What is Polymath (POLY)?
Polymath (POLY) is a stock trading platform built to combine the stock market with Blockchain technology. It allows companies to issue their own stock through smart contracts to enter the stock market. Or it is intended to call for investment based on its existing assets easily, quickly and inexpensively.
Polymath’s goal is to be “the standard open-source used for AML / KYC compliant stock issuance (AML anti-money laundering policy and knowing who our customers are KYC, and that is The mandatory policy of any organization is to comply with the participation and financial markets). ”
What is POLY token?
POLY Token is the main virtual currency in the platform, used by people to pay for trading activities in the platform such as the cost of creating and issuing a stock code of the issuer. It can also be used to verify AML / KYC or fees to access the platform for investors.
POLY is the Utility Token in the platform of Polymath. POLY token is built according to ERC-20 standard on the foundation of Ethereum. It plays an important role to motivate Polymath Blockchain to operate. Within Polymath’s ecosystem, there is one more token of the Security Token class under the ST-20 standard.
Features of Polymath
To create a stock code in the Polymath platform, it will have to go through a 4-layer process. Include the following classes:
Protocol layer: This is the layer where every new security code is provided with the knowledge about the rules that need to be complied with. This layer uses Ethereum’s smart contract to provide initial KYC / AML compliance certification.
Application layer: The application layer allows companies to create a stock code in just a few minutes. This platform will guide users to create a token that represents the security code throughout the process.
Legal layer: This layer provides a set of legal tools for companies to use compared to legal factors, to ensure that such securities codes fully comply with regulations.
Transaction layer: This transaction layer provides liquidity through ST20 trading (ST20 is a standard in Polymath).
The Polymath project was founded by Trevor Koverko (CEO) who has made great achievements in Silicon Valley. He is also the founder of DAI, a leading global company focused on buying and selling super-profitable websites. And the co-founder is Chris Housse, a lawyer and an entrepreneur with many years of experience in blockchain.
In short, although Polymath still faces many challenges, such as creating and developing a strong network of advisors and establishing its brand as the best platform to issue securities. But if Polymath can do it, it will greatly reduce the barriers and shortcomings of the current stock market.
Polymath is truly a company where people find differences that can make it a formidable competitor in the crypto cryptocurrency space, not in any particular technical aspect of their POLY. POLY is suitable for every feature available for any ERC-20 token.
You can check POLY price here.