The Hyperledger launched by Linux Foundation in 2015 as an umbrella project to facilitate collective development of distributed ledgers based on blockchain is now about to open its code for more sophisticated utilization. This summer the Sovrin Foundation that created Hyperledger Indy codebase for DI management and electronic authentication is going to be a pioneer in raising money through issuing a crypto token powered by the consortium’s code. Sovrin donated the code to Hyperledger to extend the developer community and now the Foundation is precisely moving through a promise set out in a white paper in 2017.
The item might astonish those who follow the project since it was started. Long before there was even some mess that Hyperledger was developing its own cryptocurrency. On this occasion, Brian Behlendorf, the director of the project, declared that the Hyperledger is not going to develop it. However, conducting more transparent ICOs on the codebases of Hyperledger consortium intensively discussed before.
This time the executive director of Hyperledger reported that at least a few projects are thinking about issuing tokens using multiple codebases supervised by the consortium. Among them there are Intel’s Sawtooth and IBM’s Fabric. Behlendorf also claimed that in the abstract they could utilize standards developed in the Ethereum community creating tokens over other ledgers. And the big question is whether financial institutions can overcome occasional disfavors with global regulators and integrate the tool – especially with distributed ledger consortium R3 and dotty testing of Hyperledger Indy across loyal banks. Dr. Windley, the chair of the Sovrin Foundation, believes that banks won’t have troubles with a crypto token, even if they use it to pay different banks in order to promote a more stable business process. He is convinced that the token utilization will save them from doing a lot of work themselves.
Sovrin also considers tokens as an essential component to its distributed identity network that can offer a better functionality comparing with a permissioned blockchain. According to the concept, any identity verification request will cost some formal amount that will be paid in token. Higher worth requests will cost more and engage the network to verify the information.
So far, the only way to pay for such service is traditional payment means, however, this method is too complicated and creates limitations for the market. Dr. Windley says that in the near future it will be pretty native for protocols to have tokens on them.