Polymesh – the first institutional-grade permissioned, purpose-built blockchain for regulated assets – has been announced by Polymath, a blockchain technology provider. The network will be launched on October 13, 2021, by the Polymesh Association.
The network will launch with 14 financially regulated entities acting as operators running validator nodes. The company plans to onboard further operators, customer due diligence providers, and service providers in the future. Operators must comply with a set of requirements and regulations to become permissioned, regulated entities. The highly regulated network ensures industry-leading security, efficiency and transparency.
While the majority of existing public blockchains was built for pseudonymity, censorship resistance, and transparency, and relies on probabilistic settlement, Polymesh was purpose-built to incorporate identity, compliance, confidentiality, governance, and deterministic finality. Polymesh solves issues with public infrastructure and provide a chain built from the ground-up to be compatible with capital market needs.
Polymesh utilizes a native utility token named POLYX, which is regulated by Swiss laws. This marks a milestone in regulatory understanding of blockchain technology and its potential beyond payments and securities.
“Polymath set out to build the world’s first blockchain specifically for security tokens in 2019, and we’ve achieved that and more. We’re excited to announce the Polymesh mainnet launch by the Polymesh Association, especially after the community’s passionate response to the incentivized testnet with over 4,300 users,” said Chris Housser, Interim CEO of Polymath.
Polymesh Association is a not-for-profit, Switzerland-based association promoting and developing technologies and applications in the field of blockchain. The Polymesh blockchain will be launched by the association, which will be equipped with $8 million USD and 250 million POLYX to offer grants and incentives and develop the Polymesh protocol and ecosystem.
A one-way 1:1 POLY:POLYX upgrade bridge will also be deployed for users to upgrade POLY to POLYX, however, there will be no newly minted supply except for rewards as part of the consensus validation process.
For more information about Polymesh, please visit https://polymesh.network.