Emerging out of the interface of OPSkins, the video game with the leading in-game sales in the world, is a P2P block-chain system for virtual asset trading called WAX. Standing for Worldwide Asset Exchange, WAX allows for in-game purchasing and selling without having to navigate through the geographic fragmentation of currencies that currently restrict the marketplace regionally. This is because WAX tokenizes virtual asset, creating a common currency in-game.
Additionally, WAX will be making use of state of the art block-chain smart contracts and Designated Proof of Stake (DPOS). Due to its guarantee of asset delivery, smart contracts create a fraud proof exchange system without the need for intermediates and middlemen. To further add to its security, WAX runs on DPOS which is chosen by votes to delegated “witnesses,” making DPOS the most democratic and efficient consensus algorithm to date.
The project is being led by WAX President Malcolm CasSelle,who believes that the gaming industry is crypto-currency’s path to the mainstream market. Casselle, who graduated from MIT and has a masters degree in computer science from Stanford, is also the CIO of OPSkins and has been at the leading forefront of the tech industry since 1995. With experience leading successful tech companies such NetNoir and Xfire Cassell has the reputation and experience to backup WAX’s confident claims. CasSell has also been involved in high profile ventures such as leading Groupon’s joint venture with the Chinese company Tencent, acting as CEO for MediaPass, and entering as an early stage investor in Facebook.
WAX is just the newest of CasSelle’s many start up ventures, and it has promising beginnings. The cutting edge crypto-currency technology paired with a successful international entrepreneur is a formidable matchup. However, still in its early days, WAX has yet to become the disruptive leader it has the potential to be.