William Quigley, CEO of WAX, hosted a Telegram AMA on Monday 10/29/2018 at 12:30 PM PST. For those who weren’t able to catch the AMA while it was live, we’ve provided a summary of all of the questions and answers here for your convenience. Many of the topics included content from the Development Update that went live earlier in the day.
So, what questions did the community have, and what insights did William provide? Please see below:
(Note: some content slightly edited for grammar and formatting)
CEO William Quigley answers the community’s questions about the Worldwide Asset eXchange™:
Q: How will WAX capitalize on the eSports market? Is this an area that you feel will adopt WAX and build partnerships?
WQ: Esports is an important market for us. A big part of eSports is the merchandise component. We will have - very shortly - our first eSports merchandise being offered on WAX - eSports related stickers.
Q: Wouldn’t it be safe to have the TGE sooner than mainnet going live? We don’t need governance to have the tokens.
WQ: That would be great. But in fact we do need governance. It is core area for how the WAX token economy will operate. Without a governance system, the token economy will not be nearly as useful.
Q: Will everyone who holds WAX tokens (the current one) already get commissions from the fees of ANY WAX store, established on the Beta? And if so, when will this start?
WQ: We have not yet determined that. Lots of considerations. Keep in mind, at OPSkins we are very used to dealing with small and medium businesses and what sort of incentive structure they need to support the virtual item trading community. We are in the process of mapping those rules and incentives over to the WAX blockchain.
Q: Have you or will you at least try to get at least one of the top gaming dev studios to use the WAX platform? Sorry, but ALL games currently confirmed/planning/able to use WAX are borderline/completely terrible or banned/blocked via Steam! 😞
WQ: This is absolutely an important area for us. We are in discussion with many game studios. There is a massive education component to item trading on a blockchain. And that education is time consuming. But suffice to say there are many game studios interested in WAX ExpressTrade and item trading.
It’s not unexpected that the first adopters of a new technology platform like blockchain are newer, smaller, developers. That is just how tech adoption works. The larger companies are all waiting to see how blockchain tech works and scales. But there is no doubt in my mind that as innovative models are adopted by these indie developers, the larger studios who are more risk averse will adopt them too.
Q: We've had a few questions related to management changes - Malcolm, John, and Lukas
WQ: Sure. Malcolm is the Strategic Advisor for WAX. Other recent changes to the management team include the promotion of Lukas Sliwka as CTO, and John Brechisci’s resignation to spend more time with his family.
Q: Hi, why does it take half a year to build your own governance model?
WQ: That is a great frigg'n question. And the answer is that it is so hard to do. It is very hard to stipulate the rules of an ecosystem into a single document. Just try looking at the experience EOS has faced in trying to do this. So many unintended consequences of rules that seem on their face to be straightforward but in fact have hidden adverse side effects.
Q: Do you think joining any gaming crypto consortium?
WQ: Sure if we find it useful. There are unlimited number of organizations to be a part of. We have to spend our time carefully.
Q: What led Malcolm to resigning his position as "president of WAX"?
WQ: Regarding Malcolm, Malcolm is sitting next to me right now. I have been working with Malcolm for 10 years. He gave me an update today on an amazing new business development that hopefully we will be able to announce when it is finalized. Malcolm is very much involved in the future of WAX, just not as president. The company is shifting to a far more operational mode and Malcolm is focused on strategic level aspects of WAX, hence his transition to strategic advisor. Let me say one more thing about this. As companies develop and grow, there is always a change in the day to day management. It is a fact when it comes to start-ups shifting to growth companies. Nothing unexpected or worrisome.
Q: How is WAX going to be different than other game blockchain projects? OPSKINS.COM already have a very successful business with fiat currency and existing things, what makes WAX to get specialize to use? We need more details about WAX own blockchain such as transaction speed, fee, etc.
WQ: I am glad people asked this question. The wax explorer is now live (beta version with many more improvements in the works). As you can see, 50 transactions a second. That is close to what the entire EOS network is doing right now across all of their dapps. The reasons for this are very clear. WAX ExpressTrade is so easy to use compared to scatter and to Metamask.
