Malcolm CasSelle is a renowned entrepreneur. He is the current president of New Ventures where he also couples as the Chief Technology Officer. Malcolm CasSelle has been at the helm of various firms for quite some time now. During this period, he has started companies right from scratch and seen them through to their success.
Most of the companies that Malcolm has associated with are in the digital industry. He has also invested in various firms including Facebook and Bitcoin-related companies. And if you didn’t know, cryptocurrency and bitcoins are soon going to revolutionize the way people trade. Here’s why
Currently, there has been a creation of the Worldwide Asset Exchange commonly referred to as WAX. The decentralized platform created here allows every person to participate in the marketplace for the virtual game assets. While here, they demonstrate their ability to tokenize various in-game products.
The purpose of WAX is to reduce the various transactional costs as well as creating a market that will facilitate the transfer of assets. The benefit of this being fractionalizing of players profits from their centralized exchanges. Tokenization allows for more natural ownership of virtual assets. You are therefore in a position to create an open economy with the potential to expand to various physical assets.
Whereas tokenizing assets has its own set of benefits, there are still challenges associated with the method. These include developing systems that ensure that the specific tokens on the blockchain are attached to their assets. And, this is where WAX comes to the rescue, it uses a multilayer approach to governance creating a regulatory oversight body by the respective token holders.
The virtual exchange process is executed by the users who bear the responsibility for transferring various items. These are known as transfer agents. They have supervisory committees referred to as Guilds. How then do these virtual exchanges occur?
If the Transfer Agent is unable to perform their respective duties, the financial stake and the guild reputation will be adversely affected. If the guild does not act against any underperforming Transfer Agent, the token holders will not appoint them to govern their game. And that is how the feedback loop ensures that tokens and virtual asset remain connected.