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Hello to all you beautiful readers that click this post <3 I hope you're all feeling wonderfully blessed, this morning I was doing some research and I discovered some information about Polymath and their Polymesh mainnet launch that will be happening on the 13th of October!
That's right they're announcing the Polymesh mainnet on the 13th of October 2021, they're excited to announce the first purpose-built public blockchain for financial institutions. The blockchain's mainnet launch is enabled by a global community of 14 financially regulated entities who will be running validator nodes and comes at the heels of the successful Incentivized Testnet, which saw more than 4, 300 unique verified users.
The Polymesh network will launch with 14 financially regulated entities acting as operators running validator nodes.
The global community of operators includes:
? Entoro Capital
? Tokenise
? Marketlend
? Oasis
? Genesis Block
? GATENet (subsidiary of GSX Group)
? Scrypt
? B89
? Digivault
? Saxon Advisors
? Bloxxon AG
? Etana Custody
Polymesh was purpose-built to incorporate identity, compliance, confidentiality, governance, and deterministic finality. Based on guidance provided by the Swiss financial regulator FINMA, Polymesh's native protocol token POLYX is a utility token under Swiss laws.
The Mainnet Launch comes six months following the successful Incentivized Testnet (ITN), which went live for users on April 13 of this year. The ITN gave users and node operators the opportunity to complete challenges and earn points to climb the leaderboard, with the potential to be rewarded in POLYX. From the beginning, the response to the Polymesh ITN exceeded expectations. Within the first week, they witnessed a huge user base onboard with more than 2, 300 users applying from more than 80+ countries. Flash-forward five months later and there are more than 4, 300 unique verified users who have created over 3, 700 tokens on the chain.
The requirement for operators to be permissioned, regulated entities is one of the many unique characteristics of the Polymesh network and ensures industry-leading security, efficiency, and transparency.
Through key design principles built into the chain's core, Polymesh solves issues with public infrastructure, providing for the first time a chain built from the ground up to be compatible with capital market needs.
"Polymath set out to build the world's first blockchain specifically for security tokens in 2019, and we've achieved that and more. We're excited to announce the Polymesh mainnet launch by the Polymesh Association, especially after the community's passionate response to the Incentivized Testnet with over 4, 300 users", says Chris Housser, Interim CEO of Polymath.
The Polymesh blockchain will be deployed by the Polymesh Association, a not-for-profit association based in Switzerland whose mission is to promote and develop technologies and applications in the field of blockchain, with a particular focus on the development of the Polymesh protocol and ecosystem. To fulfill its mission, the Association will be equipped with $8 million USD and 250 million POLYX to offer grants and incentives.
The Polymesh Association will deploy a one-way 1:1 POLY:POLYX upgrade bridge for users to upgrade POLY to POLYX.
Aside from the one-way bridge, there will be no newly minted supply except for rewards as part of the consensus validation process.
Why a purpose-built blockchain?
Ethereum established one foundational layer for security tokens—smart contracts—making tokens programmable and automated. But, there are more foundational layers required to ensure regulatory compliance and institutional confidence, better enabling security token creation, issuance, management, and liquidity.
Confidentiality.
A focus on the privacy of assets, trades, and positions.
Identity.
A KYC/AML-permissioned blockchain where you can always confirm that participants are who they say they are.
Governance.
Built-in blockchain control that maintains asset functioning, avoiding duplication or forks.
Cross-jurisdiction.
Intertwine cross-border regulations to ensure proper trade execution and provide further liquidity.
Compliance.
Programmable and automated checks via smart contract.
They're continuing to collaborate heavily with traditional and new market participants as they firstly deliver the software infrastructure for security tokens and secondly build an ecosystem around this technology. No additional POLYX is being created. Once Polymesh mainnet is live, the circulating supply of Ethereum based POLY will decrease by the amount that is swapped to Polymesh.
At the time of writing Polymath is trading at:
Thankyou for reading I hope this gives you some better understanding of what Polymath are doing who they're and the launching with their Polymesh mainnet. Stay blessed as always, happy learning happy earning! Enjoy the rest of your day <3
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