Alliance between giants aims to set global standards for tokens

Alliance between giants aims to set global standards for tokens

Organization that will establish global standards for tokens is launched already supported by more than 28 blockchain, technology and finance companies

Alliance between giants aims to set global standards for tokens

By Editorial Staff

Marley Gray, Microsoft’s chief architect, and former Enterprise Ethereum Alliance CEO, Ron Resnick, have launched an alliance, the InterWork Alliance, to a establish global standards for tokens.

The non-profit organization is founded already supported by more than 28 blockchain, technology and finance companies around the world. Among the main names are Microsoft, Chainlink, Hyperledger, IBM, Nasdaq and Accenture, according to the Bitnotícias portal.

The InterWork Alliance proposes three different global standards structures for the industry. The first, the Token Taxonomy Framework, will standardize a language and a set of tools so that the token is defined, and what it will be used for.

Subsequently, the InterWork Framework will be responsible for helping companies compose multilateral contracts based on internationally recognized standard clauses defined by the organization. In addition, the Analytics Framework will be the basis to analyze these contracts, using artificial intelligence services and market-driven data reporting.

Global standards for tokens will help the market

Security tokens, one of the types of tokens, for example, are increasingly gaining the market.  Last Wednesday (17/06), the founder of Dynasty Global, Eduardo Carvalho, brought his vision on how STOs can unlock the liquidity of the real estate market.

In Brazil, tokens are also increasing their role. Recently, BRZ Token partnered with Hong Kong-based international exchange FTX to give the Brazilian investor access to the company’s crypto products. Among them are spot and perpetual pairs of more than 30 cryptocurrencies, till then not available on exchanges operating in Brazil. The partnership allows investors to operate on the platform with BRZ, stablecoin paired 1:1 with the Brazilian real, offering international liquidity to the country’s investors.

Security tokens can represent a US$160 trillion market. This should also be the next major movement of the cryoptoassets market.