The recent launch of digital asset exchange company WAX has caused quite a stir in the world of digital asset management. The chief executive officer and president of the company Malcolm CasSelle have experience in the assistance of various startups in the digital world in hopes that this new digital asset exchange will allow the instantaneous trading of various virtual assets. Having graduated from Massachusetts Institute of Technology with a degree in pewter science, he has first-hand experience in the necessary knowledge to enable a revolution in the industry of virtual asset management.
The new company’s vision is to help unite the fragmented ecosystem the technological implications that blockchain technology has presented the world. Currently, virtual assets are subject to a hodgepodge of localized trading platforms that has caused the restriction to their host countries. A new solution deemed the WAX token is utilizing the fundamental technology of blockchain to create a market that is frictionlessly allowing both buyers and sellers to trade assets in a manner that is entirely fraud-proof.
The WAX platform has allowed users to create tokens from their virtual assets that will enable the instantaneous trading between individuals in the gaming environment without ever leaving the game. All of this is possible with the help of their new blockchain enabled widget. They hope to solve the problem posed by fragmented geography commonly encountered by players in the virtual world. They have done this by creating the new WAX token which will serve as a standard currency for all gamers and will eliminate the foreign-exchange problems that are currently ubiquitous in virtual asset markets.
The algorithm which this company’s technology is based on is considered a delegated proof of stake or DPOS consensus algorithm. This is the most efficient decentralized mode of consensus available. Until now the most common model used for proof of work systems which are significantly less efficient. The tokens traded act as a store of value that is used to acquire in-game items and smart contracts that will allow the buying selling and renting or trading of virtual assets. All in all the president of the company Malcolm CasSelle is confident in the platform and believes that it will revolutionize the entire industry.