Malcolm CasSelle: Cryptocurrency’s Best Target is Gaming

D3
August 17, 2018

Malcolm CasSelle is the CIO of OPSkins. And OPSkins is the leader in merchandise sales denominated in Bitcoin. What OPSkins sells is in-game assets for eSports. It’s a big market — 400 million gamers make such purchases.

The problem from CasSelle’s point of view is that there is too much friction in the sales process. That friction, in CasSelle’s opinion, comes from the centralized nature of OPSkin’s business model. It’s not an antiquated model, but it’s just that it could be better if it were not centralized. That’s the problem OPSkins aims to solve with their new WAX platform. WAX stands for Worldwide Asset eXchange.

Buyers and sellers will be paid (or pay) in WAX tokens — a cryptocurrency token designed for that purpose. When you hear cryptocurrency token, you know that blockchain is bound to pop up soon. And indeed WAX will function on blockchain-based smart contracts.

WAX will decentralize the process, allowing a player to purchase assets from another gamer while still playing the game. The buyer authorizes the spending of WAX tokens and shortly after, while still playing, receives the asset(s).

WAX does not waste massive amounts of energy on mining tokens (like other cryptocurrencies). WAX tokens derive their value from a process of democratic consensus. Yes, hashing blocks of transactions is still required, but the absurdly difficult constraints imposed on Bitcoin hashes are not part of the WAX protocol.

Instead, holders of WAX tokens, which carry voting rights, vote to delegate the responsibility of hashing a transaction block to a trusted Guild — initially there will be 64 guilds to choose from. The guild for a given game will choose a transfer agent, who, just like the guild, depends on democratic consensus to remain in business. Absent the intentionally-costly proof-of-work hash mining required for Bitcoin, WAX transactions will complete in moments not minutes.

It’s not surprising to find Malcolm CasSelle deeply involved in such a technically-challenging endeavor. CasSelle founded NetNoir back when AOL ruled the web. He was a top executive in a joint venture between Groupon and Tencent. He has served as CEO for multiple corporations and has also served as CTO for another, and as noted above, now serves as Chief Information Officer for OPSkins.

Malcolm CasSelle received his undergraduate and graduate degrees from MIT and Stanford respectively. Both degrees are in Computer Science.