Polymath at Miami Bitcoin Conference - Trevor Koverko Interview
Introduction to Polymath (POLY) – The Ultimate Security Token Platform
token that plans to be a security token platform. The platform will allow the launch of financial services on the blockchain and create a new security token standard: ST-20. Polymath’s ST-20 token standard makes the process of creating and investing in security tokens much easier.
Polymath is a platform that enables the creation, issuance, and trading of financial instruments on the blockchain.
is led by Trevor Koverko, the New York Rangers hockey team draft pick, and tech entrepreneur. Koverko has also invested in several other cryptocurrency projects like Shapeshift.io and Polymath Ico Details
Notable advisors include Erik Voorhees and Patrick Byrne from Overstock. According to the
, the team is located in Haggatt Hall, St. Michael.
Polymath is currently a top 75 market cap cryptocurrency and is selling for around $1.60 on Kucoin.
, and a total of 230 million POLY were released. It appears they were sold for around .40 USD per POLY. That would mean any
The Polymath team predicts the size of the securities market to be 10 trillion by 2020. It will be interesting to see the effect this has on the price of Polymath.
This means that founders receive 33% of the founder supply one year after the initial distribution (this was around February 1, 2018), and the other 66% three years after initial distribution. Advisors receive their supply seven months after the initial distribution.
These lockup periods are done to control the supply of the tokens in a transparent and fair fashion. If all tokens, were released initially Polymath Ico Details , were released initially, they would have no incentive to continue working on the project.
as “a fungible, negotiable financial instrument that holds some type of monetary value.” An example of a security would be stock in a company like Apple.
Security tokens are digitized securities that are representing shares in a traditional financial asset. These coins can be exchanged and traded just like other cryptocurrencies.
’s blockchain and Polymath’s platform. A tokenized security must meet certain standards to be categorized as an ST-20 token. Polymath’s platform will ensure the tokens that run on it meet all standards.
Polymath has some compelling reasons for tokenizing securities.
platform launches, customers will be able to pay for access. This payment can be in a few currencies like
, but there is a discount or fee reduction when Polymath is used as payment.
Polymath holders are incentivized to hold the token because, as more and more people use Polymath’s services, the demand for the tokens will increase.
Why Would Someone Want to Use Polymath’s Platform?
A customer would want to use the Polymath platform for several reasons. The first being automation of dividends. Holders of certain securities can receive percentage dividends digitally, similar to how coin staking works now on
-aware” token technology, that assures each security token on its platform can only be used by whitelisted participants.
is a way of checking the source of the funds given to a project by verifying the identity and legitimacy of the customer.
by having mini-exchanges for each digital security. A whitelisted user on one mini exchange will not necessarily have access to another.
Once a token is on the Polymath platform, individuals will be able to authenticate their identity and residency allowing them to participate in an enormous selection of STOs (Security Token Offerings).
“Polymath empowers trillions of dollars of financial securities to effortlessly migrate to the blockchain.”
Currently, there are very few security tokens as the laws and regulations governing them cause them to be expensive and time-consuming to pull off legally. We have seen several security tokens such as Metal Pay get delisted off of exchanges like Bittrex.
of Polymath’s platform is available on their site, and it shows the process of creating your own token. They ask you questions about your project and allow an ST-20 token to be created easily. Sample Questions Include:
You will also receive one free Polymath token for trying it out. Polymath believes that the digitizing of securities will allow over 2 billion unbanked people to interact with securities.
In the past two years, initial coin offerings have raised over $4 billion. Out of all the ICO’s before 2018, not one of them has registered through the SEC (Securities and Exchange Commission). This is a massive problem for the SEC, as they are responsible for protecting investors.
Polymath’s security token protocol includes regulatory requirements into the tokens themselves, allowing the simple and legal creation of digitized securities.
Some ICOs have made inaccurate and/or fraudulent claims in an attempt to mislead their customers. The SEC is having difficulty controlling this new technology and is stepping up their game when it comes to protecting consumers.
This is why several ICOs are currently only accepting accredited US investors. The class-action lawsuit against
, an ICO that raised $232 million, exemplifies the worst of what can happen in an uncontrolled ICO environment.
as advisors. Both projects are working together to create a booming security token industry.
on an exchange like Kucoin, you will want to send it to a secure
’s blockchain, so for the most part, if something can store
, it can store Polymath. The app’s interface may not show that it is being stored, but websites like
Ledger Nano S is a good option because it is a hardware
with several lines of security. A PIN code is needed to first access the device, and a 20+ word passphrase is used to allow you to recover your coins in the event the
is another alternative that uses a web interface to set up a secure
was very recently added to Kucoin, which made it easier for people to obtain. Previously, it was just on decentralized exchanges like EtherDelta and IDEX. Some people decided not to use these exchanges because they are “difficult,” so the KuCoin addition could be the reason behind the recent price increase.
community has around 1, 800 subscribers Polymath Ico Details , while their
page has 15.2k followers. Polymath prides themselves on having the largest
group of over 50,000 users. They have created a second Telegram channel because their main one has reached the Telegram cap.
When investing in any cryptocurrency project, it is important to ask yourself why this project needs a token at all, and if it needs a token, why it needs its own token. Do you think Polymath needs its own token?
Polymath’s platform has the potential to completely change the way securities are traded and maintained. If pulled off properly,
for securities. As Polymath likes to say, the stampede is imminent.
For more information about Polymath including price, market cap, technical information and social media links, please see our
The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Austin is an avid cryptocurrency investor studying computer science and software engineering at Towson University. His hobbies include researching cryptocurrencies, travel, and rock climbing. His goal is to help the average person understand and get into into cryptocurrency.
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