ROTD: Blockchain Interoperability

howtze — Fri, 21 Aug 2020 10:43:19 +0000

The ambitious vision of the “world computer,” a Turing-complete state machine to end all that came before it, catalyzed a wave of innovation the likes of which can only be compared to the early days of the internet. The mission to build a platform where public economic consensus attempts to provide the fabric for decentralized governance has taken decentralization to the masses — cryptoeconomics is now just “economics.”

Decentralized settlement cannot be a zero-sum game; otherwise, we have lost the plot.

The industry needs to focus on digital assets: asset definitions and templates, asset swaps, ledger and inter-ledger transactions, and more — built on a foundation of standards-based interoperability.

This summer, under the leadership of Microsoft and other tech giants in the technology and financial sectors, the InterWork Alliance was launched. Its key focus is the development and evangelization of the Token Taxonomy Framework. The Token Taxonomy Framework is an early attempt to create a lexicon and a language for digital assets.

The Token Taxonomy Framework was designed with the objective of bridging the gap between developers, business analysts and managers, and policy makers and public regulators, enabling them to work together to model, architect, design, validate and to create and deploy new business models and networks based on digital assets.

A common lexicon for digital assets provides a shared basis and a starting point for mutual understanding and enables the development of tools to support communication, collaboration and commerce.

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ROTD: Blockchain Interoperability

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