Microsoft Gets Patent Approval For Service That Allows Users Create Crypto Tokens
Crypto is, no doubt, going mainstream. There is simply no turning back at this point. The question is whether or not people decide to get on the moving train or get left behind. Microsoft, one of the largest companies in the world, does not desire to get left behind, it seems. Short of owning its own blockchain, Microsoft was awarded a patent for a distributed ledger.
The growth of blockchains like Bitcoin and Ethereum is of growing concern to companies like Microsoft. While their services are still very needed today, the popularity of blockchains shows that they might very well be obsolete in the not too distant future. This has sparked a need for companies to then provide these services for people to continue to build on their platforms.
Microsoft Distributed Ledger Versus Blockchain
While a distributed ledger is similar to a blockchain, they are not quite the same thing. Although the functions of a are akin to that of a distributed ledger. According to FINRA, a distributed ledger is a record of consensus with a cryptographic audit trail maintained and validated by nodes. This can either be centralized or decentralized. On the flip side though, a blockchain is a way to implement a distributed ledger. But an important note is that not all distributed ledgers necessarily employ blockchains.
This is what Microsoft got approved for. This ledger will function as a blockchain. But it is not actually a blockchain. The patent states some facts about the distributed ledger Microsoft got approved for. Its uses are what are important to the cryptocurrency space.
Microsoft’s distributed ledger will allow users to be able to create and manage tokens. The patent explains this process to be currently “difficult and cumbersome” due to a lack of standardization across different blockchains. So, the Microsoft distributed ledger will help to make this process easier and seamless.
How Crypto Tokens Will Be Created
The ledger-independent token service, as the patent describes it, will provide users one or more token templates. These templates will correspond to a type of physical and digital asset. Defining a set of one or more attributes or controls that would be associated with the chosen template. The chosen template will then be taken by the computer for use in creating a token on the distributed ledger network.
Microsoft’s distributed ledger templates will include a wide range of functions for the users. These will include functions like transferring, mining, and burning quantities of the token. Users can use these templates to easily create and issue their own crypto tokens to the markets.
The launch of this service has not been announced yet. The patent approval is a big step in the right direction for the company. This will enable Microsoft to keep its millions of users around the world as crypto goes mainstream.Source