What is Polymesh (POLYX)?

What Is Polymesh (POLYX)?

Polymesh is a blockchain network that caters to regulated assets and is designed for institutional use. By resolving issues around governance, identity, compliance, confidentiality, and settlement within public infrastructure, Polymesh simplifies outdated processes and enables new financial instruments. The network's native token, POLYX, is utilized for staking and securing the system, as well as for transaction fees and governance participation.

What Is Polymesh Built For?

Polymesh's blockchain infrastructure was designed to seamlessly integrate crucial features like governance, identity management, compliance, confidentiality, and deterministic finality.

What Is POLYX Used For?

In the Polymesh network, POLYX is used to incentivize node operators to maintain the network's consensus. Every 24 hours, new node operators are selected to the Nominated Proof-of-Stake (NPoS) validator pool and rewarded with POLYX, along with stakers. Besides, POLYX is also used by node operators and stakers to stake in the initial action required to occupy positions in the network design. Additionally, POLYX is used as a governance token, staked by holders to participate in the network's governance model. The network has on-chain governance, which enables a council of key stakeholders to resolve any issue quickly. The price of POLYX is influenced by various factors such as network usage, other processes, trade, and open cryptocurrency market influences.

How Does Polymesh Work?

Polymesh is a blockchain network that offers unique financial primitives, allowing users to operate the blockchain with minimal fixed costs. It also provides developers the opportunity to create decentralized applications (dApps) on the platform. Polymesh aims to address several critical concerns, including rule enforcement, identity verification, regulatory compliance, data privacy, and transaction finalization. The project seeks to overcome the limitations of Ethereum and other general-purpose blockchains that may hinder the acceptance of security tokens by industries and institutions, as stated in Polymesh's whitepaper.

What Makes Polymesh Unique?

Polymesh is a blockchain network that focuses on regulated assets, using the ERC-1400 standard proposed by Polymath to balance global accessibility and regulatory compliance. Unlike other blockchains that use public key systems, Polymesh employs identities that offer a more comprehensive and secure approach. These identities grant authorized authorities universal permissions across the network, enabling secure recording of token transfers without the need for third-party verification. Polymesh also ensures token holder privacy during voting processes while maintaining transparency through its ‘’Corporate Governance’’ feature, reducing the risk of manipulation and ensuring fair voting. In addition to security tokens, Polymesh supports stablecoins issued by authorized third parties, which are pegged to various currencies and facilitate cost-effective on-chain activities and efficient cash distributions.

How Is the Polymesh Network Secured?

Polymesh's consensus mechanism is based on nominated proof-of-stake, which encourages node operators and stakers to work together to guide the network's growth. Staking helps to secure the network by aligning the interests of both parties through rewards and penalties in POLYX. This mechanism determines block addition, roles, rules, and incentives. Stakers, who are verified POLYX holders, support their preferred node operators with POLYX, and both parties receive rewards or fines based on the node operator's compliance with Polymesh rules and maintaining their node.

Who Are the Founders of Polymesh?

The team leading the Polymesh Association is made up of various heads, including Chris Housser (Head of Strategy), Adam Dossa (Head of Blockchain), Graeme Moore (Head of Tokenization), William Vaz-Jones (Head of Partnership Development), Robert Jakabosky (Head of Applied Blockchain Research), Francis O’Brien (Head of Developer Relations), and Nick Cafaro (Head of Product).