What Is the Polymath Platform (POLY)?
Polymath (POLY) is a securities token platform that simplifies the legal filing processes plaguing early blockchain and cryptocurrency adopters. In its early stages, new crypto coins were minted and sold through public and private Initial Coin Offering (ICO) crowdsales. But holding cryptocurrency is not the same as common stock, and this caused global regulatory crackdowns throughout 2017-2019.
Although Polymath was itself funded through an ICO, it enables a new, legal crowdfunding method called the Security Token Offering (STO). This is the new standard since Obama-era small business investment regulations went into effect, helping small businesses and entrepreneurs receive public funding.
Who Is Polymath?
The Polymath platform was created in by Trevor Koverko, who since built a team of several dozen developers and business professionals to run the project. The team also recruited several legal professionals to create the form templates needed to file with securities regulators in the U.S. and abroad.
Polymath is a triple-layer blockchain that enables a secure and legal environment to trade securities. Essentially, it’s a mini-New York Stock Exchange (NYSE).
Use Cases of Polymath Securities Token Platform
Polymath and other securities platforms (like tZERO) take Ethereum a step further by not only enabling a token issue, but also doing it legally. Bitcoin’s meteoric rise in 2017 led to a digital gold rush, and 80 percent of ICOs launched that year were found to be scams. As of 2019, $9 million is lost daily to cryptocurrency scams.
The SEC released detailed cryptocurrency guidelines in March 2019, and regulators around the world are pushing to do the same. The U.S. wasn’t the first, but it’s where I’m at and following the laws, and it’s one of the major markets the Polymath team is focusing on.
Moving forward, every blockchain and crypto project will need to operate above the table, and it’s going to be interesting to see how trading picks up in 2020 thanks to STOs and clearer legal guidance.
How to Mine POLY
POLY is an ERC-20 token on the Ethereum blockchain. It was airdropped to early adopters on January 24, 2018. POLY is used to created STO smart contract tokens and it can’t be mined. The total supply is 1,000,000,000 POLY.
It reached an all-time high value of $1.66 on February 19, 2018, according to CoinMarketCap.
Learn More About Polymath
If you want to learn more about Polymath, check out this comprehensive intro guide at Coin Central which is more reputable than many blockchain/cryptocurrency publications. Or check out this intro guide to Kucoin Shares on Thought for Your Penny.