The Token Taxonomy Initiative (TTI) project introduced the concept of Token Standardization (TTF), as well as their definitions and use cases in various industries.
TTI includes the largest technology and financial companies, as well as companies working in the field of information technology and blockchain. Among them are Microsoft, Intel, IBM, ConsenSys, EY, R3, and JPMorgan.
TTI has published a taxonomy token structure (TTF), which represents the principles of cryptocurrency operation, definitions, classification and hierarchy of tokens. In addition, the structure contains 14 “thumbnails” of tokens compatible with the Adhara, ConsenSys, Digital Asset, Enterprise Ethereum Alliance (EEA), IBM, ioBuilders, Microsoft, and R3 platforms.
Marley Gray, chairman of the Token Taxonomy Initiative, said the new standards will help streamline cross-platform transactions.
“Tokens should be easy to move between platforms, whether it’s selling tickets, transferring documents, shares, ownership, loyalty points or other products working on the blockchain. To take full advantage of all the platforms, you must ensure the smooth execution of cross-platform transactions. Standards are needed for this, ”said TTI chairman Marley Gray.
Using TTF definitions, entrepreneurs will be able to accurately describe the token so that developers clearly understand the technical requirements necessary for its standardization in various networks.
Blockchain and cryptocurrency standards began to be implemented by other organizations. For example, last October, the EEA alliance introduced a new set of technical requirements for developers.
Recall that this summer the American Institute of Chartered Public Accountants (AICPA) proposed standards for auditing, including for accounting data based on the blockchain. In addition, these standards set out the basic principles for how auditors should evaluate evidence based on distributed ledger technology.