Polymath
Crypto Overview
Overview
Polymath is a blockchain platform designed to create, issue, and manage security tokens through their Security Token Protocol, which became known as Polymesh. The project aims to simplify the complex process of creating and managing security tokens while ensuring compliance with regulatory requirements.
Intended Utility
The POLY token was initially created on the Ethereum blockchain as an ERC-20 token to serve as the native utility token of the Polymath platform. Its primary purpose was to facilitate the creation and management of security tokens, pay for transaction fees, and incentivize network participants.
Current Status and Development
As of 2023, Polymath has transitioned its focus to Polymesh, a purpose-built blockchain for regulated assets, and the POLY token can be upgraded to POLYX, the native token of the Polymesh blockchain. This transition represents a significant shift in the project's direction toward a more specialized security token infrastructure.
Token Distribution and Governance
The initial token distribution included allocations to the founding team, advisors, and early investors with vesting periods. The project has maintained transparency regarding token distribution and has focused more on development than marketing activities.
Real-World Adoption
The platform has established partnerships with various financial institutions and has been used to tokenize real-world assets. However, adoption remains relatively limited compared to other blockchain platforms.
Revenue Model
The platform's revenue model is based on legitimate business activities, primarily focusing on tokenization services and network fees, without involving interest-bearing mechanisms or prohibited activities.
Crypto Impact
To assign a comfort level investing in Polymath from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Polymath.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.