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.