The Millbrook Accord: Verified Token Framework to Facilitate Interoperability Of Security Coins (STO)
The Millbrook Accord: A Common Framework To Facilitate Market Interoperability Of Security Tokens
A number of big players in the cryptocurrency sphere have joined hands to form a new framework for unified security token standards. The lack of standardization is a major problem in the industry, and so far developments in the space have largely oriented around several different early movers trying to develop quickly enough to enshrine their own standards into wide usage.
At the Blockchain South Leadership Summit 2018, the Millbrook Accord was formed and was named after the Millbrook Resort in Queenstown, New Zealand, where the event was taking place. It included companies like SharesPost, Techemy, tZERO, Gibraltar Stock Exchange (GSX) Group, Global Advisors, ERCDEX, NEM, HyperLink Capital, Alchemist Ventures, Bankorus, Blockchain Labs, and AnyPay.
The Millbrook Accord will be governed by Blockchain Token Association (BTA). The global financial markets industry is undergoing a multi-decade digitization of value, leveraging blockchain technology, that is transforming the way we think about investments, returns, reporting and the exchange of effort. At the core of the transition is the ability to create programmable value in a transparent, predictable and iterative way.
The BTA will connect, promote and advance the global security token ecosystem to help the sector grow to its full market potential. It exists to promote and lead the development of global security-type interoperability for tokens, to promote best practices and to influence the definitions of securities through the use of policy, frameworks, code, education, group thinking, and real actions.
Security Tokens are the future, security tokens market cap right now is $100 million as compared to Utility Token‘s $700 billion. Security tokens total market cap is expected to reach $10 trillion in the year 2020. Security tokens will be much more valuable than utility tokens and it is predicted that within 2 years all the private placements sale will happen in blockchain via security tokens.
The CEO of tZERO, Saum Noursalehi said:
“In order for the security token movement to grow, companies need to agree on an unbiased standard. The Verified Token Framework is a step toward ensuring that digital assets are interoperable and that the unique challenges presented by security tokens are addressed.”
To grow their network, the Millbrook Accord will be hosting meetings all over the world. The first one of which is supposed to be held in New York City. Here, the participating members will have to contribute to and promote their GitHub repository.
Jeff Pulver the Chairman of the Blockchain Token Association says:
“In the Voice over Internet Protocol era, we invited industry leaders to bring their production-ready code to quarterly bake-offs, where developers sought to make their code interoperable. The result was a free and open source set of standards, which ultimately led to interoperability of services. We believe a similar collaborative approach to technological advancement will assist in the acceleration of blockchain adoption and the maturation of the global security tokens ecosystem.”