The Enterprise Ethereum Alliance (EEA), with support from Microsoft and Intel, has created a system to promote and stimulate token-based companies within the consortium.
The system was unveiled at the annual Devcon 5 Ethereum Developer event in Japan. The so-called “trusted incentive token” is a way of calculating and calculating rewards for active participation in the work of the consortium.
Michael Reed, the head of blockchain in the group of software and solutions developers at Intel, explained that three types of tokens are used to motivate participants: a reward token, a reputation token, and a penalty token. He said:
“This system can be applied to any consortium to stimulate teamwork. As an example, we use the EEA software development consortium, where we try to motivate actions such as editing and contributing to specifications, as well as developing and adding code. In this case, you can apply fines for negative events, such as lack of contribution, lack of feedback, failure to meet deadlines and so on. ”
The trusted incentive token was developed as part of the Token Taxonomy Initiative project, launched by Microsoft in collaboration with EEA to join the efforts of major blockchain developers.
The project was conceived as a token designer that even a non-technical specialist can use. Token Taxonomy participants include Accenture, Banco Santander, Blockchain Research Institute, Clearmatics, ConsenSys, Digital Asset, EY, IBM, ING, Intel, J.P. Morgan, Komgo, Microsoft, R3, Web3 Labs and other companies.
The reward token can be tied to any unit selected by the consortium. Microsoft's chief architect, Marley Gray, describes the award process as a “grant agreement” and notes that the company can provide the token with anything.
In addition, as Gray said, in order to effectively stimulate participants, not only a carrot, but also a whip is required. He noted that all penalty tokens that a participant accumulates must be considered before reward tokens can be used.
“One of the problems is people who take serious obligations, but do not fulfill them. This is more detrimental than not participating in the project at all, because it leads to long delays. People think that something is happening, but in fact the process stands still, ”Gray said.
Bounty and Community Management
We provide the best service for conducting bounty, advertising marketing and SMM management.
Contact US in Telegram @LastCryptoHunter and @DSComplete
Join Our Telegram channel
