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.
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.
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