Microsoft Launches Token Platform Under New Token Taxonomy Framework
NEWS
November 04  |  4 min read

Microsoft Launches Platform for Minting Tokens Under New Token Taxonomy Framework

The COIN360 Editorial Team

Microsoft has announced the launch of their own platform for enterprises to mint tokens.

Microsoft announced the launch of their platform for enterprises to mint their own tokens under the TTF compliance: Azure Blockchain Tokens. The platform allows enterprises to design, issue, and manage a wide range of crypto assets, including non-fungible bonds, documents, and tickets. Azure Blockchain Tokens is designed to comply with a new taxonomy framework that includes tokens developed by different networks like IBM, Digital Asset and others, allowing for tokens to be exchanged and interact with each other regardless of the distributed ledger that powers them.

On Monday the Token Taxonomy Initiative (TTF), alongside the Enterprise Ethereum Alliance (EEA), Microsoft, IBM, R3, and several global leaders announced the publication of the Token Taxonomy Framework (TTF) V 1.0, designed to address the need to define tokens universally and “unlock standardized token use across networks.” The framework, which started in Microsoft and consists of 14 different types of tokens as examples, allows businesses to communicate with developers in a universal standardized manner regarding what a token is, and “universally design the next-generation of token-based business goods and services” without necessarily understanding technical terms.

By using the Token Taxonomy Framework, businesspeople are enabled to “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.”

As reported by Marley Gray, Chair of the TTI, board member of the EEA, and principal architect at Microsoft, the Azure Blockchain Tokens platform “closes the gap between parties collaborating together and working through business processes that will make everything from delivery services and getting meeting and appointments much easier and automatable.” At the moment the companies minting on the platform are using a permissioned version of the ethereum blockchain that uses Microsoft’s Azure cloud computing to reach a consensus on transactions. In the future, however, developers will be able to create tokens using Azure on the public ethereum blockchain or at other distributed ledgers built by Microsoft’s competitors.

One of Azure’s earliest users is Los Angeles-based Mythical Games, who is using blockchain to allow game developers to prove ownership and authenticity of their game currency, including special weapons and magical powers. Other users include London-based Adhara, which is working to create an emoney service.

As mentioned by Gray, businesses “can select a base type of token and choose from contributed lists of behaviours and properties and assign them to the token” easily without having any knowledge of coding.