Token Taxonomy Framework (TTF) Initiative publishes first documentation

The Token Taxonomy Framework (TTF) V 1.0 enables businesses and developers to create new types of tokens from a set of reusable, cross-industry components.

The platform-neutral Token Taxonomy Initiative, today announced the publication of the Token Taxonomy Framework (TTF) V 1.0, which enables businesses and developers to universally understand and define what a token is in non-technical terms, regardless of how it is implemented.

Users of the TTF can create a new type of token from a set of reusable, cross-industry components, including existing token definitions, creating a specification that includes all of the business ingredients for any implementation.

Using standardized terms and definitions to both understand and build token-based systems, the TTF enables businesses and developers to universally design the next-generation of token-based business goods and services – without requiring an understanding of industry jargon or coding

Token Taxonomy Initiative members include Accenture, Adhara, Banco Santander, Blockchain Research Institute, Clearmatics, ConsenSys, Digital Asset, Envision Blockchain, EY, Hedera Hashgraph, IBM, Intel, ioBuilders, Itau, J.P. Morgan, Komgo, Microsoft, R3, and Web3 Labs, among others.

Supported by taxonomy documentation and a set of tools that facilitate token definition workshops that contribute to a shared GitHub repository, the framework enables businesses to develop a clear definition and scope of the token concept, including use cases, taxonomy and terminology, and a specification neutral to the underlying technology – whether or not the token is hosted on a blockchain platform.

“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. If we want to take full advantage of what collaborative platforms have to offer, cross-platform transactions have to be able to communicate with one another. Standards are where that starts, and this Framework makes unlocking the untapped potential of tokens on the blockchain possible.”
– Marley Gray, chair of the Token Taxonomy Initiative, Enterprise Ethereum Alliance (EEA) Board member and principal architect, Microsoft

Companies and organizations are spending a lot of time trying to determine how best to tokenize products and services, especially identifying the shared properties and desired behavior sets needed for implementation on existing blockchain platforms.

Using the framework, businesspeople can describe a token that completely services their business requirements, while developers can see the types of backend requirements needed to standardize the token across different blockchain networks. The resulting token specification is a readable document that anyone can understand and download for documentation or education.

One Framework for Multiple Platforms

The framework’s template approach and token workshop facilitation tools make exploration and innovation as easy as possible. By using rich metadata, the framework facilitates automation-like code generation, verification, and certification that business users don’t need to understand but is extremely valuable to developers.

Using the GitHub repository, teams can map business requirements to specific blockchain code or solution implementations allowing for discovery and use in ways that help to increase time to market and expand the user base.

Specifically, the TTF framework provides:

“Tokens have the potential to disrupt global economics and radically change how commerce will be transacted. The Token Taxonomy Initiative’s framework defines a standard taxonomy making it easier for all to create tokens to serve their respective business use cases. While various implementations and taxonomies exist for tokens, the industry is currently lacking a venue for all participants to work together to describe how tokens can eventually interoperate across the multiple and disparate systems that make up a typical enterprise infrastructure. The TTF is now that venue. Plus, the EEA will be launching an EEA Token Working Group that will leverage the TTF framework to extend our global standards work.”
– Enterprise Ethereum Alliance (EEA) Executive Director, Ron Resnick

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