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Microsoft Is Awarded US Patent for Crypto Token-Creation Service
The patent describes a ledger-independent system for helping users to create and manage tokens across different networks.
Updated Sep 14, 2021, 1:45 p.m. Published Aug 26, 2021, 10:26 a.m.
Microsoft has been awarded a U.S. patent for software it says can help users develop blockchain applications by making it easier and more efficient to create crypto tokens for different distributed ledgers.
STORY CONTINUES BELOW
- According to the patent, creating and managing tokens is currently “difficult and cumbersome” due to the lack of standardization across different blockchains.
- Microsoft’s patent describes a ledger-independent system for helping users to create tokens, and for managing them across different networks.
- On receiving a request from a user, the system offers templates with various attributes and control functions. Those would depend on the type of token required, representing, for example, a digital or physical asset. Once the user has selected the desired template, the system creates the token on the designated networks.
- The system also provides a common interface for managing the tokens, so developers don’t have to worry about token-specific code to interact with them.
See also: Microsoft Files Patent Application for Crypto Mining System Powered by Human Activity
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