To make the process of creating blockchain-based tokens easier for both businesses and developers, the Token Taxonomy Initiative (TTI) announced today that it had released a new universal framework.
For the basics, the Token Taxonomy Initiative is an industry association with member companies, including the blockchain arms of IBM, Microsoft, R3, the Ethereum Enterprise Alliance, Accenture, and a host of others.
The association released the new Token Taxonomy Framework (TTF), not to be confused with the U.S Token Taxonomy Act, to reduce the time that companies and organizations are spending on trying to determine how best to tokenize products and services.
By applying the framework, the association hopes that individuals and businesses wishing to launch blockchain-based tokens can define their token’s attributes by using pre-defined standards and characteristics that apply to their business goals.
Developers, on their part, can use the plug-to-play features defined by their clients to know the types of backend requirements needed to standardize the token across different blockchain networks.
“Whether it’s a ticket, supply chain documents, stocks, property titles, loyalty points, or other as-yet unthought-of blockchain-based products and services, token use should be able to flow across platforms,” said Marley Gray, TTI chair, and principal architect at Microsoft.
Gray further described the new framework as one that has the same features as drag-and-drop development tools. With such convenience, a can potentially create a token visually using a design tool without writing any code whatsoever, and clearly convey their ideas to developers.