What is Polymath (POLY)?
Future of POLY Cryptocurrency and know how to buy POLY

What is Polymath?

#1 - What is Polymath?

There are are over 1500 cryptocurrencies on the market as of June 2018. In this context, it would seem as if creating tokens and cryptocurrencies has become fairly easy. But this isn’t the case - the process is still technical and requires some expertise. Especially since many of them are categorised as ‘securities’ and subject to government regulations.

Polymath: The Basics

  1. Polymath hopes to simplify and streamline the process of creating and putting security tokens for sale. It has come up with a new token standard - which it calls the ST20.
  2. Polymath also makes sure you’re on the right side of government regulations with your security token.
  3. Only a list of authorized investors and their Ethereum wallet addresses” can hold ST20 tokens. This eliminates concerns about the legal issues token issuers that token issuers may face.

Polymath Development

  1. Trevor Koverko leads the Polymath team. Koverko also founded the private equity firm DAI. He’s known for his vision - having bought into BTC when it traded at $20.
  2. Trevor leads a team of 30 ‘builders’ and advisors to scale Polymath.

 

#2 - What are the Benefits of Polymath?

Polymath Technology

  1. To sell a token compliant with government regulations and laws, the Polymath platform works with the token issuers, legal experts, developers, regulators, and exchanges to bring it all together.
  2. All the transactions on Polymath’s platform are conducted using its own token - called the POLY token.
  3. The Polymath platform consists of 3 parts:
    - An application layer,
    - A protocol layer, and
    - A legal layer.
  4. These layers work together to ensure the securities launched via the platform are in compliance with regulations, whilst offering them much needed liquidity and simultaneously reducing fees.

Transactional Process:

To create a token, the issuer has to provide a comprehensive list of details and information to the platform - this includes:

  1. The legal name and the issuer’s name
  2. Details on the project: Description, logo etc
  3. Token information: Number to create, distribution, price, dividend details, voting rights, governance structure, and any other additional features.
  4. Legal information: KYC, jurisdiction, investor details
  5. Contact information: Name, contact numbers, email and more.

This information is collected and processed, after which legal confirmation is given if all the parameters are in order. This process costs fees, but the token issuer receives them in the form of bids, allowing them to pick the lawyers they’d like to work with.

This is where the POLY token  comes in. These payments are made using the POLY cryptocurrency to a smart contract, and work begins on document and information sharing to bring the token to life.

 

#3 - How to Buy and Store Polymath?

How to buy Polymath

The POLY token can be traded on Kucoin, Huobi, Upbit and a couple of other exchanges. However, it makes more sense to pick an aggregated offering like CoinSwitch to transact POLY.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the POLY cryptocurrency, CoinSwitch, the largest cryptocurrency exchange comes in to help you make the right decision by providing the prices for POLY on multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!
  2. What’s more - with CoinSwitch, you do not rely on a separate POLY wallet from the exchange to store your POLY cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Polymath Storage

Polymath may be championing a new kind of token protocol, but it is itself an ERC20 token. This means it can be stored on most popular wallets - such as the online service MyEtherWallet, or for desktop applications - check out Parity, and imToken.

 

#4 - What is the future of Polymath?

The POLY token started trading at $0.789, but quickly peaked at more than twice that value - $1.64. It has since then survived the bearish trends of the cryptocurrency market in 2018, and trades in at around $0.4 as of June 2018.

Also Read: Complete Analysis of Polymath | Live Polymath (POLY) Price Charts And Predictions

 

Date

Open*

High

Low

Close**

Volume

Market Cap

Jun 01, 2018

0.753766

0.753766

0.687725

0.713226

3,827,920

208,356,000

May 01, 2018

0.526801

0.576762

0.498230

0.575464

4,036,160

126,432,000

Mar 01, 2018

1.06

1.15

0.997542

1.03

2,033,340

253,846,000

Feb 02, 2018

0.790528

1.28

0.547151

0.879497

1,023,190

The supply of POLY tokens is capped at one billion, 240 million of which were delivered to users in an Airdrop in January 2018. The remaining have been held by the Polymath team for use in the future - a roadmap that they’ve been on track with, including launching the first Polymath-based securities for their customers.

Support & Regulation

The Polymath team has been fairly active on the partnerships front, having connected with multiple important brands that are adding value to its offerings. There are multiple partners onboard for the KYC processes - including, IdentityMind, SelfKey, and BnkToTheFuture.

Blockchain startup tZERO’s ICO came to fruition thanks to assistance form Polymath, allowing them to raise $100 million in just 12 hours.

Important firms - such as Ethereum Capital, and SeriesX also intend to issue securities via Polymath’s platform.

 

#5 - How is Polymath different from other cryptocurrencies?

Polymath is quite unlike most cryptocurrencies in the market today. While major cryptocurrencies such as Bitcoin serve as a store of value, or Ethereum serve as a fuel for world computing, Polymath serves the dual purpose of:

  1. Being a transactor for the process of taking your security to the public in a legal, compliant way, and
  2. Running a decentralised exchange with minimal fees, allowing accredited investors to trade in the security tokens you launch.

The value add here is distinct from many other cryptocurrencies, which means Polymath shouldn’t have to worry about competition as much as the many other coins of.

 

#6 - Should you Invest in Polymath?

  1. Polymath is solving an important problem in the business world - helping them raise capital, whilst doing it in an efficient, new age way of cryptocurrencies.
  2. This is likely to help them with liquidity while keeping them away from regulatory hurdles - which is far more significant than many may realise.
  3. Due to an increasing amount of governmental interference on initial coin offerings globally, Polymath is well placed to be a source many investors may flock to for legally compliant token offerings.
  4. With a more efficient security listing mechanism from the Polymath team, eyes are on how they can attract large entities and investors into the game.
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