The online economy faces many opportunities and challenges. Specifically, the virtual marketplace has long been the domain of virtual game assets and in-game items, and with the creation of the Worldwide Asset eXchange (WAX) there is now a decentralized platform where anyone can participate in the market for those items and even fractions of physical assets with the governance of Guilds and Transfer Agents.
Responsible users, known as Transfer Agents, are in charge of regulating the buying and selling of assets. Supervising them are another regulatory layer, the Guild, which is held responsible for the correct behavior of its Transfer Agents. If the Guild members fail to do their duty, they can be voted out of power by the users themselves in favor of someone else in the online community. A delegated proof of stake consensus algorithm also keeps the WAX token tied to the correct virtual asset.
While this system is currently in place for virtual tokens, the enhanced security may lead to non-virtual assets being bought and sold as well. As the system proves itself, the value of those physical assets will also rise. The incorporation of physical assets has another benefit as well, by linking along the blockchain with frequently traded virtual items. That reduces the chances of hacking, as any hacker would have to create and rehash all transactions following that manipulation.
By doing so, WAX has the capacity to reshape the online token industry, from purely virtual items to physical assets as well, while retaining a high level of accountability and security for its users.
Malcolm CasSelle is president of WAX and the CIO of OPSkins, which is a primary online marketplace for buying and selling web video game items. He has founded and worked with many startups in the digital gaming and media industry including XFire, MediaPass and a Groupon-Tencent joint venture in China. He holds degrees in computer science from both MIT and Stanford University.
Malcolm CasSelle is also a well-known investor who has helped with over thirty social media, cryptocurrency and bitcoin, and gaming startups as a financier, mentor and advisor.