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Ethereum Developers and Microsoft Collaborate on New Token Standards for Institutions

April 17, 2019

 

What is the ideal path to widespread adoption of cryptocurrencies and blockchain networks? This particular question will likely hold primary importance in the blockchain industry for the next few years at least. In general, for now, the industry appears to be split between three camps which either support industry customers above retail customers or vice versa, or a hybrid of both.

 

All three of these groups believe they have the answer to us finally reaching that infamous point in time called “widespread adoption.” The new partnership between the Enterprise Ethereum Alliance and Microsoft falls into the first category and yet, it just might influence the market in such a way that even retail customers end up benefiting from it.

 

Ask yourself for a moment: what are the stumbling blocks for a business related to adopting and actively using crypto tokens for their own needs? While likely more than one issue exists that can fit into this category, there is one, in particular, that arguably rises to the top of the pack.

 

Just because there are currently thousands of projects out there with native crypto tokens does not mean that these projects actually fit the needs that businesses currently have. Furthermore, existing token creation frameworks like the standards that the Ethereum development community has created are restrictive in their own ways.

 

Interestingly enough, instead of simply creating another enterprise blockchain solution to answer this problem and others like it, the partnership chose to take a different direction. According to CoinDesk, the solution that the EEA and Microsoft will offer is like a software development kit for crypto tokens, for non-developers. While this may sound like something that is not possible to implement, it’s easier to understand when an overview of how it functions is considered.

 

By connecting certain known use cases of the blockchain to actual code related to their implementation on GitHub, the solution allows businesspeople to choose certain options that indicate what kind of token they need. From here, developers see these options as coding requests and can begin working on them.

 

CoinDesk quotes a source close to the project as saying that the solution is very simple to use, likening most of its’ functions to “dragging and dropping” certain values. Still, as the project develops, expect issues to arise related to how many use cases it can connect to its’ system and still have it function efficiently, in addition to businesses that require completely novel use cases. 

 

 

By: BGN Editorial Staff

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