The Enterprise Ethereum Alliance (EEA) In cooperation with notable companies announced today it is launching a blockchain-neutral Token Taxonomy Initiative.
According to the release, EEA’s main purpose with the latest move is solely to redefine tokens based on the real-world analogies, to allow for easy comprehension.
Ron Resnick, Executive Director EEA, said he believes that having the tokens standardized to run seamlessly on any platform could result in one of the most significant economic opportunities so far.
Standardizing tokens will enable enterprises to issue access to certain goods and financial services through a blockchain system, without the use of native blockchain currencies.
As per the release, other members partnering with the EEA’s initiative includes the Blockchain Research Institute, Accenture, Clearmatics, Banco Santander, ConsenSys, IBM, Digital Asset, Microsoft, Intel and other, wherein the Microsoft Principal Architect, Marley Gray is said to chair the Initiative.
Reasons for EEA’s Token Taxonomy Initiative
The member-driven organization EEA says its priority for establishing the blockchain specifications is to promote harmonization and interoperability of blockchain tokens.
The new taxonomy initiative does this by highlighting the necessary groundwork for tokens in line with customer requirements. The effort also:
- Define tokens clearly, based on non-technical and cross-industry concepts
- Establish a simpler term for easy use by technical and business participants
- Develop an understandable Token Taxonomy Framework (TTF); edify with the collaboration of a structured Token Definition Workshops (TDW) to define new and existing tokens.
- Elaborate on the meta-data through the use of grammar and TTF syntax to establish a visual representation.
- Emphasizing on the concepts and terms of the token model.
In a similar development, Coinfomania reported in October that the EEA partnered with Hyperledger to promote the adoption of blockchain technology.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!