Enterprise Ethereum Alliance’s New Reward Token Backed by Microsoft and Intel

The Enterprise Ethereum Alliance (EEA), the consortium which creates standards for applications built on the Ethereum blockchain, has created a new system of reward tokens to incentivise businesses participating in the consortium. The initiative is backed by tech giants Microsoft and Intel.

According to CoinDesk, there are three types of reward tokens – a reward token, a reputation token and a penalty token. Intel’s blockchain program manager Michael Reed told Coindesk, “It really can be applied to any consortium to incentivize teamwork. The example we are using is a software development consortium like EEA, where we are trying to motivate activities like editing and contributing to specifications, developing and adding code. Then, of course, you could apply penalties for negatives, such as lack of contribution, lack of review, missing deadlines and so on.”

Similar to the ERC-20 token standard that can be applied to various networks and use cases, reward tokens can be attached to any unit of value the consortium agrees upon. The penalty tokens will also be factored in before the reward tokens are redeemed.

The EEA is a blockchain consortium that has over 450 enterprise business members including Microsoft, Intel, JPMorgan Chase, Santander, Accenture, ING and Cisco.