A new standard has been announced that allows companies to create blockchain-based tokens and use them for international trade and financial transactions. Companies have already tested digital currency based on this standard for cross-border payments and settlements.
More than 20 companies have developed the Token Taxonomy Framework (TTF), which was overseen by the Enterprise Ethereum Alliance (EEA). Its goal is to enable companies and developers to access a set of cross-industry common components that can be reused to generate circulating tokens.
The Token Taxonomy Initiative (TTI) was first announced in April.
Participating groups sought to establish non-technical and common definitions of the nature of the token, as well as common terms and definitions that could be used universally without industry terminology or code.
“Indeed, corporate users or consortium can specify a default token type and assign actions and features from the proposed list and assign it to tokens,” said Molly Gray, senior architect and Microsoft EEA Board Member, Azure Blockchain Engineering. . Just drag and drop the icon on the screen. ”In this framework, the business can create tokens visually using design tools without writing any code, and simply tell the developer that he wants it. Explained.
The developers of the spec said the digital currency is different from Facebook's Libra cryptocurrency. Libra's launch could be hampered by strong regulatory scrutiny in the US and Europe. Founding members of seven Libra coalitions, Facebook's non-profit policy committees, were forced out of the coalition because of regulatory scrutiny.