What is Polymesh (POLYX)?
is a blockchain that focuses on security tokens. That is why Polymesh is sometimes called the "Ethereum for security tokens. Such a security token is a token that entitles you to a share or dividend within a company. You could also call a security token a share token or dividend token.
To create security tokens, Polymesh uses the ST20 token standard. This is a token standard developed by Polymesh itself, and similar to the ERC20 token standard used on Ethereum's
blockchain. The difference, however, is that ST20 works much better for the tokens one can develop on Polymesh. Also, a token must meet certain requirements.
Security tokens must give holders the right to a share within a company. To do so, these types of tokens must be regulated, otherwise they have no legal value. The SEC (Securities and Exchange Commission) has set up many rules to allow securities to be issued. Polymesh wants to comply with these rules so that their tokens fall within the regulation and can therefore be used.
What can you use Polymesh (POLYX) for?
You can use Polymesh to create security tokens. Companies can develop their own security tokens on Polymesh's blockchain. For that, they pay developers with the POLYX token. Then Legal Delegators are deployed to check the tokens for compliance. Again, the Legal Delegators are paid with POLYX tokens for this.
To purchase security tokens, users must verify their identity. Regulation requires going through a KYC procedure. This verification is performed by KYC providers. They are rewarded for their work with POLYX tokens.
The POLYX token
POLYX is Polymesh's cryptocurrency and can be seen as the fuel for Polymesh. This makes POLYX a utility token that has the following functions:
Developers can earn POLYX by developing smart contracts;
Legal Delegators earn POLYX when they release new security tokens;
Users pay POLYX tokens for using Polymesh services;
KYC providers earn POLYX by verifying users' identities.
There is no maximum stock set for Polymesh. However, there is a maximum supply of 1 billion POLYX tokens, of which some 924 million are in circulation. The remainder may currently be held by the team behind Polymesh, or lost during a token burn. POLYX is distributed in the following way:
24% was distributed during the presale and airdrop;
51.3% belongs to the reserve supply;
2% is for Polymesh's advisors;
8.9% is for Polymesh's founders and team members;
0.9% belongs to the bonus reserve.
Regulation of Polymesh
As told in the introduction, a security must meet a large number of rules before it falls under regulation, and thus can be considered a security. For example, the government expects a company to provide its investors with all information at public sales. This is to prevent fraud and misrepresentation. And this is necessary, because many scams and frauds still take place with ICOs, for example.
To comply with all government regulations requires a lot of money. That is why Polymesh has developed its own token standard. With the ST20 standard, Polymesh wants to make it as easy as possible for users to set up security tokens. Polymesh has developed three different layers to contribute to this:
Application layer - The top layer is where developers can create security tokens and where users can trade these tokens.
Legal layer - Everything concerning regulations is done on the second layer. This is considered the most important layer because otherwise, security tokens are not subject to regulation by governments.
Protocol layer - The bottom layer ensures that the blockchain works so that the top two layers can perform their functions properly.
The team behind Polymesh
The team behind Polymesh consists of more than 30 employees. They work together every day to develop Polymesh. Many of these employees have previous experience in other projects and companies. The following people are among Polymesh's key team members:
Trevor Koverko (CEO and co-founder);
Chris Housser (Co-founder);
Tracy Leparulo (Chief Events Officer).
The people working on Polymesh do not have to do this alone. In fact, they get support from advisors and partners. Advisors include Erik Voorhees (founder of Coinapult, ShapeShift and SatoshiDice), Patrick Byrne (CEO of Overstock), David Johnston (founder Factom), Anthony Di Iorio (co-founder Ethereum) and Robby Dermody (co-founder Counterparty).
IdentifyMind, SelfKey, BnkToTheFuture, tZERO, Corl Finance Technologies, SeriesX and Ethereum Capital are among Polymesh's partners and major users.
Where to buy Polymesh (POLYX)?
Want to buy Polymesh? At Coinmerce, you buy Polymesh (POLYX) with iDEAL, SEPA, Bancontact, Giropay, MyBank, Coinmerce Coins, and credit card (Mastercard and Visa). In Europe you buy Polymesh (POLYX) therefore at Coinmerce.
Here you buy Polymesh by indicating in the purchase window how many POLYX tokens you want to buy. It is also possible to enter a euro amount. Then you place the order. You can do this with a market order (where you buy POLYX at the market price), stop-limit order or repeating order. Then you select the payment method you want to use, for which, by the way, you don't pay a deposit fee.
Before you can buy Polymesh, you need a Coinmerce account, which you can create here. You can register yourself within 5 minutes and then have access to the more than 120 cryptocurrencies tradable at Coinmerce.
In which crypto wallet do you store Polymesh (POLYX)?
Even though POLYX uses an ST20 protocol, you can store the tokens in almost any wallet. Always check the website of the wallet you use to see if you can store POLYX.
If you buy POLYX from Coinmerce, you can store the token in your personal Coinmerce wallet. Coinmerce stores most of the tokens in cold storage. That's just as safe! Still, would you prefer to store POLYX on your own hardware wallet? You can, because the cold wallets of Trezor and Ledger support Polymesh.