New ‘Token Task Force’ Being Formed by the Enterprise Ethereum Alliance (EEA)

2019-2-13 21:01

The recognized Enterprise Ethereum Alliance (EEA) is planning to create a new “token task force” in 2019. The information was released by Ron Resnick, the executive director of the company, during a conversation with CoinDesk.

The main intention behind this token task force is to work on a specification for tokens running on top of Ethereum. However, it will be developed thinking about businesses. According to Resnick, the task force will not only be focusing on assets such as shares in a corporation or tokenized assets, but it will also be working for tokens with individuals properties. That means that fungible ERC-20 and non-fungible ERC-721 tokens will be supported.

Resnick commented about the plans that they have:

“We want to create a token specification standard for enterprise tokenization so basically [assets] can be managed in a much better way with more assurance than what’s happening today.”

WIth this toke task force, the EEA wants to make it easier for companies and businesses to deploy and use Ethereum-based tokens and assets. This is the first time that the agency is focusing on tokens, which experienced an exponential grow during 2017 and the beginning of 2018 with Initial Coin Offerings (ICOs). Now, Security Token Offerings (STOs) are also being launched.

John Whelan, the blockchain lab director at Santander and head of the EEA board, explained that since ICOs started to grow in the crypto and blockchain space, there has been an incredible technology development in the community. He makes also reference to different standards such as ERC-20, ERC-223, and ERC-721, among others.

This new task, that could be launched during the first half of this year, will not only be helping companies, but it will also be helping the public to increase its confidence in the crypto world.

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