What is Polymath Coin (POLY)?
POLY Coin Price
What is Polymath? A Quick Overview
Polymath (POLY) is a token platform aiming to disrupt the creation of security tokens on the blockchain.
They are creating a standard for creating security tokens complete with built-in open-source and KYC (know your customer) which will be necessary to work with the SEC and the future of security launches.
The History of Polymath Coin
As of January 10th, users who wanted to participate in the POLY coin airdrop needed to be signed up on their official website.
They then released their tokens for trading and holding on the 31st of January.
POLY coins were initially launched as ERC20 tokens as they build out their platform to create ST20 tokens within the platform.
These are aimed at helping for the release and creation of security tokens.
The CEO of The Polymath Network
Trevor Koverko - Linkedin - CEO
“Being from Toronto, I was fortunate to cross paths with Vitalik, Joe, Charles, Anthony and the original co-founding team of Ethereum. I advised and invested in the Ethereum ICO (1BTC got you 2,000 ETH back then).
But now, I'm finally ready to announce my new project Polymath:
Polymath is the first decentralized marketplace for tokenized securities with the singular mission to launch 10,000 asset-backed token ICO's by 2025.” (From his LinkedIn)
Polymath Coin Supply
Total Supply = 1,000,000,000
The Purpose of Polymath Tokens
The polymath network was created to address a problem that currently resides in most cryptocurrency and ICOs.
Namely, that they are securities but haven't claimed that status yet.
To add insult to injury, none of the ICOs register themselves with the SEC leading to investigations shortly.
And most don’t even have a KYC type policy in place.
Which can result in companies/ICOs getting shut down and ordered to give the money back.
Now, one opportunity for that is a decentralized ICO platform that no-one is in charge of, but another is what POLY coin aims to solve.
They are creating a tokenized platform that will allow companies and legal professionals to come and participate in the creation of their ST20 token platform.
It will be a template for launching securities without risking the looming threat of a shutdown by the SEC.
It will be KYC compliant, open-source, and decentralized.
What's a SECURITY Token?
Most investors have heard of securities because these are what you would typically find in the stock market.
Because the barrier to entry is much lower (than with the stock market), this is beneficial.
Users can participate in the ICO and in return get securities.
A security is an investment that becomes tradable (like a stock share).
How these securities work is that through a smart contract, you are provided with a certificate (via tokens) that you will get paid out over time.
Essentially, it becomes similar to a bond, over time paying you back for what you put in.
However, with most of these ICOs it ends up being a lot more profitable.
The Features of Polymath
This is Polymath's simple transparent open-source complete and built in KYC token.
Any company looking to launch a coin on the Polymath Network will be launching it via an ST20 token.
A Four-Layer Security Token Ecosystem
The Protocol Layer
This is the first layer that a company launching on the Polymath goes through.
Using an ERC20 Ethereum based contract, and then providing KYC/AML accreditation for the security being launched.
The Application Layer
The application layer is where the companies create their security-based token.
Included in the creation process is a “Create-A-Security-Token Wizard” which can guide new users and creators through the process of creating security. Granted, a company building out the token should be familiar with the process before creating one.
The Legal Layer
POLY coin boasts that it is bringing together legal professionals, businesses, and developers.
In this layer, they provide businesses with legal tools companies can use to ensure they meet compliance standards. They have delegates that can guide these companies through the legal processes unique to their area.
The Exchange Layer
The Polymath Network has its ST-only exchange which allows companies to have instant liquidity after launching on the network.
This is only for the KYC/AML compliant companies that had a successful security launch.
What We Think of Polymath Coin
There are countless amounts of ICOs launching.
Many of which will come under scrutiny and legal action as they are launching security without abiding by the rules of their jurisdiction.
Now that’s where Polymath steps in.
Will a platform dedicated to only security backed tokens be able to take off and work?
It's too early to tell, but there is a needed solution.
Maybe it is a polymath; maybe it is decentralized ICOs, or maybe a combination of both.
We will see.
Currently, we do not hold any POLY coins.
If you liked this review and want to help support the academy donate some Polymath below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is PIVX Coin Private, Instant, Verified Transaction PIVX Coin Price What is PIVX? | A Quick Overview PIVX means: private, instant, verified transactions. That is the basis of what PIVX is. A community-centered blockchain currency for quick transactions. This cryptocurrency aims for private, fast, and secure transactions for anyone using their product. The History…
What is Decred Coin (DCR)? DCR Coin Price What is Decred? A Quick Summary Decred is an autonomous digital currency built with scalability and decentralization as main components. Using a ground up build, it’s aiming to help make on chain scalability and this complete open-source currency available for individuals, groups, and companies. The History of…
What is Gnosis Coin (GNO)? GNO Coin Price What is Gnosis? | A Quick Overview Gnosis is a market-driven forecasting technology, predicting everything from price movements in Bitcoin, to the housing market, to elections and so on. GNO coin uses smart contracts on the Ethereum network to utilize an ecosystem with backing and to create…