Enterprise Ethereum launches currency specifications, Microsoft, Intel support, or paving the way for cross-chain?

On October 8th, at the Ethereum Developers Conference Devcon 5 in Osaka, Japan, the Ethereum Alliance (EEA) demonstrated its award-based token system, supported by Microsoft and Intel.

Does this mean that the EEA has a haircut that belongs to its own token? The Babbitt reporter interviewed Dr. Zhang Weijia, the head of EEA China. He said that the reward token system is called “Token Taxonomy Initiative”, or “TTI”, which was initiated by EEA and led by Microsoft. Microsoft and Intel want to use TTI to help affiliates issue tokens, but EEA currently has no plans to issue coins.

Or paving the way for Ethereum cross-chain

What chain will "TTI" be based on? Zhang Weijia told Babbitt that "TTI" is just a specification, and companies can choose any one of their own chains. He also said that the specification is still under development, and it has not yet been determined which company will issue tokens based on "TTI."

This makes the author somewhat confused. What is the purpose of the EEA's move? As we all know, EEA has always been committed to the development of technical specifications to promote the company's support and interaction with Ethereum. If “TTI” allows companies to choose to issue tokens in any chain, what good is it for Ethereum?

Zhang Weijia said: "TTI is a norm on the token level. Generalization will attract the participation of other companies such as IBM. In the future, the interconnection and interoperability of blockchain will increase." This means that as long as The tokens are issued in accordance with the "TTI" rules, and even in different chains, cross-chaining and interoperability can be performed.

Provide 3 kinds of token models

Michael Reed, who manages the blockchain program within the Intel Software and Solutions Group, said: " There are three types of tokens used to motivate participating alliances, namely token tokens, reputation tokens, and fine tokens. The system can be applied Any alliance to motivate teamwork."

At present, most of the public chains are single-currency models, but there are also a few projects that are dual-coin systems. However, the economic model of the three types of tokens has not been seen by the author. Then, must a company issued according to the specification issue three tokens at the same time? Or can you choose one or two types of distribution? Which of the tokens is designed to be volatile? Which is stable?

Zhang Weijia told Babbitt: "This norm only defines the format and relationship. As a token, it is up to the implementer to define the token economic model and business logic."

Talking about the model of multi-generational coins, the author thinks about the book "Ideology" that I am currently reading, which includes the highest-profileism of Bitcoin and the network effect of currency and platform published by Vitalik Buterin on November 20, 2014. "The article says that Robert Sams first proposed a dual token model. However, Bitcoin, Truthcoin and Vitalik have independently discovered this model.

“The core idea is simple: each network contains two (or more) tokens that separate the role of the trading medium from the speculative, bet carrier. The token used for the transaction will be the bitcoin sidechain, or endogenous / Exogenous stable currency. The volatile currency will become the unit of consensus measurement. When the stable currency is used to pay the transaction fee, the volatile currency will sometimes be absorbed to issue a new stable currency."

The dual-coin model of fluctuating and stable coins has become more and more apparent in the projects that have been produced later. For example, the cross-chain project Cosmos has Atom and Photon tokens in its system. Atom is a native equity token. The core function is to protect the network security. Photon is the original cost token. The core function is to pay the network fee. , so it will not be released for sale, nor will it create value fluctuations.

For example, the MakerDao project, which has two tokens MKR and DAI, is familiar to everyone in DAI. This is a decentralized stable currency that anchors the dollar, and MKR coins must be used to generate the stable currency DAI. Pay and mortgage a certain MKR, use the smart contract to create CDP, mortgage ETH to lend DAI coins, and destroy a certain number of MKR in the process.

It can be seen that the theory and practice of the multi-generation coin model are very rich. What makes the author feel is that Vitalik wrote in the above: "If we knew this strategy 6 months ago, would we use the wave currency/stabilized coin model on Ethereum? It is very possible. Unfortunately, in It is too late to make decisions at the current agreement level."

Enterprise Ethereum is constantly making progress

In March 2018, the company was founded by the Enterprise Ethereum Alliance (EEA), a standards organization promoted by alliance members. Members include more than 400 Internet, finance, technology and blockchain companies including Intel, JPMorgan Chase and Consensys. During the one and a half years of establishment, the EEA has continued to move.

In April of this year, EEA and Microsoft joined forces with major blockchain providers to launch a new “Criteria Classification Initiative” project to help companies design and create encryption certificates that fit their specific needs. Participants in the project include Accenture, Santander, Blockchain Research, Clearmatics, ConsenSys, Digital Asset, Ernst & Young, IBM, ING, Intel, JPMorgan Chase, trading platform Komgo, Microsoft, R3 and Web3 Labs.

In August, EEA announced the launch of the “Main Network Plan” to accelerate the cooperation between the company and the Ethereum community on the Ethereum public main network. The initiative is led by a technical working group and provides a channel for the Ethereum main network R&D team to understand more business needs, while giving the company the opportunity to influence the development of the Ethereum main network.

In October, the EEA again demonstrated the reward token system it created, dedicated to the token-issuing specifications of affiliated companies, and paving the way for cross-chain and interoperability. We can vaguely see the development of these plans. However, there is no shortage of alliances among the giants in the blockchain world, and even overlap with each other. How to coordinate the mutual benefits and advances deserves our continuous attention and expectation.