The consortium seeks to teach companies how to generate tokens that are appropriate to their needs, and they will hold workshops and create a repository to share their advances
A conglomerate of organizations that are part of Enterprise Ethereum Alliance (EEA) has launched an initiative that seeks to help companies design and create tokens appropriate to their particular needs.
The project is called the “Token Taxonomy Initiative” and it aims at addressing an existing need to clearly define and classify the tokens in order to better understand their use and implementation, according to what the Enterprise Ethereum Alliance (EEA) published in a note on its blog last April 17th. The objective is to establish a more global concept of this type of crypto assets “in non-technical and inter-industrial terms, using everyday analogies of the real world so that anyone can understand them.”
The initiative will be chaired by Marley Gray, board member of EEA and Head of Microsoft’s Blockchain division. This technology company participates in the plan together with other renowned companies, such as Accenture, Banco Santander, Blockchain Research Institute, Clearmatics, ConsenSys, Digital Asset, EY, IBM, ING, Intel, JP Morgan, Komgo, R3 and Web3 Labs, inter alia.
Regarding the work methodology, the Executive Director of EEA, Ron Resnick, explained that they will work within an open-ended framework, which both technologists and non-technologists can access. The process will include a series of workshops and a GitHub repository, where the findings and test data will be connected with the implementations of existing tokens within different Blockchain networks.
In this way, it will proceed with the establishment of a standard taxonomy and a common language in order to accelerate the adoption of crypto assets, thus making it easier for employers in general to create tokens that allow them to meet their specific trading needs. Regarding this, Resnick emphasized the role that the standardization of the tokens created within all Blockchain networks will fulfill in order to support the tokenization process that is under way within the current economy.
The standardization of tokens to work anywhere could be the key to one of the greatest economic opportunities in modern history. Like the standards that led to the increase of electronic commerce on the Internet, the application of standards to tokenization will allow companies to use tokens to serve, or provide access to a set of goods, financial assets, securities, services, value or content, through the applications of the business block chain.
Ron Resnick, Executive Director of EEA.
In this way, it is considered that the companies that are part of the alliance will be able to take advantage of the potential of all the tokens that are issued within different Blockchain platforms, so as to facilitate the transformation of the business models that are offered through various decentralized applications.
The work for this standardization initiative will be conducted in parallel with the activities that have been done since its creation in 2017 by the members of Enterprise Ethereum Alliance, in order to develop the technology and applications of Ethereum for the scope of their respective business activities.
By Willmen Blanco