Polymath Network is a decentralized platform that makes it easy to create security tokens. The Polymath ST-20 standard embeds regulatory requirements into the tokens themselves, restricting trading to verified participants only. The platform simplifies the complex technical challenges of creating a security token and aims to bring the multi-trillion dollar financial securities market to the blockchain.
Polymath provides technology to create and manage digital securities, but like any piece of tech, it relies on the user to set the terms and rules that need to be enforced. Polymath doesn’t provide any guidance or services around the issuing, buying, or selling of securities.
Unlike rigid all-in-one platforms, Polymath’s token creation and management technology integrate smoothly with a large ecosystem of custodians, broker-dealers, legal firms, cap table management providers, token sale platforms, KYC/AML providers, and others so that issuers can create a bespoke solution.
To tackle the unnecessary friction caused by different security tokens, Polymath proposed a unified standard for security tokens on Ethereum, to ensure a token’s code met specific requirements and organizations could integrate it without costly and time-consuming technical due diligence. This standard, ERC 1400, is a collection of other standards integral to creating a security token and has since been adopted by organizations including ConsenSys and BNP Paribas.
Polymath Core aims to make the issuance of regulatory-compliant tokens a relatively easy task by taking ERC-20 tokens — the widely adopted standard for utility tokens — and adding the ability for these tokens to enforce trading restrictions. Many laws and regulations must be taken into account before someone can acquire the security.
What is Polymesh?
Polymesh is a proof-of-stake (PoS) chain built using Parity’s Substrate framework. To secure the chain, operators and stakers work together. Stakers economically back the operators of their choice and both are then rewarded or fined based on the operator’s performance.
Polymesh is an institutional-grade permissioned blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving regulatory challenges around identity, compliance, confidentiality, and governance through key design principles built into the base layer of the chain, rather than as external add-ons.
When it comes to creating and managing digital securities, Polymesh’s specificity gives it (and the applications built on it) a distinct advantage over those using general-purpose blockchains.
Polymesh has engineered a secure asset management protocol that enables confidential asset issuance and transfers. By creating assets at the protocol layer, Polymesh can provide a simplified approach to transfers that provides instant settlement without prefunding, prevents unwanted airdrops through trade affirmation, and can offers deterministic finality.
POLY is the utility token that fuels the Polymath Token Studio on Ethereum and is used by issuers creating and managing security tokens on the platform. Almost 100,000 wallets hold POLY with 240,000,000 tokens having been distributed during launch.
Who are the founders of Polymath (POLY)?
Polymath was founded by Trevor Koverko, Chris Housser, and Erick Weiss.
The Polymath team brings together a depth of knowledge in the blockchain and securities space, world-class advisory partners, and the technology to take your clients from token creation to offering and beyond. By leveraging their ecosystem of institutional and regulated partners, they empower issuers to create compliant, innovative, transparent, and liquid Security tokens for a global investor pool.
What is Polymath (POLY) used for?
Configure your tokens
Polymath allows you to reserve your ticker symbol and configure your token in a few simple but important clicks.
Connect to the nearest decentralized ecosystem
With Polymath, you can plug into an ecosystem of providers who can help you create your end-to-end journey.
Enforce your token’s features
You can input the preferences, rules, and restrictions you want, and Polymath’s technology will automate this enforcement.
Governance
Polymesh uses an industry-led governance model to prevent hard forks and guide the evolution of the chain.
Automate actions
Alongside, you can automate corporate actions and simplify processes including dividend distribution.
Modify your enforcement
You are allowed to make changes to rules and configurations as needed without having to create a brand-new token.
How is Polymath (POLY) unique?
Polymath facilitates the entire token journey, from the creation of a Security Token to the ongoing management of assets that can trade on secondary markets. Polymath has created the pathway to a new category of financial assets, truly digital securities enabled by the blockchain.
When it comes to creating and managing digital securities, Polymesh’s specificity gives it (and the applications built on it) a distinct advantage over those using general-purpose blockchains.
How many Polymath (POLY) coins are in circulation?
The max supply of POLY is 1 billion and 925,000,000 is in circulation as of January 31, 2022. The team has locked up the final 75m until January 2024.
How is Polymath secured?
Polymesh users are required to validate their identity with a verified service provider as part of their initial onboarding. This gives each user a validated identity which is at the core of Polymesh. While this requirement adds friction to on-boarding, it provides a host of anticipated long-term benefits and utility to the blockchain, leading to potential rapid adoption by institutional and regulated users.
Additionally, some Polymesh issuers and token holders will need to be subject to other continuous checks, which may include accreditation checks depending on the assets they invest in and their jurisdiction. This helps keep Polymath secured.
How do I buy Polymath (POLY)?
The POLY token can be used for a wide range of uses, like staking and governance.
POLY tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy POLY through your trading account.
Which Cryptocurrency Wallet Supports Polymath (POLY)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Polymath (POLY). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their POLY wallet because it offers a simple interactive interface, making it easy for people to navigate its system.
