greatest difficulties to tokenizing assets has always been determining how one could monitor and make sure tokens on the blockchain stay tied to their asset. The multi-layered governance approach of WAX creates administrative overlook by token holders themselves supervision by the token holders themselves. Usually, the virtual asset exchange procedure is conducted through users who are responsible for the transfer of items, called Transfer Agents, Guilds (their supervisory committees), rating systems, as well as a delegated proof of stake (DPOS) consensus algorithm.
If it happens that Transfer Agents fail in performing their duties, the reputation and financial stake of Guild is going to be affected. If Guild doesn’t take just proper against the Transfer Agents who are underperforming, token holders are not going to re-elect them to oversee their game. That economic feedback loop assures the tokens of the Worldwide Asset eXchange stay linked to their virtual asset.
About Malcolm CasSelle
Malcolm CasSelle is currently the WAX President and OPSkins CIO, which is the leading marketplace for buying as well as selling items that are from online video games. CasSelle was previously serving as the CTO and President at tronc, (previously Tribune Publishing) managing rapid growth properties that were leveraging digital assets.
Before he was the Digital Media GM and SVP at the SeaChange Int’l, which is a company that acquired his firm Timeline Lab, where he used to serve as the chief executive officer. It’s a leading solution for businesses to discover, display, as well as measure, engaging content that is based on social signaling.
Before, CasSelle led many startups in the current digital industry, which include MediaPass, a number one digital subscription solution to the major media companies, the joint venture of Groupon with Tencent in China, and Xfire, which is a 22-million gamer social network.