Altcoin News: Microsoft and Intel Support Ethereum-Based Token
October 8, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The Enterprise Ethereum Alliance (EEA), which sets the standards for the corporate use of Ethereum technology, has created a token system to promote the activities of groups of companies. The initiative received support from Microsoft and Intel, CoinDesk writes.
The system was unveiled at the Devcon 5 Ethereum Developer Conference on Tuesday in Osaka, Japan. According to the creators, it can be used to encourage the active participation of consortium members.
“It really can be applied to any consortium to incentivize teamwork. The example we are using is a software development consortium like EEA, where we are trying to motivate activities like editing and contributing to specifications, developing and adding code. Then, of course, you could apply penalties for negatives, such as lack of contribution, lack of review, missing deadlines and so on,” said Michael Reed, head of the Intel blockchain program.
This system is the first practical implementation of the TTI token classification initiative, which was proposed by Microsoft to create uniform standards for tokenization of values in various blockchain networks. Like ERC20, the new token standard can be applied to any unit of value, if agreed by the consortium members.
Enterprise Ethereum Alliance was founded in 2017 and currently includes over 250 members interested in using Ethereum technology to solve practical problems.
Author: Marko Vidrih
