The system responds to user requests to define attributes of their crypto assets. The token service would offer an interface that sets permissions to transferences, minting, and burning.
Microsoft, one of the world’s most famous software and technology companies, has patented a template service that will make the creation of non-fungible (NFT) and fungible tokens on different blockchains easier.
The United States of America Patent and Trademark Office (USPTO) highlighted the approval of the patent on August 24, in response to the application filed by the company on February 25, 2019.
The proposal aims at developing software to help users create and manage tokens on different networks quickly, and more efficiently, as the report reads.
In that sense, Microsoft’s system will make this process easier and more fluid. To achieve this goal, it will present the user with some new templates that will carry out particular functions and would count on specific features.
Once the user selects one of the features presented, the token will meet its creation on the specified network. The templates offered may vary depending on the kind of crypto asset the user desires to create or the physical asset it represents.
Among the variety of templates that the system incorporates, users will have the opportunity to create tokens with a fixed supply, NFT with variable supply, or of the type that goes as collectables. The software will count on functions to transfer, mint, and burn certain amounts of tokens.
So far, the company has not released any official statement, so it is unknown when this token template service would see the light of day.
Back in 2020, Microsoft, IBM, and Nasdaq joined efforts in an alliance to standardize token-based ecosystems. Microsoft, IBM, Nasdaq, and 29 other companies joined forces to create the InterWork Alliance (IWA) to standardize token-driven ecosystems on a global scale.
On June 2, 2020, the launch of the InterWork Alliance got unveiled. The alliance was a non-profit organization that would allow companies to standardize the exchange of value through tokens in cases and use networks.
According to the alliance, distributed applications have the potential to affect the global economy. However, it notes, a considerable number of existing platforms have stalled the adoption of tokenized assets.
The alliance aimed to be a tool for all companies that have had hard times creating a token. In addition, they wanted to standardize the concept of what a token is among companies around the world to make it a more easy-to-understand concept.
What the alliance wanted was to include a lot of these companies in the world in tokenized ecosystems. Commercial standardization met its creation for those companies to agree on distributed business models without choosing a platform first.
By: Jenson Nuñez
