In a press release on 17 April, the Enterprise Ethereum Alliance (EEA), announced the launch of a blockchain neutral Token Taxonomy Initiative. The launch was done in partnership with several other cross-industry big players.
What is the Enterprise Ethereum Alliance?
The EEA is an organisation that leads the drive to global harmonisation by developing open blockchain specifications:
“The EEA is a member-driven standards organization whose charter is to develop open blockchain specifications that drive harmonization and interoperability for businesses and consumers worldwide.”
The Blockchain Neutral Token Taxonmy Initiative participating firms
Reportedly, Accenture, Banco Santander, JPMorgan Chase, Microsoft, IBM, R3, Intel, EY and ConsenSys are the firms that participated in the initiative. Marley Gray, the EEA board Member, is chosen for the Token Taxonomy Initiative Chair. The report also mentioned that the work of the initiative would be independent of the standard work ongoing at EEA which shall enable its members to cooperate for the EEA’s certification and testing processes.
The purpose of the Enterprise Ethereum Alliance Token Taxonomy Initiative
The purpose of the initiative is to define cryptocurrency tokens universally for ‘better understanding their use and implementation across all token-enabled blockchain platforms.’ The initiative aims at clearly defining tokens in ‘non-technical and cross-industry terms using real-world, everyday analogies so that anyone can understand them.’
Besides defining it, the initiative also seeks to establish definitions that can be used by both the technical and business world. Creation of Token Taxonomy Framework and Token Taxonomy Workshops is also listed among the tasks set for the initiative.
A Map for the Future
In the words of Marley Gray, EEA board Member, “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.”