Microsoft Launches Platform For Ethereum-Based Tokens

Microsoft is testing the platform for creating cryptos that allow users to transfer, transact, burn, or mint tokens.

The Azure Blockchain Tokens are built on a permissioned version of the Ethereum blockchain using cloud computing.

It’s worth noting that instead of decentralized cryptos such as BTC that are using miners in order to check the transactions, the platform mentioned above will use Microsoft’s Azure cloud computing in order to reach consensus on transactions.

“Azure Blockchain Tokens is a new Azure managed service that allows [users] to create and manage ledger-based tokens easily to accelerate [their] blockchain solution development. This service provides a set of prebuilt templates and the flexibility to create your own templates.” Microsoft says.

It’s also important to note that Azure Blockchain Tokens has a software development kit that allows companies to quickly and conveniently launch and integrate digital assets into their business.

The ways in which transactions take place will change for good

“With practical applications ranging from streamlining supply chains to managing retail loyalty points programs, tokenization has enormous potential to simplify and accelerate complex business processes – while also making them more secure,” according to official notes.

The online publication the Daily Hodl also notes that the blockchain tech is an extremely powerful concept that will change the ways in which transactions take place for good.

The tech giant is also expecting that the world of public cryptos and public ledgers will merge and will transform industries forever.

We recommend that you head over to the original article to find out more details.

Speaking of Ethereum, since yesterday’s Bitcoin fall, ETH dropped as well. At the moment of writing this article, ETH is trading in the green, and the coin is priced at $185.68.

Ethereum was recently in the news when, in a new post on Medium, analysts from Dragonfly Research hypothesized that Ethereum would never face another possible fork. You can read more in our previous article.


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CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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