What is Polymath (POLY)?
POLY is the native token of the Polymath network. It uses the ERC-20 token standard. Polymath is a platform based on Ethereum (ETH) that allows users to develop security tokens. Specifically, the platform is used to issue ERC-1400 tokens.
The Polymath ecosystem also runs Polymesh (POLYX), a security-based blockchain that offers identity, compliance, confidentiality, governance, and settlement solutions. It aims to resolve security concerns regarding regulated assets on blockchains. Live and historical POLY price data can be accessed above.
Who Are the Creators of Polymath?
Polymath was founded by Chris Housser. Housser is a blockchain lawyer and the COO of Polymath. Vincent Kadar is the CEO of the company, who has over three decades of experience in the tech field.
The platform served as a solution to the security concerns surrounding initial coin offerings (ICOs). While token fundraisers were profitable for decentralized finance projects, the traditional financial sector could not make an easy migration. Polymath was established to bridge traditional financial securities with blockchain.
Polymath was officially launched in 2017. Throughout its run, the Polymath price has experienced some minimal volatility but generally remained low.
Using Polymath, traditional businesses can create tokenized securities for their regulated assets. This ensures financial security and integrity, allowing investors and businesses to conduct transparent transactions using blockchain technology, such as smart contracts, while upholding the regulatory requirements.
Polymath tends to follow the overall market trends. Similar to a number of major cryptocurrencies, the Polymath price rose in November 2021, peaking just short of $1 dollar. It was also affected by the market crash in June 2022, although its value remained above the $0.10 threshold.
What Are the Main Features of Polymath?
Polymath has a fixed token supply capped at 1 billion. This makes it a deflationary resource, thus, the POLY price is expected to rise in the future as the supply decreases. Roughly 92.5% of all tokens are currently in circulation, with the remaining 7.5% remaining locked until January 2024.
The Polymath ecosystem consists of two core parts – Polymath, the platform for security token development, and Polymesh, the blockchain for managing regulated assets. The tools offered by the ecosystem are easy to use and do not require technical expertise, ensuring that the security assets are accessible to both crypto newcomers and experts.
Polymath’s primary service is the development of ERC-1400 tokens. The platform has been used to deploy over 200 security tokens. The asset utility, along with the low Polymath price, makes it an attractive investment with viable potential for growth. It’s expected that in the future such tokens could be used to host Security Token Offerings (STOs).
The Polymath token is required for all transactions and interactions in the ecosystem. Users who want to create new smart contracts for security tokens use POLY to pay for the service. The platform requires KYC/AML verification, which can also be accessed with Polymath tokens.
Polymath uses the Proof-of-Stake (PoS) consensus algorithm, and the POLY token is used for staking. The tokens can be staked by legal delegates, developers, and KYC providers to complete the onboarding process. They can then participate in STOs and invest their tokens in prospective network projects.
Polymath offers unique security measures for transactions made on decentralized exchanges (DEXs). The security tokens can be traded on such platforms while maintaining compliance and following regulations. Furthermore, the platform offers legal advice for investors to ensure they are following the right procedures.
The Polymesh blockchain has its own token POLYX. Since the Mainnet launch, users are able to convert their POLY tokens into POLYX at a 1:1 rate. This means that the Polymath price is unaffected by the conversion rate.
POLYX is the designated asset for payments on the Polymesh blockchain. Based on their selected services, users must pay transaction, protocol, or developer fees. It’s possible to earn POLYX as a reward for staking and acting as a node operator or a developer.
