Worldwide Asset eXchange is known as WAX, a decentralized network used for buying and selling in-game items. Its great because WAX will decrease the transaction costs that weren’t available before. The platform is made so that players can exchange items and creates a tokenization. This allows the buyer to keep ownership of their item. The end goal is to have physical assets they can use in the future. There is a big challenge, the system has to make sure that tokens on the block chain are connected to their respective assess. There are also other elements in WAX’s design that try to compensate for this.
To constantly make transactions, token holders need to regulate their transactions to authorize future actions. The exchange process is done with transfer agents that calculate ratings, supervise guilds and regulate the proof of stake algorithm. When transfer agents don’t do their job, the guild rating is effected and they are given less influence. Eventually if the agents don’t do their job, they won’t be re-elected to get their position. Its a really crazy concept and its something that can’t be done with physical assets. There’s no way you would be able to sell half of a DeLorean.
Malcolm CasSelle is an investor who attended Stanford University and is part of the Massachusetts Institution of Technology Alumni network. He is also a President, mentor, advisory, and founder of PCCW. He has also stressed the importance of bitcoin and the massive potential it has if people are will to dig into it.
He is most well known for founding the Worldwide Asset eXchange or WAX. WAX has created a new trading environment for people who play games and want to make sure that their items are traded properly. The system has a lot of potential for how future assets should be handled.