New EEA Blockchain Initiative spearheaded by Microsoft and JP Morgan
- The Token Taxonomy Initiative will develop a clear definition and scope of the token concept.
- The project will see collaboration from several financial and technology bigwigs.
The Enterprise Ethereum Alliance (EEA) announced on Wednesday that it is launching a new initiative named “Token Taxonomy Initiative.” The project will see collaboration from several financial and technology bigwigs like Accenture, Banco Santander, Blockchain Research Institute, Clearmatics, ConsenSys, Digital Asset, EY, IBM, ING, Intel, J.P. Morgan, Komgo, Microsoft, R3, and Web3 Labs.
The EEA Token Taxonomy Initiative will develop a clear definition and scope of the token concept, including use cases, taxonomy and terminology, and a specification. As per Marley Gray, EEA board member and principal architect at Microsoft:
“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. 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.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
