The EEA (Enterprise Ethereum Alliance), announced that it has collaborated with tech giants Microsoft and Intel to create a system of reward tokens for incentivizing the group of firms.
Devcon 5, the annual conference for Ethereum developers taking place in Osaka, Japan, became the ground where EEA broadcasted the news of the reward token. Based on the news, the token is a means to appreciate teammates for actively participating in a consortium.
Michael Reed, the person who handles the blockchain arm of Intel’s software and solutions group, stated that the tokens aimed to encourage participation from the teammates are categorized into three types, namely: a reward token, a penalty token, and a reputation token.
Reed said that,
The crucial step of using tokens with the aim to align firms requires a rigorous thought process within the ethereum ecosystem. It is likely to emerge as the first use case from the Token Taxonomy Initiative (TTI), which is a brainwork of Microsoft. It aims to come up with a common layout for tokenizing value across varied blockchain networks and not just to restrict itself to EEA or ethereum. The process also saw the involvement of ConsenSys Solutions, Kaleido, Envision Blockchain, PegaSys, and iExec.
As per the TTI framework, the firms get the opportunity to choose the feature they aspire from the token. The various options available for the users include: fungible or non-fungible; transferable or non-transferable as well as they get to choose the network type as well, be it Ethereum, Hyperledger, or R3 Corda.
The token can be applied to any unit of value on which the consortium agrees. While explaining the rewards process, Marley Gray, principal architect at Microsoft, stated that,
Further, Gray said that,
Ron Resnick, executive director of EEA said that,