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Investing In Polymath (POLY) – Everything You Need to Know

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Polymath (POLY) operates as a blockchain-based digital securities trading and management service provider. The platform streamlines tokenization of traditional assets using a secure Ethereum token standard. The protocol features a combination of features designed to meet the needs of custodians, broker-dealers, legal firms, and other top-tier investment service providers. Notably, the word Polymath is used to describe a person with a broad spectrum of expertise

Polymath is a pioneer in the security token sector. The system was the first public, permissioned blockchain built for regulated securities to hit the market. This full-spectrum ecosystem empowers businesses via self-serve token creation methods and management systems. Today, Polymath is recognized as one of the most reputable names in the security token sector. As such, there have been over 200 tokens launched on the network to date.

Polymath (POLY) - Twitter

Polymath (POLY) – Twitter

What Problems Does Polymath (POLY) Attempt to Fix?

There are a variety of concerns that Polymath developers took aim at when creating the network. For one, the platform helps to tackle the shortcomings of the ERC-20 token standard. ERC-20 tokens are ideal for cryptocurrencies and utility tokens. However, they lack the regulatory standards that are needed to conduct security token transactions.

Polymath eliminates these concerns with the introduction of the ERC1400 standard. Notably, Polymath organized and pushed for this standard to become adopted. This new token standard integrates regulatory compliance into its core protocols.

Polymath combines this token standard with a modular approach that enables users to build customized services to meet local regulatory requirements. These requirements can be specific to the management of securities. For example, you can integrate transfer requirements or the ability to conserve UBO rights for custodied assets.

New Business Onboarding/Integration

One of the core problems that Polymath seeks to reduce is roadblocks to blockchain adoption and integration. The network accomplishes this task through the introduction of a combination of proprietary technology and unique infrastructure that improves efficiency.

Benefits of Polymath (POLY)

Polymath provides users with a host of benefits that make it an ideal selection for users seeking out security token protocols. For one, Polymath is secure. The network has never been hacked and operates with an open-source code that has been audited and vetted by multiple groups.

Polymath (POLY) - Homepage

Polymath (POLY) – Homepage

White Label Solutions

Polymath users have the option to provide the network’s services under a white label to their clientele. This approach enables brokers and other service providers to offer an all-in-one security token option to the market. Users can create, issue, and manage their tokens without the need to learn new coding or hire expensive developers.

The ability to brand and customize the process is a huge advantage over the competition. It enables brokers and dealers to integrate Polymath’s offerings into their catalog of services in a streamlined manner. It also helps to improve the depth of the Polymath ecosystem.

Automation

Polymath is the ideal security token issuance platform for multiple reasons. The system enables users to set up regulatory requirements during the token creation process. These requirements are then enforced automatically. For example, you could put in local regulatory requirements such as KYC authorization or location-based authorization.

All Polymath tokens must meet these criteria prior to their transference. Best of all, since these requirements are baked into the core smart contracts of the network, the tokens remain regulatory compliant for their entire life cycle. This strategy eliminates the need for third-party monitoring services which reduces fees and improves efficiency.

How Does Polymath (POLY) Work

Polymath leverages the security of Ethereum and a custom-built blockchain. The protocol introduces an easy-to-navigate interactive interface as part of this approach. This portal enables anyone to create, issue, and manage digital securities. Unlike its predecessors, Polymath token issuers can base their regulatory requirements specifically on the region their token is geared towards. This strategy opens the door for the introduction of new security token asset classes.

Token Issuers

One of the main components of the Polymath network is token issuers. Businesses can create, customize, issue, and then track their digital assets directly from the issuance interface. In the past, this process was time-consuming and expensive. The process required a hefty investment of both time and funding. Also, there were many legal requirements that required expensive verification systems to monitor. Polymath eliminates the financial and technical barriers from this process. This approach helps businesses to quickly adopt this game-changing tech.

Consensus

Interestingly, Polymath’s development team created a variety of the Proof-of-Stake (PoS) consensus mechanism which provides the network with more scalability and monitoring capabilities. This new system, dubbed Nominated proof-of-stake (NPoS) eliminates the need for all stakers to validate transactions.

