There’s a big market for virtual gamer gear — 50 billion dollars kind of big. That’s the net worth for platforms used to exchange weapon skins, a kind of digital asset for online gamers. Weapon skins are traded through centralized online exchanges. These digital networks have grown considerably in the past few years as more websites enter into the digital trading realm. With accessibility comes vulnerability as many sites fall prey to cyber attacks. They can also charge high fees to gamers for their services — taking some of the fun out of online gaming and trading. Malcolm CasSelle caught wind of this early on.
WAX, a decentralized exchange platform, is looking to tackle some of those issues. Started by the same development team as OPSKins, the biggest online trading platform in the world, WAX is working to make the online trading world more secure and trustworthy. That’s no small task for an industry worth billions and used by an estimated 400 million. But with know-how gained launching OPSkins, WAX organizers are stepping up to the plate to make big changes.
By consolidating marketplaces previously spread around the world, WAX is making its own one-stop-shop for digital assets. This single market is designed to trade gear like weapon skins. Anyone in the world can access it, and directly communicate with other gamers. OPSkins uses blockchain technology which led to the creation of WAX tokens, which can be used on the network to trade internationally.
Cyber thieves can’t touch these transactions with WAX blockchain security, making gamers more open to trading. It eliminates currency exchange fees and takes the question mark out of transactions. OPSkins has been accepting bitcoin on its platform since its early years, with the experience to take WAX currency to the next level. The idea was spearheaded by WAX development team William Quigley, a venture capitalist and early investor in Paypal. Jonathan Yantis, one of the first forces behind virtual asset trading, and WAX President, Malcolm CasSelle.
CasSelle is a digital entrepreneur and long-time cryptocurrency advocate. He cofounded OPSkins, which quickly grew to be one of the biggest websites accepting bitcoin. CasSelle and fellow co-founders developed WAX to build on OPSkin’s success through the introduction of WAX tokens and decentralized trading platform. CasSelle is the CIO of OPSkins and former president and CTO of Tribune publishing.
The organization of the WAX network is the key to its security through the dissemination of power within the system. Users interact to monitor exchanges with and between fellow gamers based on their share of WAX tokens.
One feature that highlights this system is the Delegated Proof-of-Stake algorithm, which allows users to select representatives to secure the network. Users are given votes depending on the number of WAX tokens that the player owns. Elected representatives form Guilds to represent each different game. The platform will start with a set number of guilds that can be expanded by the request of the gaming community involved. Members can also vote to disband the guild and appoint another if they are not satisfied.
Hierarchies on the platform are further delegated into Transfer Agents, a position that facilitates the exchange of assets from seller to buyer. Guilds are in charge of Transfer Agents and appoint them as they see fit. Transfer Agent is a position open to anyone using the platform and can receive a portion of transaction fees but must present a share of their WAX tokens as security.
Weapon skins like those traded on WAX are unique to the gaming world. They’re for show — allowing gamers to apply appealing images or designs to the weapons they use in combat. They don’t give players any special powers, but they can give them major respect from their peers online. Weapon skins can range from a few to thousands of dollars for use in games like Counter-Strike: Global Offensive (CS:GO). It’s a game based on skill and teamwork — it’s what makes it most attractive for players. With the rise of weapon skins, it’s also increasingly about how good you gun looks staring down your opponent.
It’s about style and swagger — a way for gamers to be unique online. WAX is making that easier than ever with its decentralized, blockchain solution for the gaming world. The industry is already booming as players put their best look forward. Blockchain used by WAX brings gamers the styles they crave the way they want: affordable and secure. WAX tokens will take this mega industry to the next level. It’s allowing individual or business to take control of their digital assets — and look good doing it.