Polymesh is a blockchain built for institutional use, tailored specifically for regulated assets. It modernizes outdated processes and introduces new financial instruments by addressing challenges related to governance, identity, compliance, privacy, and settlement found in public infrastructure. The platform’s native token, POLYX, is vital for staking to secure the network, covering transaction fees, and participating in governance.
Polymesh includes financial primitives that allow users to run the blockchain at low, stable costs. It also supports developers in building decentralized applications (dApps) on its platform. Polymesh aims to tackle critical issues such as regulation enforcement, identity checks, compliance with laws, data privacy, and transaction completion.
The Polymesh whitepaper highlights how the project resolves the limitations of Ethereum and other general blockchains that may hinder the widespread adoption of security tokens by industries and institutions.
Who Founded Polymesh?
The key team members of the Polymesh Association include Chris Housser (Head of Strategy), Adam Dossa (Head of Blockchain), Graeme Moore (Head of Tokenization), William Vaz-Jones (Head of Partnership Development), Robert Jakabosky (Head of Applied Blockchain Research), Francis O’Brien (Head of Developer Relations), and Nick Cafaro (Head of Product).
What Sets Polymesh Apart?
Polymesh is distinct in its focus on regulated assets, utilizing the ERC-1400 standard—developed by Polymath for security tokens—to balance worldwide reach with adherence to regulations.
On Polymesh, actions happen through identities, offering a more thorough and secure method compared to the public key systems typical in other blockchains. These identities have universal permissions, allowing authorized entities to access the Polymesh network seamlessly.
This blockchain structure records the transfer of security tokens securely, removing the need for third-party confirmation of ownership details, thereby closing the information gap between token holders and issuers.
Polymesh maintains token holder privacy during voting while using the transparency of a public blockchain for its "Corporate Governance" feature. This approach minimizes manipulation risks and ensures fair and uncontaminated voting.
Besides security tokens, Polymesh also supports stablecoins. These coins, issued by authorized and financially strong third parties, can be tied to different currencies, enabling cost-efficient on-chain transactions and cash distributions.
How Many Polymesh (POLYX) Tokens Are in Circulation?
Based on Polymesh’s whitepaper, the ERC20 token from Polymath, POLY, has a total supply of 1 billion tokens. It’s expected that most of the POLY tokens will switch to POLYX, but the overall POLYX supply won’t have a fixed ceiling. The POLYX supply will rise over time to provide block rewards and support Polymesh’s Proof-of-Stake consensus mechanism.
Currently, there are 796,445,050 POLYX tokens in total, with 668,429,821 POLYX actively circulating.
How Does Polymesh Secure Its Network?
Polymesh uses a nominated proof-of-stake consensus mechanism that encourages node operators and stakers to work together in the network's development. Staking secures the network by aligning economic interests through rewards and penalties in POLYX.
This system decides which blocks are added to the chain, along with roles, rules, and incentives. Verified POLYX holders, known as stakers, support their selected node operators with POLYX, and both parties are rewarded or penalized based on the node operator’s adherence to Polymesh’s rules and performance in maintaining their node.
Where to Purchase Polymesh (POLYX)?
You can buy POLYX on several centralized exchanges, including Binance, Huobi, Crypto.com, Upbit, Gate.io, among others.
Stay updated with live POLYX prices using the CMC mobile app.
