OPSkins is a world leader in the distribution of in- game virtual assets. It uses a centralized system that allows its clients to sell and buy virtual assets. On realising that the system they are using, like any other centralized distribution system, has limitations they came up with a new product: WAX.
WAX, Worldwide Asset eXchange, is a P2P market place built upon the foundation of block chain and decentralized smart contracts. According to its creators, WAX solves two of the biggest flows in virtual asset market; fragmentation and fraud. It also has a block chain enabled widget that allows gamers to buy goods without logging out of the game.
Virtual asset market is fragmented. This can be seen in the payment processing, language used and security concerns that keep buyers and sellers restricted in their own countries or area codes. WAX allows sellers to tokenize their assets thus allowing them to sell without any friction. This makes it easy for transactions being made in different geographic locations. Initially, buyers coming from geographical locations that used different tokens had to go through a middleman. With WAX, uses one common token thus eliminating FOREX difficulties or the need for a middleman.
To deal with the issue of fraud in WAZ used a DPOS system instead of the commonly used POW. DPOS, Delegated Proof of Stake, uses 64 confirming nodes (guilds) voted by users as preferred delegates. Each guild is ranked according to the votes it gets from the users. This not only makes the market decentralized, it makes it safe. The WAX tokens can also be used as stored value that can be used to later acquire, rent or trade in virtual assets. The smart contracts act as proof that the asset being traded is original and legitimate.
WAX CEO, Malcolm CasSelle is excited about this new venture. He says that OPSkins is in a position to become one of the world’s first markets to successfully trade in crypto assets. He expresses confidence in the platform and thanks with its innovative system, WAX will play a vital role in propelling crypto currency into the mainstream market.