Legal Delegate Marketplace (aimed at assisting issuers to complete the steps for an issuance. KYC Provider Marketplace (responsible for matching individuals with KYC providers who will provide validation and accreditation services within their jurisdiction for a cost. The Polymath smart contracts are deployed on Ethereum but can be linked to other platforms also. POLY Tokens (which will be the core utility tokens powering the platform), Polymath Chaincode (the set of smart contracts which will coordinate interactions between participants), and Ploymath.js (a JavaScript library which will simplify interaction with Polymath Chaincode.
#Polymath blockchain software#
The system will be a ground of investors (individuals or institutions interested in investing in or trading security tokens, issuers (the people who will sell the security tokens), legal delegates (who will place bids and also act as representatives outside of the blockchain to guide issuers through the whole process), KYC providers (who will authenticate the real identities of all participants and accredit them), and developers (the software engineers who will create and review the contracts for the initial offering of the security tokens. What does the Polymath system look like?Īs mentioned in their whitepaper, the team defines Polymath as a system that can be modelled as tools for a set of participants, assets, marketplaces, and processes. Through the polymath platform, individuals and institutions will be able to validate their identity and accreditation status and participate in a different STOs. This protocol will empower corporations to launch their own security tokens by simplifying the legal and technical challenges for them.
#Polymath blockchain upgrade#
Polymath is aimed at making STOs dominate ICOs by convincing all kinds of financial products to upgrade to tokens. With its native token, POLY, the platform is introducing the concept of Security Token Offerings (STOs) instead of ICOs. They claim that by the implementation of this, every business will have immediate access to the crypto capital. Polymath envisions a future where shareholders are replaced by token holders in the face of the global economy. The Polymath platform will open up the blockchain to legally-obedient security offerings together with services that will lower the related transaction cost over time. Polymath is a blockchain-based platform working towards linking the traditional financial securities with the blockchain technology.
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