Amidst the rising hype of security tokens, Polymath Network is known as the most unique and promising blockchain projects. Since the beginning of Q2, its cryptocurrency $POLY has been experiencing a consistent gain in price point and exchange volume. Security tokens have emerged as a countermeasure to regulations issued on digital assets all around the world. All over the past weekend crypto markets showed its volatile nature. This is the reason people are still wondering if cryptocurrencies can replace the traditional banking systems and still be legally compliant? With SEC imposing new and harsher regulations on ICOs, polymath wants issuers to make use of their legal security Token Offerings. In this article, we shall discuss everything about Polymath Network and its recent performance.
The idea behind Polymath Network:
Polymath Network provides its users with a secure and flexible platform for issuing security tokens. Basically, what it does it to simplify the legal process which involves the creation and selling of security tokens. The new cryptocurrency standard provided by polymath is called ‘ST20’. This standard also enforces government compliance. Hence, token issuers and users do not have to worry about legal implications of any kind. In order to launch legally compliant tokens, Polymath Network accumulates different key aspects such as:
- Smart contract developers
- Legal delegates
- KYC verification
- Decentralised Exchange
History of Polymath:
The Polymath Network project can be dated back to 2017. Its initial coin offering raised approximately $1.2 billion USD in funding by selling either utility or security tokens. By utility tokens we mean, the common tokens which give you the access to use a particular platform and its network, whereas security tokens provide a user with equity or a claim to dividends from a particular company which is why such tokens are subjected to government regulation. Starting from an ICO which is now listed among the largest cryptocurrencies, polymath network has come a long way since its creation.
Objectives of Polymath Network and $POLY:
Polymath offers a new standard for blockchain security tokens by merging its necessary regulatory requirements into smart contracts while being fully compliant with government’s security regulations. The team behind polymath believes that financial securities are better suited for blockchain. Throughout polymath network, shareholders are known as token holders. This network links the entire ecosystem behind the launching of an IPO using its smart contracts and POLY token which is an ERC-20 token. POLY is used as payments all over the polymath network and also as a reward for participation. Almost 46% of last year’s ICOs have failed and crashed since they were ultimately a ‘scam’ project. Many crypto enthusiasts and investors have lost the unimaginable amount of money because of such scams. That is why governments implemented harsh yet impartial regulatory framework for future ICOs and cryptocurrencies. The main advantage of polymath network is not only that it issues government and regulation-friendly digital assets but also that it minimizes fraud, misrepresentations, and other rip-offs.
Notable Achievements in Q1:
The success and better performance of POLY are dependent on partnerships made by Polymath Network team. They need to gather more legal delegates, KYC providers, Developers, Buyers, and Issuers. During the first quarter of 2018, polymath has made headlines about their meaningful partnerships with companies like IdentityMind. After that, they announced their most significant airdrop which surmounted to 240 million POLY tokens. One of the biggest digital identity system ‘Selfkey’ and KYC associated company ‘BnkToTheFuture’ are expected to collaborate with Polymath Network. In addition to that, many notable blockchain based companies such as Ethereum Capital, SeriesX, and Corl Financial Technologies have plans to create and issue their security tokens using the Polymath Network platform. Back in April polymath announced two new and strong partnerships. One about verification service for security token offerings with Trustroot which is the leading blockchain security platform. The second collaboration was with CrowdfundX to deliver investor marketing for security token issuers powered by AI.
Market & Trading Position:
Polymath’s biggest airdrop was completed on 24th January this year and the value of POLY started with $0.78 USD approximately. This value reached its all-time peak position of $1.64 USD soon afterward. But at the time of writing, it is ranked as the 95th cryptocurrency the individual price of POLY equals to $0.852 USD and it’s depreciating at a rate of 7.35% according to CoinMarketCap. Polymath tokens are available on exchanges such as KuCoin, Bittrex, and Upbit. The value of POLY depends solely on the usability of polymath platform. If more coins are issued on ST20 standard, then this figure is likely to show some bullish trends.
Although, the core idea behind issuing a cryptocurrency that is safeguarded by government regulations is a dream come true for many crypto enthusiasts however it is much complex to achieve. That is why Polymath has a long way ahead of it. But with its enthusiastic and experienced team, this project is worth monitoring as it can jump to $1 USD soon enough.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels