crypto.bi

ELI5 POLYMATH Cryptocurrency

Polymath (POLY) is a securities tokens platform which aims to unify regulatory requirements from around the world into a smart contracts framework.

POLY makes the legal process of creating and selling security tokens simple by establishing a new cryptocurrency token standard called ST20. This standard enforces compliance by whitelisting authorized investors and their Ethereum wallet addresses in a completely decentralized fashion.

POLY is used for payments on the Polymath platform. Using this token, issuers, traders, developers, investors, service providers and users may exchange value on the Polymath ecosystem.

Mineable? If so how is it mined?

Just like AION, Polymath Cryptocurrency is not mineable because it can be purchased or even sold to cryptocurrency exchanges like IDEX and EtherDelta. To buy Polymath, you need to purchase Bitcoin first using coins and then transfer it to an exchange like Binance or Changelly.

You can mine Polymath through a specialized hardware called ASIC or application-specific integrated circuit. It can be found directly from manufacturers or resellers on eBay and Amazon.

Maximum circulating coins

Polymath does not set a maximum circulating cap.

Currently there have been 1 billion POLY issued.

History

Polymath is a proposal that plan to connect the creation, issuance, and traditional financial securities on the blockchain. Participants can easily use tokens in a regulatory-based way.

Polymath creator is Trevor Koverko who started the network in 2012 as an investor in Ethereum and companies like Shapeshift. They offer two sets of tokens; App tokens and Security tokens.App tokens give access to a loose crowd and networks while Security tokens correspond traditional financial assets that need supervisions. Today, the size of the security token is twice the size of the app token with $100 million. The network expects the app market to multiply by 5 times its size and 20 times its size for the security token ranging to $10 trillion.

What makes it Different?

Today creating a security token can be a tough experience. It’s hard for a company to secure connections between blockchains without a balance in compliance and security. And that where Polymath seizes the opportunity; They want to be noticed as a “one-stop shop for security tokens”. Their platforms feature a partnership with the global community, regularity in their compliance, creating security token as fast as possible, and aims to be the world’s first Security Token only exchange.

Also, Polymath has 4 layers in creating an ecosystem for security tokens;

  1. Protocol Layer – This is where the compliance begins, by using Ethereum smart contract to make KYC/AML authorization.
  2. Application Layer – This layer allows companies to in creating security token in just a couple of minutes to be able to assist users in the entire process.
  3. Legal Layer – This layer is composed of legal tools that company need for compliance standards assurance where regional delegates serve as a midpoint for Polymath projects.
  4. Exchange Layer – This is close and ended KYC compliant access ramp to the whole Polymath system that offers instant liquidity through a Security Token the only exchange.

Who is behind POLYMATH?

Trevor Koverko is the Polymath leader and CEO. The company was co-founded by Chris Housser, who is also the Chief Operation Officer, along with Lead Engineer Sukhveer Sanghera, Chief Marketing Officer Tracy Leparulo, VP Marketing Graeme Moore, M & A and Strategic Partnerships Igor Denisov, Managing Director Kalman Gabriel, Senior Solidity Developer Pablo Ruiz, and Developer Shannon Clarke.

Links

Official Website

CoinMarketCap Profile

Block ExplorerEtherScan

Github source code link

Polymath – PLY ICO Security Token Launch Blockchain Network?

Polymath Price, News, and Analysis (POLY)

Polymath: A New Chapter for Blockchain

What is Polymath?

#CryptoPB

Crypto.BI CryptoPB Presents