During the conference, the Fluidity Summit representatives of the startup ConsenSys Patrick’s Berarducci and Aaron Wright spoke about the initiative of the Brooklyn Project, in which it is proposed to move away from the concept of the utilitarian in favor of the so-called “consumer” tokens, according to CoinDesk.
As stated in the document, the project aims “to create the basic infrastructure for long-term models and to build trust between the consumer token makers, their partners, clients and community”. In particular, provided a number of recommendations regarding projects, practices and legal disclosure.
In the framework of consumer tokens are defined as not having “mechanisms of fractional ownership, the predominant interest in the funds, passive rights to payment of dividends or other characteristics of the financial instrument”.
“We want to make sure that people want to use tokens that developers”, — said the head of the OpenLaw project of Aaron Wright during the presentation.
He added that the term “consumer token” better describes the functionality of cloud storage and collectibles, currently associated with “utilitarian”tokens.
The project is scheduled to begin debate affecting centralized and decentralized token projects. The latter is usually worse fit into existing legal and regulatory framework, the document says.
At the same time, consumer tokens can still face the same problems as “traditional institutions and markets, such as questions of trust, cooperation, fairness and security,” say the organizers of the project.
“The infrastructure described represents the first step towards setting standards for consumer tokens by raising these issues directly and without assumptions about the existence of centralized institutions or middlemen”, — the document says.
Wright and Berarducci hope that within the Brooklyn Project will start a joint discussion about the standards and regulation of tokens, which will be attended by the whole community. According to them, this will help in the fight against lack of confidence caused by many Scam projects phishing and manipulation of the market.
We will remind, earlier ForkLog already told you why utilitarian tokens like a pyramid and whether there will be popular tokens for this campaign.