The invention of WAX (Worldwide Asset eXchange), a regionalized platform that allows anyone to contribute in a market of virtual game resources indicates the impact of tokenizing in-game elements. WAX will trim down transaction costs, open markets for games as well as share player earnings from centralized trades. Tokenization empowers ownership of virtual resources, developing a new and more reachable economy with the possibility to grow into physical assets.
However, one of the significant challenges facing tokenization is ascertaining how to supervise and ensure block-chain tokens remain attached to their respective asset. The multi-layered technique used to govern WAX develops controlling oversight using token holders. The integral value of physical assets managed on the WAX platform will escalate as the credibility and reputation get instituted.
According to Malcolm CasSelle, a blockchain alongside physical items executed occasionally is less safe than one with a continuous transaction development. Including physical items into WAX would enhance security, since frequently transacted virtual assets are hashed to occasionally traded physical items. With trades continually appended to the blockchain of WAX, the risk of transactions getting manipulated by hackers reduces, since they would have to revise all the transactions after the manipulation.
The innovations of Worldwide Asset eXchange are generating a new network of assets that couldn’t exchange before. As virtual assets get successfully transacted, WAX will be in a calculated position to involve physical asset companies to their platform, as well as create increased services that ensure WAX tokens located on the blockchain stay connected to their respective physical assets.
Malcolm CasSelle is presently the CTO and president of Tronc managing fast development properties controlling digital assets. He was previously serving at SeaChange as the Digital Media’s GM & SVP. Previously, he led several startups in the digital field, including MediaPass, Xfire, and Groupon’s joint investment with Tencent based in China.
Mark has also been active in investments such as Zynga, Facebook, and funds in blockchain verticals and big data. During his career, Mark helped in raising billions of dollars for PCCW’s public charities and other private transactions. Malcolm CasSelle is a Computer Science graduate from both Stanford University and MIT, and he speaks both Mandarin and Japanese.