Malcolm CasSelle, a well-known entrepreneur and current President of WAX or Worldwide Asset eXchange, explained the possibilities of WAX, recently. He says that the system creates a decentralized platform that helps the customers to participate in any marketplace virtual game assets, using the choices of tokenizing, transferring assets, fractionalizing the profits, and more. Interestingly, WAX comes with reduced transaction costs, and it is administered by a multi-layered governance approach that helps the token holders to monitor it. The exchange of such virtual assets can be done by Transfer Agents, Guilds – the supervisory committees of TAs, rating system, and stake consensus algorithm. Interestingly, if TAs could not complete their duties, it affects and financial stake and reputation of the Guild.
Additionally, Guilds who are failing to act against TAs would not get a re-election bid as token holders object them. This type of economical feedback loop makes sure the WAX tokens linked to the virtual asset. Malcolm CasSelle also says that WAX also opens up the possibility of fractionalizing physical assets like Aston Martin from James Bond movie, NBA player’s shoe, Babe Ruth Baseball card, and more. This type of fractionalization provides terrific possibilities for both collectors and fans. Using the decentralization of governance, TAs focus on asset delivery and Guilds go for regulatory oversight in the transactions. CasSelle predicts that IoT and RFID technologies would help the process by recording the location of the assets, WAX token linked to correct owners, and more, in future. The additional services offered by Guilds will improve the product value.
Malcolm CasSelle is known for a number of ventures, and currently, he is also serving as the President and Chief Technology Officer of New Ventures at tronc, Inc. He is also serving as the Chief Technology Officer of OPSkins, a marketplace for online video game items’ transactions.
CasSelle was the founder of Timeline Labs, a platform for media companies to showcase, and led the firm as its CEO. Later, it was acquired by SeaChange International, and he became the GM and Senior Vice President of digital media division at SeaChange. Malcolm CasSelle completed his Computer Science degrees from Stanford University and MIT.