In the experience gained through helping issue over 120 security tokens, Polymath has decided to buck the trend of using multi-purpose blockchains. This means the creation of a purpose-built blockchain, tailored specifically towards digital securities, which they are calling ‘PolyMesh'.
While Ethereum is a fantastic project, the world of digital securities demands certain levels of security and functionality that only a custom project can offer.
Polymath states that their goal for PolyMesh is to, “build a blockchain where anyone can tokenize any asset anywhere, and trade this asset across one or more jurisdiction(s).”
While this endeavour may represent the future of digital securities, Polymath has noted that there is no established roadmap for any product developments. Furthermore, work and development will continue unabated on the Ethereum network.
How will it Differ?
In a statement from Charles Hoskinson, he breaks down the main attributes needed from PolyMesh, explaining why this move was a necessary one.
- A ‘robust and transparent set of financial primitives’
- A system to allow for not only growth, but separation between identity, asset ownership, and compliance.
- Incentive for participation
By building upon these points, Charles has high hopes for PolyMesh. He closes out his statement with the following words.
“The new Polymath securities specific distributed ledger technology platform that we are architecting, which will be highly optimized to the requirements of financial investors, issuers and markets, has the potential for innovation and global participation that can lead us towards this sudden disruption, and the next evolution of open and decentralized finance.”
While there is a full team behind the PolyMesh project, this endeavour is being spearheaded by two noteworthy individuals. Each of these individuals has recognized the potential to unlock a staggering amount of wealth through digital securities.
Trevor is the cofounder of Polymath. If you are reading this, then you are probably aware of the success that Polymath has experienced over the past year. Polymath was one of the first companies to identify the potential of the digital securities sector, and strove to help usher it along through various developments, such as their ST-20 protocol.
Charles is best known as the cofounder of two large cryptocurrency projects – Ethereum and Cardano. Each of these projects has gone on to be wildly successful, with sky-high potential moving forward. His experience in developing these products will prove to be invaluable to PolyMesh, as they look to surpass previous success with even greater ones.
The following statements were issued from the two leads on the PolyMesh project. Here is what they had to say on the announcement.
Trevor Koverko, Cofounder of Polymath, stated,
“We’re incredibly excited to work with Charles on the world’s first purpose-built blockchain for security tokens…As the cofounder of both Ethereum and Cardano, Charles brings one-of-a-kind expertise to PolyMesh, and is the perfect person to act as PolyMesh’s co-architect.”
Charles Hoskinson, Cofounder of Ethereum and Cardano, stated,
“After co-founding Ethereum and Cardano, two of the most widely used blockchains in the world, I am looking forward to working on PolyMesh…There are quadrillions of dollars of financial securities, and building a blockchain to secure them is an incredibly exciting task.”
Polymath is a Toronto based company, which was founded in 2017. With over 120 security tokens issued through their platform, to date, Polymath has fast become a market leading token issuer within the digital securities sector.
Company operations are overseen by CEO, Kevin North.