Most people have heard of Bitcoin and recognize that there is proven value in the idea of cryptocurrencies, but many of its underlying technical features create their own problems. The ledgers that account for Bitcoin transactions use a “proof of work” algorithm that uses huge amounts of electricity and which scales poorly. Bitcoin transactions cost a great deal in fees, and take hours to complete on the worldwide peer to peer network.
Malcolm CasSelle sees a role for these forms of payment especially in online gaming, and has created Wax, the Worldwide Asset eXchange, with a twist on the underlying technology. Instead of solving enormously complex math problems like bitcoin miners do, Wax tokens are exchanged with a “proof of stake” peer to peer quorum, while micro-transactions in gameplay can execute with the confidence that cryptographic techniques prevent abuses or fraud in a public ledger. The WaxToken provides smart contracts with its own p2p ledger and the proof-of-stake algorithm.
The technology is part of a larger strategy involving OPSkins, the largest in-game virtual asset seller and the number one Bitcoin merchant. Malcolm CasSelle is the president of WAX and CIO of OPSkins, and sees a big opportunity to build a bigger online ecosystem and currency system. Online gaming is the natural extension for cryptocurrency, because a public ledger will allow confidence in the amount of inflation and verification of transactions that hasn’t been available in corporate currencies such as Linden dollars.
CasSelle has been a leader in the tech industry since the 90’s, and in the 2000’s was director of Hong Kong-based Capital Union Investments where he managed private direct investments of major web companies. He’s not just another suit, he’s got a graduate degree in Computer Science from Stanford to back up his technical chops. In 2012, he was co-founder and CEO of a social media tracking company called Timeline Labs. His many successes have given him a broad view of the market and the potential of these technologies. Notably, he was an early investor in Facebook at a time when few would have believed it would someday be a half-trillion dollar company.
Malcolm CasSelle believes WaxToken “will ignite the world of cryptocurrency to the mainstream” and that this system will act as a middle ground for the Forex problem of different cryptocurrencies being used to buy and sell virtual assets.