Token Taxonomy Framework (TTF)
The Token Taxonomy Framework (TTF) provides a common language to define tokenization use cases and is implemented today in products and services utilizing tokenization.
Interested in Learning More About TTF?
What is the token taxonomy framework (TTF)?
The Token Taxonomy Framework is an open-source resource library designed to bridge the gap between developers, businesses, and regulators by simplifying a common language to describe tokenization attributes, behaviors, and data properties. This common language enables technical and non-technical stakeholders to collaborate in modelling existing and future business models based on tokens.
Explore TTF Use Cases
Click on a Use Case Below
Microsoft - Digital Measurement, Reporting, and Verification (MRV) Framework
Microsoft, and several of their partners, have developed and are exploring the Digital Measurement, Reporting, and Verification (MRV) Framework as a way to encourage acceleration in the carbon removals market. This endeavor is in partnership with Aker Carbon Capture, Carbon Asset Solutions, ClimateCHECK, ESMC, Gold Standard, Ørsted, Patch, Puro.earth, SustainCERT, Verra, and the Nation of Colombia.
The goal of the Digital MRV Framework is to help develop what is currently an immature market for carbon removals by providing a ecosystem that can generate high quality carbon removals based on scientifically verifiable claims in quantities greater than what we see in the market today. This is an important piece of the overall sustainability conversation, because removals are becoming increasingly sought after as companies and governments realize that greenhouse gas reductions alone will not solve the climate crisis.
In order to scale the removals market to a place where it can produce high quality removal products from a wide variety of sources and lower the costs of creating the removals, a Data and Process Standard is needed which defines how evidence for ecological claims from MRV solutions should be packaged and presented. Those claims will then feed into an open ecosystem for independent verification at a lower cost and faster than previously.
The Digital MRV Framework defines the terminology, roles, processes, generic evidence packaging, and attestation that digital MRV solutions should follow to make standardized claims. The framework defines variables which enable the application and use of a variety of standards, protocols, and technology in the creation of high quality removal claims which are ready for validation and verification.
Additionally, market integrity is protected by ensuring that double-counting and double-crediting do not occur. In the creation of the Digital MRV Framework, Microsoft drew on the expertise gathered from the IWA’s Voluntary Carbon Markets Taskforce and the Voluntary Ecological Markets Overview Whitepaper which the group produced in 2021 to inform the Data and Process Standards used by the framework.
how to use ttf
Build your own token using TTF
- Input your specifications, such as token type (fungible, non-fungible, etc.)
- Outline behaviors needed (divisible, transferable, mintable, etc.)
3. Outline data attributes the token needs to hold or link to (emissions data, shipping manifest, etc.)
4. TTF then delivers a blueprint of meta data for a developer to build the token
Another strength of the TTF and its tooling is that it is a great resource to use when teaching about tokenization. For non-technical individuals, it is often easier to understand how a token is structured and what it is capable of doing by seeing a visual representation.
Additionally, having a common language framework for discussing tokens makes it easier to bridge the gap between the more technical and the more business-minded individuals.