How the EEA works
The EEA is a member-led organization, and its primary goal is driving the use of Ethereum technology by businesses. There are four tasks that guide its operations:
- Understand enterprise requirements.
- Build standard specifications that address these requirements.
- Evolve alongside and include the public Ethereum blockchain.
- Achieve global interoperability through certification programs.
As part of its mission, the EEA regularly holds events and conducts research to highlight developments in the enterprise blockchain space. It has also established the EEA Specifications, which are open standards for developing enterprise-ready, interoperable blockchain implementations.
Organizations that want to join the EEA can fill out an application on the group's website. The EEA has the following membership criteria:
- The applicant must be an organization promoting and facilitating Ethereum-based enterprise applications.
- The applicant must agree to the EEA's rules, intellectual property rights policy, confidentiality and non-disclosure policy, and antitrust policy and guidelines.
- The applicant must comply with local laws and regulations.
After an application is submitted, the EEA membership team reviews it and follows up with any questions. If it's approved, then the applicant receives the EEA governing documents and membership agreement. There are annual dues to be a member, which are determined by the size and type of organization.
Pros and cons of the EEA
There are quite a few benefits of the EEAm as well as some drawbacks worth mentioning. To start, here are the pros of this group:
- It brings together different organizations interested in Ethereum, facilitating communication and speeding collaboration. By working together, these organizations will be able to better solve problems and push Ethereum forward.
- It holds several useful events every year where members can network, learn, and share information.
- Several brand-name companies have joined, including JPMorgan Chase and Microsoft, which gives the group credibility.
- Any type of organization can join the EEA provided it meets the membership criteria. Many are finance and technology companies, but organizations in other fields can also apply.
Now let's look at the cons of the EEA:
- It's only focused on enterprise applications for Ethereum. Although Ethereum is the largest programmable blockchain, there are plenty of others, including Cardano (ADA -2.80%), Solana (SOL -2.92%), and Avalanche (AVAX -2.83%).
- It has received criticism for not thoroughly vetting members. One in particular, Kuailian, had numerous red flags indicating it was a Ponzi scheme, and it collapsed in 2021. Despite that, it's still currently listed as an EEA member.
- Cryptocurrency is a volatile, unstable market. Although that's most important for those who hold cryptocurrency investments, it can also be an issue for crypto organizations such as the EEA, which could struggle to grow during bear markets.
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