The alliance established 3 different areas to achieve the objectives.
An alliance between the companies, IBM, Microsoft, Nasdaq, and 29 other firms is now a reality. The main objective of this alliance is to create an ideal environment for the operation of token-based systems. The group will receive the name of the InterWork Alliance (IWA)and will function as a catalyst to keep stable a new ecosystem that will be fundamentally working with tokens.
The companies that participate in the project announced the alliance last June 2nd. This announcement revealed that the companies will register the group with a non-profit organization and design it to keep stable the value of the tokens used in exchanges.
The IWA group commented that these distributed property applications are strong enough to change important aspects of the global economy. They added that the current number of platforms that have different characteristics have hit the adoption of this type of tokenized assets.
In a press release that IWA issued, the group gives more details about what it hopes to accomplish within the industry. The main intention of the group is to create a stable market for token trading and the use of these assets.
“What is required is standardization at the commercial level, which would allow companies to agree on distributed business models without first choosing a platform. The InterWork Alliance will set the standards for creating distributed applications, including appropriate frameworks for tokenization of items of value, drafting contracts on those tokens, and analyzing the preservation of the privacy of multi-party data.”
Among the goals that the alliance hopes to achieve is to promote a guiding status for companies that have not been able to create their tokens. Besides, they will focus on developing a unique concept of what tokens are and the technology that makes them up. This action will help facilitate adoption among companies that want to enter the crypto ecosystem.
Three Different Areas for Tokens Standardization
According to the announcement, IWA mentioned that it is working to divide the processes into 3 different areas. Doing this will help maintain control over the contracts made with tokens and the exact definitions of the aspects of the technology.
The alliance also explained that the developers of the ecosystem will receive more information about these areas. In this way, the developers will be able to create the areas within the platform that the company chose to start using tokens.
The name of the first area for platform standardization is token taxonomy. This framework will seek to define concretely and uniquely, the basic concepts of the ecosystem. In this way, the group will define what a token is, how the exchanges will be made, or what its value is.
Working issues at InterWork is the name of the second area, which will seek to establish a set of standards and steps of a global nature. This will deal with aspects such as communication between peers, among other forms of action for commerce.
Finally, the third area is the analytical framework, which will conduct studies on the evolution and changes in the crypto-market. This area will make available to the participating companies a complete analysis that they can use to establish performance and privacy.
Other companies that are part of the Alliance include Hyperledger, Digital Asset, and the World Economic Forum (WEF). These organizations give more relevance to the project that seeks to reinforce the current crypto-ecosystem.
By María Rodríguez