If you’ve come across the term Enterprise Ethereum Alliance (EEA), one thing you might have wanted to know is its relation to the Ethereum foundation and Ether (ETH) token. Here is a brief explanation of what it is and what it seeks to achieve.
The Enterprise Ethereum Alliance (EEA)
The Enterprise Ethereum Alliance (EEA) is a non-profit corporation that was launched in March 2017. It’s amongst the largest open-source initiative that seeks to bring the Ethereum blockchain to governments and large companies.
At its launch, the EEA had 116 members who were drawn from various sectors including blockchain start-ups, Fortune 500 companies, major banking and tech institutions, and academic/ science research groups.
Today, that group has expanded to more than 500 members, including the “whos-who” in industries like banking, tech, the blockchain, and research.
Some of the high profile members of this alliance include:
- JP Morgan Chase, Santander, Scotiabank (bank)
- Bank of Canada (central bank)
- Microsoft, Samsung, Intel (technology)
- Shell, BP (oil & gas)
- Consensys, Accenture (consulting)
- Mastercard (payments)
- Deloitte (accounting)
- Thomson Reuters (media)
What is its core business?
The core mission of the EEA is to provide a clear roadmap that sets out enterprise features and offer resources that will allow businesses to quickly learn about Ethereum. In the end, the group hopes to connect Fortune 500 companies, academics, and blockchain startups with blockchain industry experts.
To this end, the alliance has one major objective in mind: to make it easier for businesses to leverage Ethereum’s blockchain technology in addressing given industry use cases.
Their mission statement reads as follows:
Private networks for corporations
One thing to note about EEA is that it is aimed at “private” corporations that may have had difficulty in using the public open-source Ethereum technology. However, the group utilizes the public features alongside a private network. It brings out interoperability, meaning that dApps developed on the public network can run on a private network like JP Morgan’s Quorum.
The private network basically interconnects with the public one. According to EEA executive director Ron Resnick:
“Even if it’s a private network, that network can actually connect to the [public ethereum] mainnet – which a lot of folks want to do.”
Why is EEA important to Ethereum?
As explained above, the EEA would like to see more and more industrial use cases being deployed on the Ethereum network. The real appeal of the 2nd crypto’s network lies in its utility.
It’s important that the EEA has developed a framework that seeks to see uniformity in industry-wide governance for all enterprises seeking to use the platform. it thus bodes well for adoption and implementation of smart contracts.
The platform allows for the use of the ledger for the creation of decentralized applications (dApps) as well as deployment and execution of smart contracts.
Basically, the EEA has the potential to attract more businesses to the public blockchain. In turn, we can assume ETH will gain a lot in terms of value.
How is that possible when the corporations don’t care about coin prices?
The EEA gives the Ethereum blockchain legitimacy. It instills confidence in corporations and businesses. You only need to look at giants like J.P Morgan and Microsoft to know that Ethereum has support. They may not support the use of ETH as an investment tool, but they are promoting the technology. That’s why these sentiments will boost the coin’s value.
The EEA is also an important aspect for the Ethereum community to learn from companies and firms that have experience dealing with governments around the world. In essence, it helps give the platform a presence in an era of regulatory concerns.
The EEA 2018 Architecture
The EEA has worked aggressively for the last one year, releasing its roadmap in April. The board has set out a milestone that will see it end with a testnet by the end of the year.
They have developed an architecture stack comprising five layers. The base layer consists of a peer-to-peer (p2p) network protocol layer. The next one is the core blockchain layer.
It’ll be responsible for consensus, execution of transactions, and data storage. This will involve both on-chain and off-chain solutions. The third layer is the privacy and scalability layer.
The fourth stack consists of the tooling layer. This one will handle aspects like permissioning and oracles. Lastly, there’s the application layer. It’s a milestone that once achieved, will benefit the public Ethereum blockchain as many developers see a lot of potential in the public chain.
Ethereum (ETH) remains an open-source decentralized cryptocurrency. it’s not run by the Enterprise Ethereum Alliance, but the EEA continues to play a big role in its development.
For more information on the Enterprise Ethereum Alliance (EEA) visit their official website