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What is Polymath (POLY)? Beginner’s Guide

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Polymath can be considered a peculiar project in the ever-changing and always fascinating cryptocurrency sphere. While most crypto projects want no association with the concept of STO, short for Securities Token Offering, Polymath aims to do the exact opposite.

What is Polymath?

Most projects want to avoid their tokens being perceived as securities, mostly due to the burdening taxes and regulations STOs must conform to. Polymath aims to offer a unique service aimed at providing legal advice and process for tokens to be used as fully compliant securities. To be more specific, Polymath simplifies the legal process of selling and creating security tokens.

Another way of putting it is that Polymath is a crypto project that wants to offer a method for traditional investment assets to be tokenized. This means that they can be traded just like any other blockchain asset.

By using a new token standard, the ST20, the company behind the project hopes to enforce government compliance. The project aims to bridge the gap between the profitable wealth of the ICO market with regulation-bound securities in the field of finance.

About Polymath’s securities token platform

Since companies are required to register their securities with the government in order to create public offerings, Polymath helps people legally register their tokens while providing a decentralized exchange at the same time. This not only leads to increased convenience, but to a massive decrease in all the associated fees.

One of the project’s main goals is to eventually create an ecosystem where investors and traders can purchase and trade tokenized securities. These tokenized securities are equivalent to other types of investments such as stocks, equity, and venture capital funding.

The platform has three layers: the protocol layer that ensures that any token is compliant, an application layer, and a legal layer. Together, these three layers reduce the typical legal complexity usually associated with securities, all while improving the liquidity of the said assets.

Any token created using Polymath can be verified by smart contracts in order to determine who can buy or sell it. As expected, only investors authorized by the KYC providers will be able to store the token.

The Poly Token

It’s important to note that all payments on the platform are made exclusively using POLY which is an ERC-20 token. For example, POLY is used to incentivize developers for creating STO smart contracts, KYC providers for verifying investors, legal delegates for issuing new security tokens, and issuers for providing various services.

Polymath’s token, POLY, is currently ranked 84th on CoinMarketCap and valued at $0.262108  at the time of this writing. The project’s total market cap is $74,941,036, and the circulating supply is 284,967,107 POLY. The maximum number of POLY that will ever exist is one billion.

Considering that the project itself is relatively new, POLY can be purchased from a wide array of crypto exchanges. Some of the most popular options are Binance, Upbit, LATOKEN, Bittrex, Huobi, KuCoin, and Bitbns.

Since POLY is an ERC-20 token, it can be stored on any Ethereum-compliant wallet. Some of the most popular choices are MyEtherWallet, or Ledger Nano S, for more security-focused users.

Conclusion

Taking everything into account, Polymath’s mission might seem difficult to comprehend at first. However, it’s clear that Polymath aims to serve a specific need in the crypto market. The project aims to offer companies a way to rapidly and cheaply issue tokens while remaining fully compliant with regulations.


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