Building a proprietary digital currency with all the technological features that go with it, including blockchain and smart contract technologies, the WAX token will create a more secure means for gamers to purchase and sell digital assets to one another.
Launched by OPSkins, the leading web-based marketplace for trading virtual gaming assets, the firm’s president Malcolm Cassell will also serve as CIO of WAX.
WAX, which stands for Worldwide Asset Exchange, will implement a fully peer to peer digital marketplace, supporting in game asset trading for the global gaming community.
The primary motivators for this new functionality, fraud and fragmentation, have plagued the online gaming community for as long as gamers have engaged in internet-based buying and selling.
WAX’s digital currency will also solve problems related to currency conversions, while the underlying blockchain will create a general ledger record of the asset buy and sell transactions. Smart contracts will create a more secure exchange and eliminate the need for and expenses associated with a transaction intermediary.
Breaking from the standard proof of work blockchain validation, the WAX system will implement a Delegated Proof of Stake system that will utilize a consensus algorithm, improving the decentralization, flexibility, efficiency and speed of the transactions.
Also increasing the ease with which gamers will be able to transact, WAX is able to tokenize all assets and to provide immediate access to buying and selling functionality from within the main gaming console.
A graduate of both Massachusetts Institute of Technology and Stanford University, Malcolm Cassell has built a reputation as a leader in innovative gaming technologies that spans more than 2 decades.
Co-founder and CTO of NetNoir beginning in 1995, the first non-affiliated firm brought into AOL’s Greenhouse, he moved into a director role at Capital Union Investments in 2006.
Cassell’s latest ventures OPSkins and World Asset Exchange deliver in game asset transaction services to the global gaming community.