WAX is a decentralized marketplace for transferring physical assets. It uses tokens to transfer ownership. It lets people own small items, such as shoes from a famous sports player. It uses a special system to make sure that everything is regulated and controlled. For example, there are Transfer Agents and Guilds. Transfer Agents have the job of transferring assets and making sure that the tokens are tied to the assets. If the Transfer Agents do not do their job, the Guild has to put them in place. The Guild is in charge of oversight of the regulations and of how the Transfer Agents are performing. The Guild is held responsible by the possibility that if they do not make sure everything is right, they will not be re-elected next time.
WAX is more secure than others, because of the frequency of which there are trades going on. The more trades go on, the more secure a platform is. If there are more physical assets, there will be more trading, which will cause it to be more secure. There are more and more transactions being added to the blockchain at WAX. This makes it increasingly difficult for hackers to be able to access the system and manipulate the trades, because there are more trades and transactions that they have to manipulate and reverse.
Malcolm CasSelle is the President of WAX. He graduated from MIT and Stanford University, where he earned his Bachelor’s and Master’s degrees.
Malcolm CasSelle was the CEO of Timeline Labs. When it was purchased by SeaChange International, he joined them as a Senior Vice President and General Manager. He is the Chief Technology Officer and President of New Ventures at Tronc, Inc, which used to be called Tribune Publishing. He has lead various startups, including Groupon and Media Pass.