Polymath is a type of utility token that can be bought either directly from Polymath, or attained through a crypto exchange website. These tokens can be used on the Polymath platform to create and launch your own security tokens.
Unlike utility tokens, security tokens are used purely to buy equity in the company providing the coin. Buying a security token is similar to buying shares in a company. Like all security tokens, Polymath holds some monetary value and can be used to pay for a number of services on the Polymath network.
In this guide, we’ll explain all you need to know about Polymath cryptocurrency, from where to buy it to its market cap.
How Polymath Works
Polymath helps companies obtain security tokens legally. A token is basically an asset that provides financial securities to a company – they represent equity in the form of an asset. However, these security tokens hold a lot more power over traditional assets, given that they hold power in the blockchain.
Polymath aims to bridge the gap between financial securities and the blockchain. Its goal is to make traditional forms of financial securities – such as bonds, private equity, stocks, and venture capital – accessible and in liquid form on the blockchain. It wants token holders to replace traditional shareholders in the global economy.
If a company needs to raise cash, it can turn to Polymath to turn its assets into a security token, which it can then pass on to investors.
Until the emergence of Polymath, initial coin offerings (ICOs) were the only option for creating digital securities. Initial coin offerings can be created on decentralized exchange sites, such as SushiSwap or Uniswap. However, these sites do not enforce government compliance, which could cause all kinds of legal problems for the company.
Polymath fixes these problems by creating a decentralized platform to manage tokens based on Ethereum’s blockchain technology. Being based on this particular blockchain, initial public offering (IPO) tokens can be offered that meet regulatory requirements.
To create security token offerings, a company needs to first invest in Polymath’s native token, POLY. This utility token can be used to cover the costs of legal fees associated with the creation and maintenance of the security tokens.
What Polymath is Used for (Use Cases)
The main uses of Polymath are as follows:
Creating security tokens
Polymath believes that making a security token should be a simple and easy process and, above all, be in line with legal standards. The POLY token is a company’s means of making sure that all security tokens created on their site are made legally and ensure that the process is straightforward.
To create a security token, head over to Polymath’s Token Studio.
Here, you can mint, issue, and maintain your security tokens on this easy-to-use, self-service platform. Even if you have little experience with cryptocurrency, let alone creating security tokens, this platform makes token creation easy. Here, you can make smart contracts and define the terms of your security token.
Tokens created are made to the site’s ST20 standard. This standard incorporates KYC (Know Your Customer) which verifies issuers.
Buy and sell security tokens
Polymath is a good place to create a security token and earn investment from it. It’s also a good place to invest in security tokens created by other companies. If you’re an investor looking to own equity in a company that uses Polymath, you’ll need to first own sufficient POLY to purchase the security token.
Legal advice
Not only can you use Polymath to create security tokens, but you also gain legal advice through the site. On the Polymath network, you’ll interact with legal delegates. These legal delegates are real-life lawyers that work in association with the Polymath company.
They’ll be able to review your legal details, verify your accreditation status, and gather other necessary details so that you can legally enter the security token market.
This legal team can also provide investment advice for those who are looking to buy security tokens from companies on this platform.
Polymath Service Provider Marketplace
This part of the security token platform sees POLY being exchanged for services. KYC/AML (anti-money laundering) providers, broker-dealers, custodians, and legal services meet to offer their services in exchange for POLY. If you need any help with the process of issuing security tokens, you can spend some of your POLY on gaining professional assistance.
Where to Buy Polymath (POLY)
The Polymath platform holds regular airdrops, where users have the chance to add to their POLY token collection.
If you miss the airdrops, the only way you can attain Polymath is through a trade on a crypto exchange platform.
Polymath has been available for a while on such decentralized exchange sites as IDEX and EtherDelta. However, these have been noted in the past for being too difficult to use, especially when it comes to attaining POLY.
Luckily, POLY has become available to trade for on many of the leading crypto trading sites, the most recent being KuCoin.
You can swap other crypto types for Polymath on sites such as:
FAQs About Polymath Metaverse
How long has Polymath existed?
Polymath is one of the older crypto platforms, having first launched in 2017. The Polymath whitepaper was released in 2018, and the first lot of security tokens were released into circulation not long after.
What’s controversial about Polymath?
The main point of controversy surrounding Polymath is it was once hacked in 2021 and lost a significant amount of money. In September of 2021, hackers were able to penetrate the Poly Network and steal $600 million worth of crypto. This incident was the biggest hack ever to take place on a decentralized finance platform.
This incident has definitely put lots of investors off creating security tokens on Polymath and hampered the progress of the coin’s value.
How many Polymath tokens are there?
The total amount of Polymath (POLY) tokens that will ever exist is one billion. Starting in January 2018, Polymath has regularly held airdrops, where people can invest in Polymath directly from the Polymath platform if they sign up for it beforehand. Those who participate can receive 240 million tokens.
Until all the tokens have been purchased through Polymath airdrops, the Polymath company will keep the remaining tokens. Polymath will not make any more tokens after the one billion have been taken.
There are currently only 623 Poly tokens left on Ethereum. As of October 2022, there are currently 924,998,413.00 POLY in circulation.
Can Polymath (POLY) be Mined?
POLY can be mined in some pools but it’s probably not worth the reward. Currently, POLY is listed on such sites as HiveOS.
The reason POLY shouldn’t be mined is that it is proof of stake and Polymath doesn’t offer any pools at the moment.
What is the Market Cap of Polymath
As of October 2022, the market cap of Polymath (POLY) is $227,029,090.
The fully diluted market cap is $245,437,275.
Biggest Competitors of Polymath
There have been several other crypto companies that have been looking to tap into securities-compliant blockchains and tokenized securities. This includes the likes of Swarm Fund and Harbor. Given the similarities in offerings, these two are the biggest competitors of Polymath.
POLY was the first decentralized platform to manage security tokens on Ethereum’s blockchain. Some competitors have emerged since, but none are currently on the same level as POLY.
What Are the Future Plans of Polymath
According to the Polymath roadmap, the Polymath team has achieved all that they set out to do in 2017. Since its initial launch, its chief aims were to successfully launch the POLY token and get Polymesh up and running by 2021.
Polymesh is basically the site’s standalone blockchain. This blockchain is purpose build for the functions of the Polymath platform and stores transaction history, smart contracts, and information on all token issuers.
The future for the Polymath team is to ensure that the platform they’ve created is well-maintained.
Pros/Cons of Polymath
The pros and cons of Polymath include:
Pros
- Legal delegates are on hand at Polymath to ensure that all tokens issued on this security token platform are in line with the law.
- POLY tokens are freely tradable on other decentralized trading sites such as Coinbase.
- The site is also good for buying a stake in another company.
- Safer option than an initial coin offering.
Cons
- The Poly Network was once hacked. However, tighter security measures have been implemented and no similar instance has since occurred.
- Not a good coin for mining.
https://hub.easycrypto.com/polymath-poly
https://coincentral.com/what-is-polymath-beginners-guide/
https://cryptoslate.com/polymath/
https://messari.io/asset/polymath/profile
https://polymath.network/our-story
https://www.reddit.com/r/PolymathNetwork/comments/pkuw3d/mining_poly/
https://www.reddit.com/r/PolymathNetwork/comments/8l1fon/can_security_tokens_be_mined/
https://www.youtube.com/watch?v=e36zHg33s50
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