Tech Giant, Microsoft Lends Helping Hand for Enterprises Minting Their Own Ethereum Tokens
There is big news coming in from the tech world that Microsoft is secretly in the prospect of trying out tokens that are like the Bitcoin. This is being termed as big news that adds to the global expansion of the crypto industry.
Today, Microsoft is the only big player in the IT sector that us readily accepting Bitcoin as a payment method and have built a mint which will be issuing a spectrum of digital assets.
Before Microsoft jumping into the world of cryptocurrency and tokens, there are companies including a video game and a virtual reality platform which has already implemented the concept of mint to create a myriad of electronic assets. As of now, just about anybody can have the full preview of the technology.
The platform by Microsoft is termed as the Azure Blockchain Tokens, it is a crypto-assets mint that allows enterprises of diverse capacities & complexities to design, issue, and maintain a complete range of assets like the Ethereum, Bitcoin. And, the part, since they exist only in one place at a time, forging is next to impossible, and auditing is breezy-easy.
The major difference between the Bitcoin currency and the Azure Blockchain Tokens is that the former one is far more fungible like gold & money; on the other hand, the latter one is available in non fungible documents, tickets, and bonds.
The companies those who are availing the perks of technology are mainly relying on the permissioned version of the Ethereum Blockchain that employs the cloud computing of Microsoft's Azure in order to reach a consensus on transactions.
In the coming years, the developers will be able to use the distributed ledgers built by the market rivals of Microsoft or using the Azure Blockchain Tokens over the public Ethereum blockchain.
We all know that the perks of using the distributed and shared ledger transactions are in relation to the network size. But, Microsoft has built the Azure Blockchain Tokens that compile with the most up-to-date taxonomy framework that describes the tokens that are developed by JP Morgan, R3, IBM, Digital Assets, and many others. With this said, it is forecasted that the future of the interconnected token's network will be quite different; the structure of the genetic token will be similar enough to be exchanged easily.
In recent years, top names in the industry, such as JPMorgan, have already implemented the concept of minted tokens, while Facebook is in coloration with companies such as Spotify, Uber, Microsoft's work, using the same standards as that of the Blockchain developer. In years to come, it is expected that the above would pave the way for the enterprise-grade tokens veritable explosion, acting if it is the company's single accounting system.
"We're bringing the kind of efficiency you see in Amazon Fresh and Amazon Now, everywhere," says Microsoft principal architect Marley Gray, who was illustrating Amazon's services for delivering some products in minutes. "Because you're closing the gap between parties collaborating together and working through business processes that will make everything from delivery services and getting meetings and appointments much easier and automatable."
However, it is of paramount importance that most Azure Blockchain Tokens varies significantly from the Bitcoin, as it gets its worth over the open market-despite of relying on the technology alike.
To better understand, let's take an example of the Emoey token, which is cantered on TTF (Token Taxonomy Framework). It will only have market worth determined by its underlying technology. This is further like the cryptocurrency Libra that is built by social networking giant Facebook, Gray, who is also chairing the Token Taxonomy Initiative that believes.
TTF framework ensures that tokens have their value decided by its core technology instead of the open market value.
To further explain the above concept, let's take an example of a landing bill that is employed by the manufacturer to ship products over the contained skip can only exist in one place. This is because paperwork holding comes with a certain set of responsibilities. Additionally, each of the bill that needs to be insured, and typically the physical landing and insurance paperwork are tied together and are manually pass from one counterparty to another one, with each step involves a myriad of frauds and chances of loss.
Mythical Games was the earlier partnership with Microsoft to build Azure Blockchain Tokens. It is a Los Angeles based company that is bringing the power of the Blockchain to the world of online gaming.
A year back, the founded of the Mythical Games, who is from the Activision and Zynga who was able to raise $16 million hedge-funder Mike Novogratz's Galaxy Digital.
The Mythical Games is investing in the Blockchain to let present game developers across the globe; the power to prove their gaming currency is real to their players. The gaming objects, such as special weapons and magical powers, are traded as digital assets. However, the CEO of the company, limiting the supply of digital objects in the gaming, is pivotal to maintain it worth in the real-world.
To understand the many possible benefits that come with moving the digital assets to the Blockchain technology, the Mythical Games hopes its goods concept will unlock a sea of new business opportunities. Firstly, unlike the present secondary markets, popularly termed as the Gray markets by the co-founder of the Mythical Games, Rudy Kock. Which is existed outside the game, and it allows users to sell off their login data. These objects are easily sold within the game easily and move from one player to another.
Second, on the list, unlike in the Super Mario Brothers game, the coins are easily created and erased as a player moves up from one level to another; additionally, the digital assets have provable scarcity.
Third, being the digital assets are easily tracked via the Blockchain ledger, and they are coded with the use of the unbreakable smart contracts, and a predefined dividend is paid off to the creators of the digital objects, this is a kind of loyalty of the software coders.
“We know already that players are enterprising. They already want to do this,” says Koch, who is also vice president of Mythical’s marketplace services. “So now, providing a safe place for them to do that, I think it will only get bigger. We’ll see this segment of entrepreneur-type players come out and really dig into this kind of economy.” Microsoft’s Gray added: “You’ll see an explosion of secondary markets. We can create secondary markets from anything.”
Yes, the Mythical Game is the prime example of the success of tokenization, but before that, Microsoft had many other tokens minting ventures. This includes the California-based CEEK Virtual reality, Sacramento. This is a venture that creates tokens that are utilized for the purpose of the online content viewership on the Blockchain. Another example includes the Adhara, based in London, creating an emoney service. GE Aviation is also creating unspecified tokens. It is an aircraft engine segment of General Electric. Global investment with the Blockchain invested is expected to reach the figure of $15.9 billion by the years 2023, as per a market intelligence firm known as the International Data Corporation.
The fundamental of the Blockchain business model framed by Microsoft is the slight difference between how permissioned and public blockchains agree on the transactions that are valid.
The public blockchains like the Ethereum and Bitcoin are developed for automatically rewarding the users with the cryptocurrency for auditing the Blockchain, which further makes the system less centralized theoretically and is best suited for counterparties who you don’t wish to trust each other.
On the other hand, the permissioned Blockchains are audited owing the centralized services, which is supported by cloud computing like Azure and other technology. This is perfect for counterparties that trust one another.
“Having that on our cloud encourages the development of other apps, data solutions, and line-of-business capabilities on the cloud, which we will monetize,” says Kerner. “And that’s where we really seek to benefit from blockchain on Azure.” Microsoft’s largest cloud computing competitor and fellow Forbes Blockchain 50 member, Amazon, also offers blockchain support.
“The TTF is like music,” says Enterprise Ethereum Alliance executive director, Ron Resnick. “Fourteen notes and rules to compose, so regardless of the instrument built and regardless of the style and location of where the music is created, the composition works for everyone.”