Dear Yong Peng;
Sounds like a good idea. Would make it much easier to reformat and repurpose Tipitaka text, for example, matching the Pali original with translations in various languages, or with renditions of the Pali in different scripts.
If the Pali was indexed by the verse it would be relatively easy to
interleave the Pali with a translation.
Some of the groundwork for this must have been done for this sort of thing
already:
Text Encoding Initiative:
http://en.wikipedia.org/wiki/Text_Encoding_Initiative
Open Scripture Information Standard:
http://en.wikipedia.org/wiki/Open_Scripture_Information_Standard
Knuth's TeX is a powerful open sourced typesetting system that perhaps should be used:
http://en.wikipedia.org/wiki/TeX
Haven't checked recently whether, like Adobe's Framemaker, it takes XML as a frontend.
With Metta
Jon
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