Enterprise Ethereum Alliance announces 'Token Task Force'

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.