Enterprise Ethereum Alliance (EEA) announces plans to form ‘Token Task force’
The 385-member association, Ethereum Enterprise Alliance which aims to develop open, blockchain specifications that drive harmonization and interoperability for businesses and consumers worldwide announced on Wednesday that it is planning to form a ‘Token Task Force’, according to a report by CoinDesk. As per the report, EEA will work on a specification for tokens that run on top of Ethereum and private blockchains based on it.
The report further goes on to explain that the ‘Token Task Force’ will not only work for assets which are interchangeable but also for tokens that are unique in nature and have unique properties like CryptoKitties.
Speaking to CoinDesk, executive director of EEA, Ron Resnick said, “We are creating a token task force; we will do that first half of this year. It’s going to be focused on support for fungible ERC-20 and non-fungible, ERC-721 tokens.”
“We want to create a token specification standard for enterprise tokenization so basically [assets] can be managed in a much better way with more assurance than what’s happening today,” he added.
The planned creation of a ‘Token Task Force’ is the first attempt by EEA to directly address the phenomenon called tokenization that has swept the crypto space in recent times.
Speaking about the growing stature of tokenization, John Whelan, head of the EEA board said, “Since the explosion of ICOs there has been an incredible technology development in the open source community around token standards. Whether it’s ERC-20, ERC-223, ERC-721 and beyond – there are quite a lot of them.”
In an important development last year, EEA entered into a partnership with The Linux Foundation hosted Hyperledger project to foster blockchain adoption. The two companies share the same goals in terms of providing strength to the community and accelerating the enterprise blockchain technology adoption.
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