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Microsoft, Intel back Enterprise Ethereum Alliance's token system to reward consortium members

Image Credit: EEA Twitter

Tue, 08 Oct 2019, 06:37 am UTC

Microsoft and Intel are supporting a new system of reward tokens created by the Enterprise Ethereum Alliance (EEA) to incentivize groups of companies.

Showcased Tuesday at the Ethereum Foundation’s conference, Devcon 5, in Osaka, Japan, the trusted reward token is a way of amassing and calculating rewards for active participation in a consortium.

Speaking to CoinDesk, Michael Reed, Intel’s blockchain program manager, said there are three types of tokens: a reward token, a reputation token, and a penalty token.

It really can be applied to any consortium to incentivize teamwork. The example we are using is a software development consortium like EEA, where we are trying to motivate activities like editing and contributing to specifications, developing and adding code. Then, of course, you could apply penalties for negatives, such as lack of contribution, lack of review, missing deadlines and so on,” he explained.

Meanwhile, similar to ERC-20 standards that are ascribed to different networks and use cases, the trusted reward token can be attached to any unit of value that the consortium will agree on.

The EEA is a blockchain consortium with more than 450 enterprise business members, including Accenture, Chase, Cisco, JP Morgan, and Microsoft.

Describing the reward token as an “especially exciting and gratifying” move, EEA member Dr. Andreas Freund, Blockchain Swiss Army Knife, ConsenSys, believes that the initiative will not only show “that seven very different EEA members can successfully collaborate to combine emerging technologies in novel ways… but also that the EEA is maturing as an organization with a focus on co-creating real-world Ethereum based applications that deliver not only value to its members but also to the larger Ethereum ecosystem.”

The new move follows after the EEA recently introduced its new board member appointee Aya Miyaguchi and unveiled its new EEA Mainnet Initiative in August. The mainnet aims to determine how public network components match the commercial market requirements to connect the world to Ethereum.

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