If you have played games online recently, you might notice it’s almost like being in a different world. In those worlds, in theory, users can create items or locations that can be sold to other players. The problem many face is that there is not a centralized marketplace for selling those items currently. The reason this doesn’t exist is because not everyone uses the same cryptocurrency. Luckily for game players Malcolm CasSelle from the Massachussetts Industry of Technology, has created a centralized market place to make transactions simple to complete in the future. That technology is known as the Worldwide Asset eXchange, known as WAX for short.
Mr CasSelle has been involved with many of the more popular gaming networks over the past decade as he has worked to produce this universal marketplace. Xfire and MediaPass are companies that may be well known to other games. Mr. CasSelle’s involvement in the industry has been been limited to the gaming niche though, as he worked with Zynga to produce games that allow players to improve in by spending their money.
Many have been nervous to jump into these games for security reasons. Mr CasSelle indicates that the WAX program is closely monitored for fraud. This change in online play would allow someone that is plying in a online poker game using play chips to sell his chips and allows the purchaser to play use that money to pay for real chips in a game such as poker.
The safety of any online network dealing with financial assets will be watched closely. Mr. CasSelle has created what he calls a blockchain system to reduce these fears. That blockchain operates using a Delegated Proof of Stake (DPOS) consensus algorithm. Unlike previous online financial gaming systems, this is decentralized with 64 contributors helping in determining the value of the tokens. Gamers are hoping that these changes he has created will succeed in reducing fraud. If that happens, it should reduce the trepidation in the market regarding virtual currency and might be the key step to make online gaming a financial opportunity for players.