Ethereum Alliance and Microsoft, JP Morgan Chase and other initiatives to initiate token classification

Ethereum Alliance and Microsoft, JP Morgan Chase and other initiatives to initiate token classification

  

The Enterprise Ethereum Alliance (EEA) said in a press release issued on April 17 that the alliance has partnered with major companies to launch a token taxonomy initiative that is unrelated to the blockchain. The program will seek to define tokens in non-technical and cross-industry terms to promote large-scale adoption of corporate tokens.

EEA describes itself as "an alliance member-centric standards organization whose mission is to develop open interoperability blockchain rules."

According to reports, members of the initiative include global consulting firm Accenture, major banks Santander and JP Morgan Chase, blockchain incubator company ConsenSys, four auditors Ernst & Young, technology giant Intel, Microsoft and IBM, blockchain alliance R3, international Think tank blockchain research institute, blockchain research and development company Clearmatics, etc.

The goal of the new token taxonomy program is to create a set of shared terms and definitions for tokens (regardless of which blockchain), as the basis for the business and developer.

Eon director Ron Resnick believes that standardized taxonomies can use tokens in an enterprise-level blockchain application without any hindrance to "access" as a group of commodities, financial assets, securities, services, values ​​or content.

In addition to clarifying the concept and scope of the token model, the program will also seek to address use cases, taxonomies, terminology, and technical specifications.

To this end, the goal of the project is to establish technical standards to counter the fragmented relationship between multiple blockchain protocols and to ensure interoperability between platforms and use cases—whether tokens are used for similar currencies or Used to represent unique assets.

The program will include a token classification framework and an educational program that will be discussed and launched through structured token definition workshops.

As mentioned earlier, the EEA (with more than 500 members) is working on a token standard that begins with the focus on the Ethical Square (ETH) specification. In the fall of 2018, Hyperledger and EEA announced their joint membership.

In February of this year, the organization set up a regional office in China to expand its global reach. In the same month, the EEA announced that it would launch a so-called “Token Special Task Force” focusing on Ethereum-derived ERC-20 and non-replaceable ERC-721 tokens.