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What Is Polymath?

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Jan 13, 2023
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4 min read
what-is-polymath

This blog post will cover:

  • About Polymath (POLY)
  • Where did Polymath (POLY) come from?
  • What are the advantages of Polymath (POLY)?
  • What are the disadvantages of Polymath (POLY)?
  • How to exchange crypto on SimpleSwap?

About Polymath (POLY)

Polymath Network claims to be a revolutionary solution in the blockchain world. The main purpose of the project is the tokenization of the securities market. Thus, Polymath develops and implements a decentralized platform. It combines the ability to organize ICO and the regulation of a multi-billion dollar securities market that could be built on blockchain technologies. The main focus is on cooperation with legislative acts that facilitate or ensure the process of transferring securities into the digital area of the blockchain. This allows the project to avoid unnecessary difficulties and generate highly liquid assets. Polymath issues Security Tokens (ST) that meet legal requirements for securities and regulators such as the SEC. The project team offers a full cycle of token issuance, similar to how ICOs are held for ordinary utility tokens, but for Security Tokens, and this procedure is called STO (Security Token Offering). The result is ST-20 format tokens that are legalized and meet regulatory requirements.

The ST-20 token type is an extended version of ERC-20, but the difference is that ST-20 has a number of features unprovided for ERC-20. For example, ERC-20 tokens have no translation restrictions and are therefore freely available for sale to anyone. If the organization plans to release ST-20 tokens, it must ensure that tokens can only be bought by people who have passed the KYC or AML process and have been approved. It enables issuers of Security Tokens to comply with regulatory requirements due to transfer restrictions and other measures.The Polymath platform has its own POLY utility token of the ERC-20 standard. It focuses on internal functionality and provides access to the Polymath tools. Also, the token controls and ensures the functioning of internal transactions.

Where did Polymath (POLY) come from?

The Polymath project was created by Trevor Koverko and Chris Housser in 2017. Trevor began his career working on Wall Street and then in Silicon Valley. Later, he began to take an interest in the blockchain world and started investing in projects such as Ethereum and EOS. The project team is based in Canada and consists of renowned professionals. Chris Housser is interim CEO. Adam Dossa is currently the CTO, and Mohammed Muraj is the General Counsel.

What are the advantages of Polymath (POLY)?

  • Liquidity
    
    Asset tokenization enables issuers to combine multiple projects to attract institutional investors or split shares to enter the retail market. This is due to the lower cost of capital allocation and records management.
  • High efficiency
    
    Tokenization promotes high efficiency by removing outdated intermediaries and improving processes by reducing overhead, fast administrator work, and data transfer times.
  • New asset classes
    
    Another advantage of asset tokenization is that it does not only improve the efficiency and liquidity of traditional assets (stocks, bonds, and real estate) but also makes it possible for new structured financial products to appear.

What are the disadvantages of Polymath (POLY)?

  • Incomplete decentralization
    
    Most of the tokens are held by the project team, which indicates partial centralization.
  • Negative influence from the outside
    
    Since the creation of Security Tokens is a fairly new solution, there is a possibility of negative influence or even suppression by established financial institutions.

How to exchange crypto on SimpleSwap?

Now you know a little more about the Polymath Network project. If you want to continue your immersion in the Crypto World and purchase some cryptocurrencies, you are welcome to use SimpleSwap by following the simple instructions below:

  • For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
  • Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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