11 June 2020
The Crypto space is growing at a breakneck pace. It can be challenging to keep up with the day-to-day changes of this fast-paced world. Since its creation, people have invested millions of dollars into crypto and blockchain. Truth is, crypto is a space full of stories of failure and success. Yet, all these success stories have one element in common: cooperation. It's definitely impressive to see where cooperation has been able to lead crypto in such a short time. There is one proposal in particular that has soared high above all the other competition. Today, we are talking about the Enterprise Ethereum Alliance.
What Is The Enterprise Ethereum Alliance?
The Enterprise Ethereum Alliance (EEA) is a very unique non-profit organization. The case of EEA is special because they have been able to partner with more than 200 companies. These companies range from small ventures to Fortune 500 companies and industry giants. And they are not just tech companies – these companies are in Banking, Pharmaceuticals, Automotive giants, and many more.
So, why are these companies so interested in Ethereum? The answer is more straightforward than you may think. These companies plan to make use of Ethereum's advanced technology to offer services through its blockchain.
Why the EEA Will Change the World
The goal is clear: to build best practices that will bring the Ethereum blockchain to the real world. The best part of this proposal is that all its funding comes from the association's own members. These rotating members are not just random people – they are comprised of legendary companies like Microsoft, J.P. Morgan, Intel, and other major players.
These companies have been passed the baton in the relay race for blockchain adoption.
These companies seek to utilize Ethereum's open-source platform and adapt it to their operations. This means that the companies will potentially adjust and transfer their procedures and protocols onto the blockchain. It would also mean that they would evolve alongside Ethereum. This necessitates implementing large-scale and interoperable blockchain operations.
To help different companies with different needs, The EEA brought drew up two different proposals: The Token Taxonomy Initiative and the EEA Mainnet Initiative.
EEA: Tokens and Mainnet
The token taxonomy initiative aims to speed up the adoption of tokens. How do they seek to do this? It's quite simple actually, they have created a framework that defines and classifies what tokens are. This helps companies understand what tokens are and how they can transform the operations of their company for the better. In doing so, this will allow companies to better understand crypto and how they can implement it into their everyday operations.
With this in place, a series of workshops are offered along with a code repository. After this, companies will be able to create their own tokens to meet their needs.
On the other hand, the Mainnet is a technical working group. Its job is to study how industries and ecosystems function in the blockchain. This seeks to understand how the public network can fit the market's needs. This finally aims to configure how to go about bringing more companies to the space with a more precise scope.
We all know how vital decentralization is for crypto, and this does not change with the Enterprise Ethereum Alliance. They do not have a fixed board of directors. They have a rotating board of directors – their members change from time to time.
This proposal has had a significant impact on the price of Ethereum. When the foundation of the EEA was formalized, Ethereum increased in price by one third. When they announced that around 85 companies had joined, it went up by another third. W
People in the crypto space always talk about adoption as being this goal far off in this distance. But the truth is, adoption may happen sooner than anticipated. All this is possible thanks to proposals like the EEA.