SODA MIT Crosschain Interop WG
Industry Initiatives
Overview
Initiative Name | SODA-MIT WG |
Organization | Community Driven |
Type | Standard |
Description | Interoperability Framework for Digital Assets (IFFRA). |
Ecosystem | Agnostic |
Public Participants | SODA MIT Other confirmed confidential participants |
Link |
The SODA-MIT Interoperability Framework for Digital Assets (IFFRA) is an open standard framework conceived by the SODA and MIT. It outlines the principles for interoperable assets, data transfer and access rights across various platforms. The goal of IFFRA is to enable interoperability across different distributed ledger technology (DLT) systems for digital asset issuance and usage. At its core, IFFRA consists of a set of technical design principles that outline high-level requirements to achieve interoperability. These principles cover the unique identification of subjects, objects, actions, and states; persistence and referenceability; state safety through ACID properties; and bounded trust within and across DLT systems.
It is important to note that IFFRA is currently under development. The group also initiated work on a set of APIs enabling crosschain interoperability for CBDC use cases.
Organizations dealing with regulated digital assets or CBDC should consider staying up to date and monitoring the evolution and updates of the SODA-MIT IFFRA specification.
Analysis
Scope and Purpose | |
Target Audience | DLT developers, Architects, Industry Professionals, and Regulatory Authorities. |
Coverage | Highl-level technical principles for interoperability of digital assets across DLTs. |
Technical Aspects | |
Architecture | |
Interoperability | Provides principles for enabling interoperability for digital asset issuance and usage across DLTs |
Security Measures | |
Adoption and Implementation | |
Vendor-agnostic Reference Implementation | N/A |
Current Adopters/Vendors Implementations | None |
Case Studies | None |
Ease of Implementation | |
Governance and Update Mechanism | |
Oversight Body | SODA-MIT WG |
Update Mechanism | Community driven process |
Strengths and Weaknesses | |
Advantages | |
Challenges | |
Compatibility and Integration | |
Inter-standard Compatibility | |
Extensibility | |
Community and Support | |
Community Engagement | |
Support Channels | |
Future Roadmap | |
Next Step | |
Long-term Vision | |
Comparative Analysis | |
Comparative Analysis | Enables cross-DLT interoperability specifically for digital assets. |
Reviewer
We have contacted or we will contact the proposed reviewer.
Proposed reviewer: Chris Ostrowski, CEO SODA
Review status: Not started.
Last updated