Copy link
Increase text size
Decrease text size
Link copied

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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,657.42 (-2.77%)
  • Ethereum (ETH) $250.19 (-6.25%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $388.47 (-10.91%)
  • Bitcoin SV (BSV) $271.33 (-12.23%)
  • Bitcoin (BTC) $9,657.42 (-2.77%)
Feb 17, 2020 (Monday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
Central Bank of The Bahamas to roll out CBDC in H2 2020
Stellar Development Foundation joins Blockchain Association
Dubai Multi Commodities Centre to launch blockchain-based sugar trading platform
Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness
Binance applied for an operating license in Singapore, CEO confirms
IOHK establishes new research lab at University of Wyoming
Chinese forex regulator SAFE’s blockchain cross-border financing pilot continues expansion
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
Blockchain insurance startup B3i completes 30 reinsurance contracts on its platform
Crypto Technicals: TRON (TRX) confirms 'Golden Cross' on the daily charts, eyes 61.8% Fib at 0.0297
Crypto investment firm Galaxy Digital lays off 15% of its workforce
Circle now seeks to sell off crowdfunding unit SeedInvest: Report
SBI Crypto enters into blockchain cooperation partnership with Northern Data
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.