The Enterprise Ethereum Alliance (EEA) announced the launch of 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.”