Friday, January 21, 2022
Home Crypto News Market Microsoft Wins US Patent for Crypto Token Creation Similar To Ethereum

Microsoft Wins US Patent for Crypto Token Creation Similar To Ethereum

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Microsoft, the multinational technology corporation has won a patent called “ledger-independent token service.” The service will allow developers to create cross-platform assets.


This patent will provide developers with token templates where each template represent multiple types of digital or physical assets. Developers can set control and functions for each token depending on its type or classification. This patent covers current enterprise-class projects using blockchain such as Hyper ledger Fabric, R3 Corda, and Quorum. It also includes the Chain core.





The Official Microsoft Patent Writes:

“According to one set of embodiments, a computer system executing the service can receive, from a user, a request to create a token on a distributed ledger network.

The computer system can further provide to the user one or more token templates, where each token template corresponds to a type of physical or digital asset and defines a set of one or more attributes and one or more control functions associated with the type.

The computer system can then receive, from the user, a selection of a token template in the one or more token templates and create the token on the distributed ledger network, where the created token includes the set of one or more attributes and one or more control functions defined in the selected token template.”

 

Microsoft has not yet made any official statements about whether the patent application indicates that an actual product is in production or not.

in 2019, Microsoft was a participant in the token standardization project knows as “Token Taxonomy Initiative”, which was a joint project by the Ethereum Enterprise Alliance and Microsoft.

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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