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Polymath Network (POLY): Markets and the Weekend Roller-Coaster Ride

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Polymath Networks

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:

  • Issuers
  • 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.

Final thoughts

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.

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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.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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