Since the Enterprise Ethereum Alliance was formed about 18 months ago, it has been below the radar. Besides the steady stream of new members, EEA has been quiet when it comes to live projects, one that has made a lot of people believe the consortium might not deliver on standards for enterprise use of Ethereum – the second largest blockchain in the world.
In a publication last month, the CTO of R3 (a competing Decentralized Ledger Technology (DLT) consortium, even went as far as claiming that the lack of progress shows that Ethereum is not suitable for enterprises.
The Comeback of Enterprise Ethereum Alliance
If competitors were willing to send this consortium to an early grave, May 2 marks the ultimate comeback of the consortium, as the organization has announced the release of a guide stating its open standards work. The consortium has swelled to over five hundred firms, ranging from financial institutions such as J.P. Morgan, Credit Suisse, and BBVA to traditional tech providers such as Microsoft and to blockchain startups.
The first executive director of EEA – Ron Resnick used this opportunity to say that getting to a standards reference model in just 18 months is comparatively fast going.
Milestone Ahead
Mr. Resnick said the Enterprise Ethereum Alliance is working aggressively to deliver the roadmap of the consortium, with the entire process coming to fruition before this year runs out. To begin with, the EEA published an architecture stack that comprises five different layers.
There is the peer-to-peer network protocol layer from the bottom, and on top of the bottom layer is the core blockchain layer that organizes transaction execution, consensus, and data storage. Right on top is another layer devoted to scaling and privacy, and it does this in an off-chain and on-chain capacity. Then it has a tooling layer that takes care of things such as giving credentials permissions and how oracles interact.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
