- Standardise framework announced by the Token Taxonomy Initiative
- Regular concepts being used
- The expansion over different industries around the world
The framework to standardise the construction of tokens has been revealed by the Token Taxonomy Initiative. Made by the Token Taxonomy Framework (TTF) the new move has been made available to the public.
According to Cointelegraph, the platform-neutral framework will allegedly offer a set of definitions for tokens in different integrations.
The Token Taxonomy Initiative also includes a regular set of concepts and definitions of tokens as well as their use-cases over various industries, a composition framework and other standards.
As reported by CT:
“The TTI’s members include major tech, financial, software and blockchain firms including Microsoft, Intel, IBM, ConsenSys, EY, R3 and JPMorgan. The TTF has provided 14 draft tokens to serve as examples that are portable across definitions from Adhara, ConsenSys, Digital Asset, Enterprise Ethereum Alliance (EEA), IBM, ioBuilders, Microsoft and R3.”
The chair of the Token Taxonomy Initiative, Marley Gray said that the new standards will be able to help concentration on cross-platform transactions. Gray went onto say:
“Whether it's a ticket, supply chain documents, stocks, property titles, loyalty points, or other as-yet unthought-of blockchain-based products and services, token use should be able to flow across platforms. If we want to take full advantage of what collaborative platforms have to offer, cross-platform transactions have to be able to communicate with one another. Standards are where that starts.”
On top of this, the framework aims to offer definitions that allow entrepreneurs to describe a token based on the requirements of its company while simultaneously allowing developers to see which backend needs are required to keep the token regular across all the different kinds of networks.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!