WAX is an abbreviated form Worldwide Asset Exchange, i.e., a decentralized platform, which offers anyone with a capability to be a part of a marketplace that runs for virtual or digital game assets, and exhibits the power to tokenize in-game items. WAX is supposed to become a marketplace for games and deduct transaction costs. In these games, it would be possible for players to transfer assets on a decentralized basis and share their profits in the most convenient way.
Tokenization provides ownership of digital assets and helps in building an advanced, and an easily accessible economy that can be expanded into physical assets.
Malcolm CasSelle who is basically an entrepreneur, and CIO of OPSkins, is the President of Worldwide Asset exchange (WAX). Before WAX, CasSelle contributed as CTO and President of New Ventures established in tronc, Inc.
He was the General Manager, and Senior Vice President at Digital Media of SeaChange International before he was associated with tronc, Inc. Malcolm CasSelle became a part of SeaChange International in 2015 and served as an important part of the company, and became the CEO over there.
In some previous months, Malcolm CasSelle initiated many startups related to the digital industry, such as joint venture of Groupon with Tencent (China), Xfire, and MediaPass.
One of the significant challenges faced while tokenizing assets is defining the way to monitor and confirm tokens on the blockchain that stays connected to the asset. The multi-layered governance idea of WAX builds up regulatory omission by token owners on their own.
The digital asset exchange process is run by users who’re credible to transfer items, termed as Transfer Agents, and the associated supervisory committees are known as Guilds and is followed by a proof of stake consensus algorithm.
The idea to fractionalize physical assets brings many new opportunities into existence for collectors as well as fans. By the act of decentralizing the governance and also the delivery procedure of current exchanges, Guilds will lead in performing regulatory omission by verifying items and analyzing ownership, when Transfer Agents do emphasize on the delivery of assets.