What Occurred: Multinational tech big Microsoft Company (NASDAQ: MSFT) has been awarded a patent for implementing a “ledger-independent token service.”
In keeping with the grant issued by america Patent and Trademark Workplace (USPTO), the patent will permit Microsoft to construct a system that facilitates the creation and administration of tokens throughout a number of blockchain networks.
The pc system can even present token templates to the person. Every of those will correspond to a kind of bodily or digital asset and outline a set of a number of attributes and management features.
Why It Issues: Primarily, the ledger impartial token service will act because the frequent interface for transacting with all tokens throughout all distributed ledger networks and platforms created via the service.
It should additionally function a mechanism for standardizing the tokenization of bodily and digital belongings.
“With the foregoing options, the ledger-independent token service can empower people and organizations to construct purposes and enterprise logic involving tokens extra simply and effectively than earlier than,” acknowledged the submitting.
Blockchain interoperability is the necessity of the hour within the crypto area, and quite a few crypto tasks are actively concerned in constructing options on this entrance.
What Else: Decentralized oracle community Chainlink (CRYPTO: LINK) not too long ago announced a Cross-Chain Interoperability Protocol (CCIP).
Chainlink Founder Sergey Nazarov described the protocol as one which solves the safety problems with present bridges via the correct use of cryptographic primitives.
CCIP may also introduce a token bridge that may permit customers to maneuver their tokens throughout any blockchain community in a safe, scalable, and cost-efficient method.
Worth Motion: Microsoft shares closed 0.20% decrease on Wednesday at a worth of $302.01.
Learn subsequent: US Is Leading Decentralized Finance Adoption Globally
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