Token Task Force to be Formed by the Enterprise Ethereum Alliance

By Tyler Smith – Cryptocurrency Investor

The Enterprise Ethereum Alliance (EEA), formed of 385 bodies, is to create a ‘Token Task Force’ that will focus on the specification for tokens that run on the Ethereum network, as reported by Coindesk. The task force will be looking into assets that are interchangeable with one another such as the ERC-20 tokens and those tokens with unique features the non-fungible ERC-721 tokens. ERC-223 tokens will also be applicable to the specifications.

The alliance wishes to create the specifications to standardise tokenisation to allow the assets to be managed efficiently with greater assurance than the current method. Projects in the past have rushed to release a token using the infrastructure of the Ethereum network without a fully functioning project and users would be able to sell ether for the token. The new specifications set to be introduced will reduce the number of tokenised assets that are not ready to be traded helping to reduce the risk when looking to cash out crypto for a new project.

Many developers have hopes of tokenising an asset for trading on the Ethereum network as once minted and issued, users will be able to buy and sell cryptocurrency for the token and generate investment in the project. Due to an implosion of tokens of the Ethereum network, the EEA sees a greater need and requirement for creating the token task force to guide projects.

Many involved in the development have compared the work to that similar of industry bodies such as the International Swaps and Derivatives Association (ISDA) to build better confidence in the public world. The development will come to the Ethereum network to begin but shall also help the Ethereum and private variants communicate with other Blockchain ledgers, potentially with Ripple XRP or Bitcoin BTC. A user could sell Ripple XRP for a service developed on the Ethereum network in the future.

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