quora EEA On a New System of Reward Tokens

EEA On a New System of Reward Tokens

Enterprise Ethereum Alliance (EEA) created a new system of reward tokens. And Microsoft and Intel are backing this latest project. The EEA sets standards for Ethereum-based blockchain applications in business. It willingly shared some details of the developments on October 7.

According to the organization, they have made the new system of reward tokens, which has the support of two software giants.

In addition to that, the EEA is a blockchain consortium with more than 450 enterprise business members – Microsoft, JPMorgan Chase, Santander, Accenture, ING, Intel, Cisco, and more. The latest token aims to incentivize and reward firms who actively participate in a consortium.

Michael Reed, Intel’s blockchain program manager, explained that there are three kinds of tokens. And these are reward token, reputation token, and penalty token.

Reed stated, “It really can be applied to any consortium to incentivize teamwork.”

He also used EEA as a software development consortium example. Here, they attempt to motivate activities such as editing and to contribute to specifications, developing, and adding code. “You could apply negatives, such as lack of contribution, lack of review, missing deadlines, and so on,” he said.

The Use of Tokens

In a previous report, the use of tokens can help align and reward companies and individuals for their efforts. Moreover, the Austrian capital of Vienna is working on a blockchain-based token as a part of a local incentive program in early 2019.

Aside from that, the so-called Vienna token can obtain a grant if it will provide feedback about the city. And they will do it in an application designed to pay for parking or for rewarding citizens for riding their bikes. Later on, the tokens might exchange for something valuable, like theater tickets.

Meanwhile, the EEA published in August a set of use cases for blockchain technology on telecommunications. And the list gave information on how blockchain tech could streamline business transactions in the telecommunications industry.

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