Operator Nodes

Instead, users stake their tokens to nominate operator nodes. These nodes hold multiple responsibilities. They validate transactions and act as custodians. There are currently a select few main operators for the network. These nodes can function as external and internal blockchain nodes.

Stakers

For their efforts POLYX stakers receive rewards. Staking services provide users with an easy and low-risk method to secure passive income. In the Polymath ecosystem, stakers must validate their identity via KYC protocols. There are currently +6.8 thousand stakers on the network.

Ecosystem

The Polymath ecosystem consists of much more than a custom-built blockchain and cryptocurrency. The system also introduces a completely new market for users to profit from. The marketplace empowers both users and developers with a host of tools and resources. You can also find a variety of helpful service providers. Specifically, the market includes custody agents, broker-dealers, legal firms, cap table management providers, KYC/AML providers, and other reputable professionals.

POLY - CoinGecko

POLY – CoinGecko

POLY

The main utility token for the Polymath network is POLY. This token launched as an Ethereum token. It can be used as a cryptocurrency to send value internationally in a frictionless manner. You can also pay your network fees using POLY. Notably, the recent launch of the Polymesh blockchain has introduced another token to the ecosystem, POLYX.

POLYX

POLYX is the new utility and governance token for Polymath. This token differs from its predecessor in multiple ways. For one, POLYX lives on the new Polymesh blockchain and not Ethereum. As such, it possesses many more attributes conducive to the creation and monitoring of digital securities. Notably, the POLYX program launched with a lot of momentum in the market. Their team set aside $8 million USD and 250 million POLYX to offer grants and incentives to expand the ecosystem in the coming weeks.

Polymesh

On October 28th, Polymath launched the Polymesh mainnet. This newly created institutional-grade blockchain was built specifically for regulated assets. As such, it improves on many of the key aspects of these tokens. For one, you find more programmability within the identity, compliance, confidentiality, and governance systems.

Polymesh streamlines the creation of security tokens even further. It also simplifies tokenization for business and investment firms. Additionally, Polymesh lowers transfer fees and provides a greener alternative to other security token protocols available today.

Polymath Association

The Polymath Association is the not-for-profit association tasked with expanding the Polymath ecosystem. The group accomplishes this task through the use of grants, competitions, and rewards. Notably, the Polymath Association is based out of the financial epicenter, Switzerland, which helps to improve regulatory compliance throughout the EU.

Polymath Wallet

The Polymath Wallet enables users to safely and securely store their security tokens. This wallet was built from the ground up to enable anyone to use it without prior experience. You can find all the most vital functionalities at a glance. You can send, receive, trade, and monitor your digital assets using the wallets dashboard.

Community Governance

One of the biggest upgrades that Polymesh brings to the network is the introduction of a community governance protocol. Community governance protocols put the power into the hands of users. These systems allow regular users to stake their tokens to gain voting rights.

POLYX token holders can put forth proposals regarding all aspects of the platform. Community governance systems can be used to approve buybacks, burns, promotions, fee changes, and the integration of new features and services. These systems are extremely popular nowadays because they help to keep the community cohesive and improve transparency for all parties.

How to Buy Polymath (POLY)

Polymath (POLY) is available on the following exchanges:

BinanceBest for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying most tokens. Use Discount Code: EE59L0QP for 10% cashback off all trading fees. 

Gate.io – This exchange was established in 2013, and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK.  USA & Canada residents are prohibited.

Huobi Global – Established in 2013, Huobi Global has since become one of the world’s largest digital asset exchanges, with an accumulated trading volume of US $1 trillion.  It should be noted that Huobi Global currently does not accept USA or Canadian residents.

WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality.  It is the best exchange for residents of India.

Polymath (POLY) – A Pioneering Force that Continues to Grow

Polymath continues to enjoy steady growth for multiple reasons. For one, the protocol remains a pioneer in the market. Its past efforts helping to organize and drive the adoption of the ERC1400 token standard and its overall drive to improve the security token market have helped the system to gain notoriety.

Additionally, the recent launch of the Polymesh mainnet changes the game. Now, Polymath users enjoy lower rates and a more responsive user experience. When you combine these features with the network’s proven track record and growth potential, it’s easy to see why more investors continue to migrate to the Polymath ecosystem.

David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com

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