Worldwide Asset eXchange or WAX is a decentralized platform designed to allow anyone to gain access to the marketplace for assets for virtual games. It also shows the power of tokenizing the in-game assets. WAX reduces transaction costs and creates marketplaces to transfer assets for games. It also allows for the fractionalization of player profits using centralized exchanges. Through tokenization, WAX allows for virtual assets to be owned and creates an accessible economy that can potentially expand into physical assets.
WAX’s multi-layered governance gives token holders regulatory oversight to ensure tokens available on the blockchain continue to be tied to their asset. Using Transfer Agents, supervisory guilds, a consensus algorithm for proof of stake and ratings systems, gamers control the process of virtual asset exchange. WAX also helps enhance security and value by fractionalizing physical items. The guilds can also verify an asset’s authenticity and increase the value of a product. WAX is creating an ecosystem for trading virtual assets.
International entrepreneur Malcolm CasSelle is the president of WAX. He is also tronc, Inc.’s president of new ventures and chief technology officer. He has also served as SeaChange International’s general manager and senior vice president of digital media. CasSelle had been CEO of Timeline Labs when they were acquired by SeaChange International in 2015. CasSelle was involved with digital industry startups Xfire and MediaPass and also worked with a joint venture between Groupon and Tencent in China. Malcolm CasSelle was also an early stage investor in Facebook, Zynga, as well as several Bitcoin-related companies.
CasSelle graduated from MIT with a Bachelor of Science degree in computer science and went on to earn a Master’s in computer science from Stanford University. He’s fluent in both Japanese and Mandarin Chinese. He was director of Capital Union Investments, a Hong Kong based company for which he handled private direct investments for late-stage web companies. CasSelle also co-founded NetNoir, an Afrocentric website designed for African-Americans and the Hong Kong based telco service provider Pacific Century CyberWorks, a publicly traded company. He was later hired by Tribune Publishing Company as their president of new ventures.