The Millbrook Accord
Taking place in Queenstown, New Zealand, was the recent Blockchain South Leadership Summit. This summit was hosted at the Millbrook Resort, and led to the formation of what is being called the Millbrook Accord.
The Millbrook Accord is a title which represents a group of companies working together to advance services surrounding the digital securities industry. While current members totalling 12, the number of participants will surely grow with time.
Founding members of the accord are as follows,
- Gibraltar Stock Exchange
- Hyperlink Capital
- Blockchain Labs
- Alchemist Ventures
- Global Advisors
Verified Token Framework
Representing some of the leading figures within the sector today, the accord has first tasked themselves with creating industry standards. This will be known as the ‘Verified Token Framework’.
The purpose of this framework is to establish a set of standards and guidelines. This will allow present and future digital security issuances to ensure, not only regulatory compliance, but interoperability among platforms. This framework will take shape through a democratic environment among Millbrook Accord members.
Per the VTF website, ‘The Verified Token Framework introduces standards and procedures that can be seamlessly utilized by Token Issuers to ensure that their Security Tokens comply with worldwide transfer restrictions, thus opening up a global pool of Security Token liquidity.’
For those interested in learning more about the VTF, be sure to check out their whitepaper HERE.
While each member of the Millbrook Accord brings their own unique expertise and resources, NEM is an interesting participant.
While, to date, a select few companies have created their own security token protocols, the vast majority rely upon variations of the ERC-20 standard. This means that although executed in a unique manner, these tokens are still based off of the Ethereum blockchain.
Through the addition of NEM, the Millbrook accord introduces a leading blockchain platform. This marks the first time that another platform will be used in such a manner, stressing the importance of interoperability. No other framework has yet to incorporate multiple blockchains.
NEM is a promising platform with adoption seen on varying levels worldwide. Rather than being a variation of another project (aka ‘fork’), NEM was built from the ground up to be as efficient, and versatile as possible.
Quotes on the Matter
To date, one of the largest names in the industry is that of tZero. A product of crypto enthusiast, Patrick Byrne, tZero has the resources and clout to see through the development of the aforementioned framework.
tZero CEO, Saum Noursalehi, commented, “In order for the security token movement to grow, companies need to agree on an unbiased standard. The Verified Token Frameworkis a step toward ensuring that digital assets are interoperable and that the unique challenges presented by security tokens are addressed.”
Meanwhile, Blockchain Token Association Chairman, Jeff Pulver, commented,“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.”