The Enterprise Ethereum Alliance (EEA), which sounds like something from Star Wars but is actually a member-led organization aiming to increase blockchain usage across the world, announced on Wednesday that it is launching a new initiative in conjunction with several major financial institutions and technology companies.
Called the Token Taxonomy Initiative, the EEA hopes it will be able to simplify and advance the technical aspects of the blockchain ecosystem in order to help the industry expand and scale upwards.
Noting that a mass of tokens is causing problems for both people trying to work on blockchain technology and those who are trying to understand it, the EEA said in a statement that its new initiative will focus on developing a common set of terms and definitions for use by companies interested in the technology and the technical people working on it.
On top of that, the new initiative will seek to define what exactly a token is in language that is both non-technical and cross-industry. Perhaps more importantly for those working with the technology, the EEA wants to form a Token Taxonomy Framework (TTF) that will classify and define old and new tokens.
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In turn, that TTF will be used by developers to create metadata which would allow people to more easily visualize different tokens, their source code and what solutions they can be used for.
As noted, the EEA’s initiative is being backed by a number of financial institutions, as well as some major technology companies, including JP Morgan, EY, Microsoft, IBM, Accenture, and Banco Santander.
“As blockchain adoption accelerates, it’s important to work together to develop a common understanding of the token model, provide a common set of definitions, and assure interoperability through best practices and standards,” said Marley Gray, EEA board member and principal architect, Microsoft.
“With a standardized global approach, the Token Taxonomy Initiative will form the foundation of critical standards in tokenization that could streamline the way entire industries and ecosystems work on a blockchain.”