Malcolm CassSelle was appointed as the president of WAX in 2017. WAX, which stands for Worldwide Assets eXchange is a blockchain platform dedicated to facilitating the trading of virtual assets. While holding the CEO position at WAX, Malcolm CassSelle is also the CIO of OPSkins. Before joining WAX, Malcolm CassSelle served at various positions in different companies. This includes Xfire, a global network for core video game players. He also served as CEO at MediaPass.
OPSkins, for which Malcolm CassSelle also serves as the CIO is the global leader in terms of in-game virtual assets sales. Also, OPSkins a leading firm in bitcoin trade in the world. With the growing number of people who make transactions across borders, OPSkins is facing the challenge in terms of technological capabilities since it’s the leading centralized market place for virtual gaming assets. The intense pressure from huge numbers of customers forces the company to opt for the decentralization of the market in order to survive.
As a way of decentralizing the market platform, OPSkins launched WAX. The biggest problems targeted by WAX are fragmentation and fraud. This has been achieved by the platform giving users a chance to buy and sell virtual products while still having their game on. With WAX, the users are able to tokenize their gaming assets and instantaneously trade assets with other players without logging their out. WAX has broken the geographical burrier to trade between users through the introduction of the WAX Token. Users transact directly without using middlemen since the WAX Token is a globally recognized exchange item unlike sometimes back when the users had to seek the help of middlemen when transacting between countries that use different currencies.
WAX blockchain runs on its DPOS. DPOS refers to Delegated Proof of Stake, this is the fastest, most decentralized, flexible and efficient consensus algorithm. The DPOS utilizes confirming nodes which makes WAX a democratic platform by allowing users to vote for the proposed delegates. The WAX Tokens can be stored and used as smart contacts when purchasing, renting or trading in-game-items. According to Malcolm CassSelle, WAX is going to spark the involvement of the gaming industry into the world of cryptocurrency.