The Token Taxonomy Initiative has released a framework that aims to standardize the construction of different types of tokens.
The Token Taxonomy Initiative (TTI) has unveiled a framework to standardize the construction of tokens. The initiative has made its Token Taxonomy Framework (TTF) available to the public, according to a press release shared with Cointelegraph on Nov. 4.
The platform-neutral framework will purportedly provide a set of definitions for tokens in various implementations.
The TTI includes a common set of concepts, definitions of tokens and their use-cases across industries, a classification hierarchy, a composition framework and other standards.
The TTI’s members include major tech, financial, software and blockchain firms including Microsoft, Intel, IBM, ConsenSys, EY, R3 and JPMorgan. The TTF has provided 14 draft tokens to serve as examples that are portable across definitions from Adhara, ConsenSys, Digital Asset, Enterprise Ethereum Alliance (EEA), IBM, ioBuilders, Microsoft and R3.
Marley Gray, the chair of the Token Taxonomy Initiative, said that the new standards will help facilitate cross-platform transactions, stating:
“Whether it’s a ticket, supply chain documents, stocks, property titles, loyalty points, or other as-yet unthought-of blockchain-based products and services, token use should be able to flow across platforms. If we want to take full advantage of what collaborative platforms have to offer, cross-platform transactions have to be able to communicate with one another. Standards are where that starts.”
Furthermore, the TTF aims to provide definitions that let businesspeople describe a token based on its business requirements while allowing developers to see which backend requirements are needed to standardize the token across various networks.
Organizations set standards for the blockchain industry
Different organizations, alliances and consortiums have begun to introduce standards for the blockchain and cryptocurrency industries.
In October of 2018, EEA announced a set of specifications to provide standards for developers using private iterations of the Ethereum blockchain, following the release of the first version of its Enterprise Ethereum Client Specification the previous May.
This summer, the American Institute of Certified Public Accountants proposed a set of standards for audit evidence including data recorded on a blockchain. The institute’s proposal would set guidelines for how auditors and preparers consider audit evidence that is based on new technology like distributed ledgers.
Last month, the Association of National Numbering Agencies — a global association of national numbering agencies — announced that it would examine the identification of digital assets and provide recommendations for creating global standards for the assignment of International Securities Identification Numbers to digital assets.