Q: How did the Twitch streamers take the WAX sticker idea at Twitch convention?
WQ: They Twitch streamers were thrilled at what WAX can do for them with stickers. Consider the problem steamers have. They make very little. A few do well but the vast majority have few ways to monetize their service. WAX is going to allow streamers to enjoy a brand new revenue stream. I am not just talking about Twitch. I mean streamers across all of the other streaming platforms. There is integration work to do here. But given the revenue generating elements for the streaming industry is so limited, I believe what WAX can do for these platforms and streamers will be a very welcome improvement.
Q: What do you believe will be the deciding factor for game studios to adopt an item centric (universibly tradeable items) business model, since game studios do like the fact that they pull the (economic) strings? Will consumer demand be the force required for change in the industry?
WQ: I wish I had more time for you on this question. There are many things at play driving the speed at which video game publishers embrace blockchain based tech and business models. At the highest level, it will come down to a few forward leaning studios (likely indie studios as I mentioned before) that demonstrate some powerful new use case only possible using blockchain. When the larger game studios see this happen, they will embrace blockchain.
Q: Is WAX project considering expanding into other segments after the gaming industry? E.g. Real Estate, etc.
WQ: WAX was created to go beyond video gaming. While video gaming is in my judgement the best way to gain broader consumer adoption of blockchain related platforms and services, there are many other use cases beyond this core industry. What we are doing with IRLs is one such example.
Q: Will Guilds have to run their BPs using AWS or can we set it up in our own datacenter? Will Users that stake with a guild only receive revenue based on the transaction fees or will guilds also (have the option) to distribute sales fees?
WQ: It’s a good question, but that is still to be determined.
Q: How will you promote WAX to the Twitch streamers?
WQ: Well, first let me say we already are promoting WAX ExpressTrade and WAX blockchain item creation to steamers (Twitch and other platforms). We have a great business development team who reach out to streamers and educate them about the things we can do for them. As I previously mentioned, the streamers we have spoken to love what we can do for them.
Q: What exactly will the IRL cases mentioned in the Dev Update be? Has this been explained or mentioned anywhere prior?
WQ: These are similar to VGO cases but are IRL items. Guys, we will be announcing some terrific IRL items soon.
Q: To quote an opskins statement: "Steam games can and very much will be traded on the WAX Platform and no one can prevent that from happening, not even us". Does that mean when wax goes live, skins for games like CS:GO will trade on wax? #AskWAX
WQ: Yes, theoretically any virtual item will be tradable on the WAX blockchain.
Q: I know how focused you are in user experience but do you consider stakers as users? That means, will the staking mechanism be simplified (like the WAX wallet) to make it more easy to "use"?
WQ: Absolutely!!! Staking is a shit experience for everyone. Its downright torture to do many simple blockchain operations. This is a big area for us and should be for the whole industry.
Q: Let's talk about the WAX Explorer that we just released earlier today
WQ: The blockchain industry has involved around the chains, the browsers, and the tokens. Very little has been done around the data presentation layer. I am really pleased with this. If you check it out, you will see the way we are presenting NFTs. It’s what we believe item collectors will want to see. Full 3D rendered models of each skin immediately viewable from the WAX explorer. I predict that in a short period of time, all NFT focused chains will adopt this style.
Q: WAX Explorer looks awesome. Will WAX token holders to benefit from it during beta?
WQ: They certainly will. If I were an NFT focused developer, I would not want my items tradable on any chain that didn't have the sort of visual presentation the WAX explorer provides. Our explorer is designed to be another contribution to the overall value of the WAX ecosystem.
WQ: I really encourage everyone to read the WAX development update we just published an hour ago. You will see details around the host of new services we are building. Remember, we designed WAX to follow in the footsteps of the tremendous success of OPSkins. The services we are creating are absolutely needed for the blockchain game ecosystem to develop.
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