WAX which stands for Worldwide Asset Exchange is an organization that showcases the importance of tokenizing game items through an online marketplace. WAX, makes it possible has several benefits such as reducing expenses needed to carry out transactions and create more activity in the market through movement of assets gained by players. The organization introduced tokenization which brig in possession of online assets . Tokenization created a more open economy which has the likelihood to grow into tangible assets.
Ensuring that tokens are tied to the assets and monitoring them has introduced a complication. However, WAX introduced a multilayer governance strategy which sees through the token holders. The trading of assets occurs by transfer agents, through an oversight committee of guilds, a rating system, and the consensus algorithm. The process is such that, if the transfer agents fail, then the financial stake is affected. If the guilds don’t function as supposed, then token holders may not reelect them to oversee the game. In the end, the system ensures ha WAX, is in charge of the virtue assets.
While keeping up with the modern times, the guides will keep an eye on physical assets, authenticating the ownership while transfers ensure service delivery. In the coming seasons, the transfer agents and Guilds might be connected with IoT and RFID to monitor all aspects of a physical asset. If the work produced by the transfer agents is accurate, this will increase the confidence of sellers in the market. With the inclusion of material assets in the transactions, there will be the reduced risks in hacking. As the company grows it tighten its grip on security. WAX will ensure that tokens will be attached to the physical assets as technology advances.
Currently, Malcolm Casselle is the president of WAX. He previously headed CTO where he was responsible for supervising the growth of property and digital assets. He was also the general manager of Digital Media. Malcolm has helped the growth of startups in the digital market. Throughout his career, he has also been an investor in major companies such as Facebook, Zynga, and Blockchains verticals. Malcolm earned his undergraduate degree in computer science from MIT and Stanford. He is also fluent in Japanese and Mandarin.