The National Institute of Standards and Technology (NIST) announced a new addition in the blockchain standards on September 29th, with the release of Draft NISTIR 8301, “Blockchain Networks: Token Design and Management Overview,” which provides a high-level technical overview and conceptual framework of token designs and management methods – highlighting the different types of tokens, how they are held in custody, and transaction management based on validation, submission and viewability. NIST seeks comments on the draft by October 30, with special focus to ensure the draft adequately and appropriately:
- Defines and differentiates the main types of token data models
- Explains how following common token data models allows for tokens to be composed with one another and for protocols that enable more advanced operations to be built
- Helps make sense of where blockchain-based tokenization on top of mutualized infrastructures fits in the wider landscape of web applications, especially in terms of how new types of network and protocol governance can be implemented and
- Identifies and describes the main differences between transaction management techniques at the second layer as well as key components and approaches for infrastructure management.
The World Economic Forum (WEF) announced on October 14th the publication of a white paper entitled Global Standards Mapping Initiative: An overview of blockchain technical standards, which provides an overview of the blockchain landscape to:
- Map the technical standardization efforts underway;
- Identify gaps and areas of overlap; and
- Identify critical next steps for the ecosystem.
The Initiative is based on input from over 30 technical standard-setting entities, 185 jurisdictions, and nearly 400 industry groups. The Initiative is led by the WEF and the Global Blockchain Business Council, with various industry collaborators.