What is Polymesh?
Polymesh is an initiative to build a purpose-built security token blockchain
Can you walk me through the Polymesh architecture?
It's too early for us to get into specific details of the Polymesh architecture as we are still researching the benefits of a few we have selected based on their alignment with market requirements. We'll certainly keep the industry updated as we hone in on architecture that is most fit for purpose.
Why should I partner or issue a token with Polymath today if you are planning to move away from the current tech stack?
We can all agree that Security Tokens need institutions to really take off. Our goal with the Polymesh blockchain initiative is to provide an infrastructure that addresses the needs of institutions while still empowering participants to invest and create their own security tokens. The Polymath solution that's live today on Ethereum has been used by over 100 entities who have created over 120 security tokens. Among them, some have completed a fundraise, distributed their tokens, and some have even distributed dividends. The current solution on Ethereum has already proven itself to be market-ready for a specific class of issuers and investors. Answering this question is not that simple as it is different for every issuer and it comes down to your fundraising goals and deadlines, as well as your target investor profile.
What's the roadmap for Polymesh?
Absolutely not. Polymath will continue to develop and iterate our Ethereum based product. There is a long list of issuers and investors for whom Ethereum was a great place to innovate, and we've learnt a lot there too. We have our Polymath v3.0 release planned for Q3 2019 which introduces our implementation of the ERC1400 Security Token Standard, and we don't see ourselves slowing down there. We will continue to develop new modules and functionality for this product, onboard new issuers, and integrate with ecosystem partners.
Polymesh is about taking security tokens to the next level by delivering an environment that is more suitable to large institutions and family offices. The industry needs these large players to embrace security tokens for us to reach our goals.
Will you stop development on Ethereum?
The POLY token will continue to be used on our Ethereum dApp and we intend for it to be usable on the Polymesh blockchain. We have not finalized the Polymesh architecture, but there is no intention for an alternative token to represent the protocol security incentive. There are no plans for a Polymesh token sale.
What happens later if I tokenize using Polymath Classic now (or have already tokenized using PC)? Do I need to migrate over to your new chain? How would that work? What are the costs involved? What's the timeline? Is it a voluntary move or a mandatory one?
Our goal is to deliver a blockchain that allows anyone to tokenize any asset anywhere and have those assets trade across multiple jurisdiction(s). We could not achieve that goal without a pathway for existing assets to migrate over to Polymesh. This has been done before with the likes of EOS. Exact details will be available as we get closer to the launch, but our focus is to deliver a path forward for security tokens that were created on Ethereum and other significant chains that want to benefit from a purpose-built Security Token blockchain.
How many exchanges/custodians/etc. are committed to your blockchain?
Our goal is to continue to collaborate with industry participants that are delivering core services like custody, stablecoins, KYC/AML and exchange/ATS. We do not plan on doing everything ourselves. Over the past 2 years we've built strong relationships with many service providers and received lots of feedback from them. This official announcement of the Polymesh initiative will allow us to engage more openly with industry participants and service providers about specific needs and how we can incorporate these needs into a purpose-built chain.
What types of assets will you support?
We do not plan on restricting Polymesh to specific assets. In fact, we are excited to see corporations launching new and innovative financial products on various blockchains. These products use the blockchain to deliver value beyond what's possible with traditional systems (like daily dividends, daily vesting, collateralizing securities, financial baskets which include multiple asset classes, and more). Our goal is not to slow innovation, but provide it an infrastructure where it can flourish.
What is Charles Hoskinson's role?
Charles is a strategic advisor and is assisting with the architecture. He has built several blockchains and has actively participated in multiple successful projects. Together, we are iterating on multiple technical layers so we can select the one that is best suited for a purpose-built security token blockchain.
Who is building Polymesh?
We have been heavily involved in the research phase for the past 6 months. However, the research phase has been closer to 2 years if you include all the knowledge we've gained as pioneers in the security token space. Our key people are assigned to the project and we are continuing to grow the team. This public announcement will also allow us to better engage with other industry participants that are looking to contribute.