Representing tokens and transactions online is not always a simple task. However, a new standardization effort called Token Behaviour Markup Language is underway. TBML basically aims to create “frictionless markets,” and its creators hope that it will allow tokens to become fully integrated with regular websites.
The Proliferation of Tokens
There are countless blockchain tokens. During the original ICO boom, it seemed that almost everyone was building new tokens on top of Ethereum. Many tokens created during that time lacked substance, but they nevertheless drove competition. As TBML explains:
“During the speculative bubble of 2017, a power token ICO [did] not need to provide any explanation of how the tokens can be used….now that the madness is over, it’s time to present the technical framework to make the market work.”
Two years later, tokens are being built with real applications in mind. The sharing economy, for example, has become a hothouse for tokens. New blockchain startups often introduce a service, such…