The Token Taxonomy Initiative (TTI) announced today the release of Token Taxonomy Framework (TTF) V 1.0, a universal guideline that would enable businesses and developers to blockchain-based tokens and how they are implemented.
Formed in April, the TTI is an industry group comprising of several blockchain industry participants, including the Ethereum Enterprise Alliance, IBM, Accenture, Consensys, R3, Microsoft and other global enterprises.
The newly published framework by the group, understandably makes it easier for anyone to create a new token-based system by relying on definitions, specifications, and standards used to develop similar tokens in the past.
Even without an understanding of industry jargon or coding, the TTI hopes that the newly published framework will simplify the process of defining the attributes of tokens for businesses and ease the workload on developers and token issuers.
Marley Gray, chair of the Token Taxonomy Initiative, EEA Board member and principal architect, Microsoft reportedly spoke about the group’s latest achievement, saying:
Whether it’s a ticket, supply chain documents, stocks, property titles, loyalty points, or other as-yet unthought-of blockchain-based products and services, token use should be able to flow across platforms.
He further described the token taxonomy framework (TTF) as one that could unlock the potential locked in blockchain-based tokens.
Meanwhile, in another similar enterprise move towards blockchain, the Enterprise Ethereum Alliance and Hyperledger joined forces to support the growth of the technology.