An Ethereum member-driven consortium, The Enterprise Ethereum Alliance (EEA) announced the launch of Token Taxonomy Initiative which is thoroughly Catholic and a Blockchain technology-neutral project.
It crosses Ethereum, R3’s Corda, Hyperledger, and Digital Asset’s DAML. The project has many high profile partners like Accenture, Banco Santander, Blockchain Research Institute, Clearmatics, ConsenSys, Digital Asset, EY, IBM, ING, Intel, J.P. Morgan, Komgo, Microsoft, R3, and Web3 Labs, and many more.
All about the project
The Microsoft and EEA or the Enterprise Ethereum Alliance have already corralled the providers of major blockchain. This has taken place for designing the business and also to create the crypto tokens for their own needs. So the announcement for token taxonomy is not a rumor at all. There was a press release on 17th of April which said that the initiative of token taxonomy is for driving the enterprise adoption. With the emergence of cryptocurrency and blockchain, many adoptions for the token are coming into existence. Regardless of the use case, Token taxonomy is one such kind of initiative.
According to the press release the initiative will be addressing the needs that are attached with the tokens which are universally defined. Moreover, this will also show the implementation which can take place. Cryptocurrency started with Bitcoin, and now there are many kinds of tokens available in this industry. The project of EEA will be defining the project of the coin that is based on the assets of standardizations. However, the press also said that the industry is lagging behind from the venue point of the side for all the participants that can work together.
Chances for a vast economic opportunity by standardizing the tokens
The taxonomy initiative of EEA or the Enterprise Ethereum Alliance includes a large number of profile institutions. These institutions include Santander Bank, IBM, Microsoft, Intel, J.P. Morgan Chase and also Intel. So it can be said that the taxonomy is showing a great appeal towards a wide variety of industries. With the growing rate of cryptocurrency and the turning of coin projects to exponential, taxonomy will be playing a significant role to simplify the tokens which already exists. Not only a simplification but it will also help in classifying the new tokens.
The executive director of EEA, Ron Resnick said that they would be doing this for the greater common good. He commented,
“We are doing this for the greater common good. Standardizing tokens across all networks could hold the key to one of the greatest economic opportunities in modern history.”
Marley Gray who is known to be the Principal architect at Microsoft proposed with the taxonomy concept. Research also took place by his colleagues regarding this matter. The research includes various investigation type questions. The internal business partner of Microsoft further said that they are still learning more about it an improvement on the licensing process of existing software is already going on.
In a statement, Gray explained,
“The idea is to use a workshop with business people to describe a token completely that service their business requirements. That token itself is composed of reusable components so another group can use those same components to define a slightly different token without redefining all the things that the initial group did – so it creates this framework.”
The business associates of Microsoft have already given recommendation for using the software which is smart contact enabled in place of the licensing process which is traditional. They preferred avoiding the conventional method because it will require the users for registering complex holographic IDs for each and every software license.
According to Gray, the business can easily grab the non-fungible tokens, and it will also be able in dragging over after starting from behavior pallets and again dragging of those behaviors. No need of worrying as this will be a user-friendly one, and the user will be able to follow a few easy steps. He concluded,
“We prefer people to go into the workshop not even thinking about whether it’s ethereum or Hyperledger Fabric or Corda or DA. In fact, we tell people when using the framework are to leave the technology baggage at the door.”