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What Is Polymesh?

Oct 27, 2022
4 min read

This blog post will cover:

  • About Polymesh (POLYX)
  • Where did Polymesh (POLYX) come from?
  • What are the advantages of Polymesh (POLYX)?
  • What are the disadvantages of Polymesh (POLYX)?
  • How to buy Polymesh (POLYX)?

About Polymesh (POLYX)

POLYX is a native token of the open permissioned blockchain Polymesh. This blockchain is created specifically for security tokens.

The POLYX token is the fuel of the Polymesh blockchain. It is necessary to create and manage security tokens. It is also used for governance voting. Token holders can stake their tokens to ensure the security of the chain. POLYX is a utility token that can be used only within the network to pay for various operations, including transaction fees. Its supply follows an asymptotic limit. It also has a mechanism that is supposed to prevent increasing inflation. Once the amount of POLYX reaches 1 billion, the amount of newly minted tokens issued for rewards will be fixed at 140 million a year.

Where did Polymesh (POLYX) come from?

Polymesh changes the way investors and institutions can operate on the financial markets by adopting security tokens. It is concentrated on important regulatory elements, such as confidentiality, identity, governance, and compliance. These things may stand in the way of the successful adoption of blockchain technology in financial markets.

Polymesh is the second attempt to act on this idea. Firstly, Polymath aimed to make Ethereum compatible with financial markets by trying to standardize security tokens. ERC 1400 became a unified standard. Basically, Polymath set the stage for automation and simplification of capital markets with the new blockchain technology that is now being continued by Polymesh.

What are the advantages of Polymesh (POLYX)?

Polymesh brings a lot of benefits for investors and financial institutions.

  1. No third party involved
    Blockchain eliminates the necessity to rely on a third party in trading.
  2. Reliability
    Blockchain cannot be suddenly changed by one party. It requires consensus. 
  3. Efficiency
    Blockchain makes a lot of processes automated and simplified, thus increasing efficiency. 
  4. Liquidity
    With the help of blockchain technologies provided by Polymesh, the market can operate 24/7.

All these become available with the help of Polymesh and blockchain adoption.

What are the disadvantages of Polymesh (POLYX)?

However, it is important to remember that there are also moments that can be alerting, especially to newcomers. Apart from standard blockchain problems, such as hard forks and hacker attacks, there are a few other things that may be considered to be drawbacks.

  1. Identification
    Since Polymesh aims to optimize financial markets, it is supposed to satisfy the main actors there, such as investors, traders, and regulators, as well as existing rules, which include a clear understanding of participants’ identities. For those who prefer to stay anonymous, it may seem to be a disadvantage.

How to buy Polymesh (POLYX)?

If you are interested in trying out the Polymesh network and need to purchase POLYX, we are glad to help you. Please, follow the instructions below:

  1. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the quantity you want to swap.
  2. Select POLYX in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. Polymesh tokens will be sent to this address. Be careful and make sure you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to POLYX 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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