Polymath (POLY)
The cryptocurrency world is ever growing. Despite the growth, the industry still needs regulation to securities tokens. Polymath is a platform that utilizes the blockchain technology to assist users through complicated legal processes they might go through when trading securities. The process provided complete transparency, increased security and a more effective way through the use of smart contracts to audit transactions. The aim of Polymath system is to bring the much-needed regulations the crypto securities tokens and completely revolutionize manner taking advantage of the blockchain technology.
How Does Polymath work?
Polymath uses the blockchain technology for is decentralized ledger where all day and tools are stored to organize participants and allow for the reduced cost of transaction enable legally compliant securities offerings over time.
Who can participate in the system?
The system consists of 5 participants. These participants are the main people in the system and each of them provides a crucial piece of the process and they are incentivized to provide the pieces along the way. These participants include:
Issuers: these are those participants who wish to sell securities token
Investors: investors can be organizations or individual participants who want to purchase or trade security tokens
Legal delegates. The work of these delegates is to place bids. There is no restriction on the number of bids they place or other restriction put forward in proposals. They also act as representatives’ off-chain. Their work is to assist issuers in meeting the requirements needed.
Developers: developers are software engineers who are responsible for creating and reviewing initial offering contracts in return for security tokens.
KYC: the KYC (know your customer) providers are responsible for validating the real identities of participants and carry out the due diligence process which is required to accredited investors. This way, investors can improve the standing ask well as have some restrictions removed.
What problems to Polymath seek to solve?
We all know that the whole digital currency system is unregulated. The aim of Polymath is the regulated the system and solve other problems by embedding SEC regulations as required on the blockchain. They will utilize smart contracts and to execute transactions.
ST20 token
Since the aim of the platform is to bring together developers, businesses, and professions in a bid to create and more refined and standard doe security token, they use the ST20 token. The token simplifies the creation and investing process in security tokens. The ST20 token is simple, transparent, open-sourced and has KYC built-in.
