Malcolm CasSelle, the Chief Executive of WAX or Worldwide Asset eXchange, recently explained about the benefits of the decentralized platform for virtual world payments. He says that WAX is an important option for people to actively participate in the marketplace of online gaming assets using the effectiveness of tokenizing in-game items. Interestingly, the new platform will significantly reduce the transaction costs, design and create a marketplace for gaming assets, and choices to fractionalize the gamer profits from the centralized exchanges.
CasSelle continues that tokenization system in the virtual payments creates a more accessible economy to the people with even chances of extension towards physical assets. While most virtual payments are failing to convince monitoring the tokens, WAX network put forward a multi-layered administering approach that helps the token holders to create regulatory oversight by themselves. The transfers of virtual assets are conducted by a set of specialists called Transfer Agents. Interestingly, the TAs have supervisory committees to ensure smooth dispersal called Guilds. Interestingly, when TAs could not complete their work accurately, it hits the Guild’s financial stake and reputation.
Therefore, Guilds take action against the TAs who could not do their duties. The Guilds who could not initiate action against underperforming TAs would not get reelected by the token holders to govern their game. This type of economic feedback loop created in WAX ensures smooth flow virtual transactions. Similarly, the new system encourages people to own a fraction of an important asset like the Aston Martin drove by James Bond in a movie. Malcolm CasSelle adds that fractionalizing physical assets open countless options and opportunities for people, including fans and collectors.
Malcolm CasSelle is known as a serial entrepreneur and technology executive. He started his career after earning post-graduation in Computer Science from Stanford University. Earlier, CasSelle completed his engineering graduation from MIT in Computer Science.
Before his WAX bid, Malcolm CasSelle led tronc, Inc. as the CEO. In the role, he took care of the digital assets and rapid growth properties. He also worked as the General Manager and Senior Vice President of Digital Media division of SeaChange Int’l. CasSelle also collaborated with MediaPass, Xfire, Groupon, and more.