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aelf leads the Second Meeting of IEEE P3207 Working Group and Huochain Technology was elected Vice Chairman!

On August 4, 2020, the kick-off meeting of IEEE C / BDL P3200 Series Standards was successfully held in Hangzhou. The P3207 Standard for Blockchain-based Digital Asset Identification has officially entered the launch stage, which is formulated by Ma Haobo, founder and CEO of aelf, as the chairman of the working group, and Shanghai Wanxiang blockchain, as the Secretariat.

On November 10, 2020, the IEEE P3207 Standard for Blockchain-based Digital Asset Identification Framework Working Group held the second working group meeting online. As the chairman of the P3207 Group, Ma Haobo, founder and CEO of aelf, took the lead to participate in the meeting, aiming to continuously promoting the development of digital asset identification. Other participants included China Electronics Standardization Institute, Wanxiang Blockchain, Huochain Technology, Binance Research Institute, Tianjin University, Zhejiang University, Hangzhou Qulian Technology Co., Ltd., Shanghai OnChain Information Technology Co., Ltd., Beijing Gongyilian Technology Co., Ltd., Okcoin Technology (Beijing) Co., Ltd., Beijing Chain Tower Technology Co., Ltd., and Beijing Blockbeats Technology.

Regarding the agenda of the meeting, chairman Ma Haobo called on all experts and members to put forward proposals, Huochain technology launched a motion, which was reviewed and approved by Wanxiang blockchain. The meeting adopted the “IEEE Blockchain-based Digital Asset Identification (Draft)” submitted by aelf, and elected Yuan Yuming on behalf of Huochain Technology as the vice chairman of the P3207 Working Group.

The theme of the meeting was “Standard for Blockchain-based Digital Asset Identification”. At the meeting, Ma Haobo introduced the data structure, functions, cross-chain asset transfer process and related functions of the proposed blockchain digital asset identification. Participants expressed their opinions on the existing common blockchain digital asset identification methods such as ERC-20 protocol (FT), ERC-721 protocol (NFT), ERC-1155 protocol (using one contract to manage multiple tokens), ERC-998 protocol (composable NFT).

The basic data structure, data format and asset management operation of the draft were discussed as follows:

  1. Are the items of the basic data structure complete? What items need to be added to cope with the relative scenarios?
  2. Whether the process of cross chain asset transfer is tight, whether there are loopholes or improvements to be made?
  3. Whether the data structure and functions in the draft are optional or required.
  4. How to expand the related functions of asset identification in the draft?

Regarding these issues, the participants carried out in-depth discussion. Asset identification specifications are the key to establishing a digital asset management system, especially when it comes to multi-asset management and cross-chain asset operations. Without a common digital asset identification specification, asset management based on different protocols will become more and more complicated. However, there is no such standard in the field of blockchain right now. To solve this problem, aelf made this draft to define the data structure and data format related to asset identification, thereby improving the efficiency of digital asset management in the blockchain system. The standard data structure can provide guidance for the design of digital asset management solutions, and provide reference for building digital asset service platform with standard data format.

The meeting was wrapped up with a new task arrangement for the framework to promote the implementation of the standard, and the next meeting is scheduled for early February 2021. Standardization exploration is necessary for the development of blockchain and aelf has been committed to participating in its formulation. In the future, aelf will continue to give full play to its own comprehensive advantages in blockchain technology and application practices, and lead industry-leading companies to actively participate in related projects and standard formulation. At the same time, aelf will do its bit to formulate industry standards, and further guide the standardized application of blockchain technology and the healthy development of the industry.

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