Microsoft introduces platform for Ethereum-based Tokens

  • Tech giant Microsoft has announced the release of a platform on which Ethereum-based tokens can be distributed.
  • By using the platform, everyone should be able to start and issue a token without any previous technical knowledge.

The software company Microsoft has been working on the development of a blockchain platform for quite some time. The latest development is intended to make the output of tokens as easy as connecting a printer to a PC and putting it directly into operation.

Microsoft wants to greatly simplify token generation with Azure platform

The chief architect at Microsoft, Marley Gray, told Forbes in an interview that it is still very complicated for companies to design their own token and develop the corresponding blockchain for it. With the help of the Azure platform, this problem will be a thing of the past, as the creation of a token on the Ethereum blockchain will be as simple as possible:

Azure Blockchain Tokens is a new Azure managed service that allows [users]to create and manage ledger-based tokens easily to accelerate [their]blockchain solution development. This service provides a set of prebuilt templates and the flexibility to create your own templates.

The platform forms a complex ecosystem, but it offers far more possibilities for developers and programmers (freely translated):

With practical applications ranging from streamlining supply chains to managing retail loyalty points programs, tokenization has enormous potential to simplify and accelerate complex business processes – while also making them more secure.

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The tokens created on the platform are based on the Token Taxonomy Initiative (TTI), a new framework and enterprise consortium standard. Through a uniform template, TTI will serve to merge different blockchain projects, regardless of whether they are based on IBM, R3 or Ethereum.

Different blockchains on one platform

The Azure platform was not developed by Microsoft alone, but other well-known industry players such as IBM or R3 are also on board. A big problem of different blockchain projects is that they usually cannot communicate with each other. Also this obstacle should be solved on a long-term basis by the development of a new standard.

Gray further describes that the industry has suffered between different power struggles of IBM against Microsoft and Hyperledger against Ethereum. It is time to remove these unnecessary reservations and work together to further develop decentralization. Ethereum provides the ecosystem on which all further efforts will be based.

Ethereum’s price shows a minimal downward trend within the last 24 hours (-1.91%) to a price of 188.76 USD.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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