Enterprise Ethereum Alliance announces 'Token Task Force'

Ethereum • February 13, 2019, 4:37PM EST

The Enterprise Ethereum Alliance (EEA), a consortium launched in 2017 to provide open standards for enterprise-grade blockchain specifications, announced today the formation of a “token task force”, reports CoinDesk.

The working group will develop a specification for tokens, both fungible and non-fungible, that run on both the public Ethereum chain as well as private Ethereum implementations.

The development of a business-grade specification could pave the way for corporate adoption of tokens, whose predominant utility to date has been constrained to fundraising mechanisms.

Ron Resnick, the EEA’s executive director, noted that once specifications and standards are firmed up, the industry group will look to work on driving interoperability between Ethereum and other cryptocurrencies.

About Author

Matteo joined The Block as a Research Analyst in January 2019. After graduating from Columbia University in 2017 Matteo launched CryptoChat, an industry-leading newsletter providing commentary and analysis on the latest developments in the blockchain world, with emphasis on the burgeoning Ethereum ecosystem. Before joining The Block, Matteo was also the founder of NashHash, an Ethereum-based platform for p2p game-theory games, an advisor to several early-stage blockchain-based projects, and an active investor across the crypto asset markets. Matteo's interests include the analysis of on-chain data, which has led to the creation of the Fee Ratio Multiple and Network Value to Aggregate Fee Ratio metrics, and the intersectionality of Open Finance protocols.