Malcolm CasSelle is the President of Worldwide Asset eXchange (WAX). This is a decentralized platform provided to all. Now anyone can participate in this marketplace in order to get access to various virtual game assets. WAX has demonstrated how these in-game items are getting tokenized and becoming highly powerful too. In this regard, WAX is a platform that can help to decrease the transaction costs. It has created a marketplace for all those games in which it was not possible to transfer any kind of assets earlier. This also leads to fractionalizing of the player profits from various centralized exchanges. Such kind of tokenization leads to virtual assets ownership. This way a new economy gets created that is more accessible as it has the potential of expanding into physical assets.
The biggest challenge in front of Malcolm CasSelle is to safeguard the WAX Token. Tokenizing of assets requires monitoring. This is done in order to ensure that tokens on the blockchain will remain attached to their asset. This is why WAX follows a governance approach that has multiple layers. There are regulatory oversights even by the token holders. There are users who are transferring items through the virtual asset exchange process. These are called the Transfer Agents. They are governed by Guilds, which are their supervisory committees. Besides, they have a rating system, along with a proven algorithm of stake consensus.
In case the Transfer Agents are not performing their duty well, it impacts the reputation of the Guild. The financial stake gets affected too. Guilds have to take proper action against the Transfer Agents who are not performing well. In case this is not done, the token holders will not be re-electing them in order to govern their game. There has to be an economic feedback loop. This way WAX tokens will always stay connected with their virtual asset.
This is an era of fractionalizing physical assets. This is why Malcolm CasSelle has decentralized the governance of modern-day exchanges through WAX. Guilds authenticate the items and monitor their ownership. The Transfer Agents are looking after asset delivery.