In this article, we will discuss details into Polymath(POLY) Project History, Past Price Performance, and Recent Project updates, and what makes it a good investment.
The word ‘Polymath’ is derived from Greek which means ‘universal man.’ Nevertheless, the blockchain project is being specifically built for security tokens.
Polytoken was a pioneer in the formation of the Security Token Standard (ERC1400) which is a library of protocols for the creation of compliant security tokens. It includes other sub-standards for security tokens which include ERC1594, ERC1643, ERC1644 and so on. Financial markets are very specific about the finality of transactions, identity and regulatory compliance. Hence, Polymath is looking to serve the global financial markets specifically through its platform.
Regulations, ICO Details, and Supply Model
Polymath Inc. is registered with the U.S. Security and Exchange Commission (SEC) and incorporated in the state of Barbados. Trevor Koverko is the co-founder and director of Polymath Inc.
It filed the notice of Exempt Offering of securities via ICO (Initial Coin Offering) on 2018-01-25. The link to the page of all the SEC filings by Polymath can be found here.
The ICO was active since July 2017 and ended on 13 JAN 2018. It raised more than $100 million in the ICO. Polymath raised $58.7 million using a simple agreement for future tokens in January 2018, according to a filing with the SEC.
1 billion POLY was created with ~240,000,000 tokens distributed on launch. The remaining ~760,000,000 tokens are released periodically on a set schedule until 2022. The company locked 7.5% its tokens for five years in January 2019 from the company and developer fund to showcase solidity of their financial management during one of the worst bear markets.
Chris Housser, the co-founder of Polymath told the media last year,
“Thankfully we decided early to diversify a lot of ETH/BTC holdings,”
Currently, from the total supply of 1 Billion tokens, 520,770,098 POLY is in circulation.
Presently, the token is listed on leading crypto exchanges like Binance, Bitfinex and Huobi Global, along with leading Indian exchanges at WazirX and CoinDCX. The volume of trading, however, it negligible on Bitfinex and Huobi Global. According to the company, they have 200 tokens deployed and over 20 with five or more stakeholders.
Recent Updates
Beginning 23rd June 2020, the long-awaited first Polymesh test net, Aldebaran, will be opening for general admission. Until now it has operated as an ERC-20 token. The firm announced the Polymesh blockchain at the end of January this year and has rolled the test net in less than six months. The four pillars of Polymesh blockchain are Confidentiality, Identity, Governance, and Compliance.
Trevor Koverko noted in the announcement,
“A year ago, we built an aggressive roadmap to deliver the capabilities required to satisfy regulators and institutions and give everyone equal access to economic growth.”
The native token of the Polymesh blockchain will be POLYX, and all POLY tokens currently existing on Ethereum will be able to be upgraded to POLYX at a 1:1 ratio. Polymesh will be run using the Nominated Proof-of-Stake consensus method.
The Polymesh blockchain is being built in collaboration with Charles Hoskinson who is the creator of Cardano and co-founder of Ethereum. This begs the question as to why Hoskinson who is working on a universal token issuance platform, EOS, would contribute to Polymath. He cites the reason that regulatory compliance and traditional finance needs a targetted approach. He says,
The financial domain is unique as it needs to bridge traditional finance into public ledgers, attract risk-averse institutions and has unique characteristics that require creative and innovative solutions.
There are 196 live tokens on running on Polymath, and 20 among them with five or more stakeholders.
On-Chain Activity
The on-chain activity on the cryptocurrency has improved substantially since the last halving Bitcoin halving (May 2020) and as the Aldebaran test-net got closer. However, there is a considerable drop from the levels up to July 2019, when the dominance of altcoins reduced massively.
The value on transfers on the blockchain is reaching parity with the mid-2019 range after a slowdown since the second half of the year.
Lately, the adjusted value of transfers is fluctuating between $180,000 and $2 million. Since it is a utility token and not a payment focused currency the transfers are usually managed by token issuers and security investors.
The mainnet public launch of the Polymesh blockchain is likely to accentuate the on-chain activity with the shift from POLY to POLYX. Although, the number of active addresses of Polymath token is ranging below 200.
Price Analysis
In recent times, post COVID-19 crash, many altcoins have begun an uptrend led by Ethereum. Polymath has gained over 200% since the crash, and 156.1% post halving crash, while Bitcoin has continued to range in the $8,800-$9,800 range.
Moreover, at the beginning of this month, the trend itched a golden cross between the 50 and 200-period Moving Average (MA). The support at $0.04 and $0.031 will be critical for the bulls.
The oscillators, MACD and CMF, have reversed towards bearish momentum with the recent correction after the test-net update on a daily scale. On a weekly scale, the MACD is still bullish, but the CMF continues to be bearish.
On the long-term scale, the ideal pivotal point to for oscillation between bullish and bearish momentum would be around 0.00002129 BTC. Since last year, the price has remained in a downtrend with no significant change in the long-term charts until recently. The cryptocurrency is looking to break past the 50-EMA (Exponential Moving Average) at 0.00000673.
Like the USD scale, the oscillators, MACD and CMF, on the Bitcoin scale have reversed towards bearish momentum as well on the daily chart. On a weekly scale as well, the MACD is still bullish, but the CMF continues to be bearish.
The Price Action on altcoins is usually determined by the trend in Bitcoin and altcoin dominance. As Bitcoin struggles in the $9000-$10,000 range, the altcoins have seen a higher percentage increase compared to Bitcoin. The dominance of BTC has broken down below the uptrend and is blow the 50 and 200 EMA as well.
However, the market capitalization of Polymath is $23 million which is minuscule compared to the total cryptocurrency market capitalization. With the ranking of 160, it is classified under small-cap altcoins which are usually the last one’s to receive the flow of liquidity from the large and mid-cap cryptocurrencies.
The way forward in realizing gains towards All-Time High (ATH) a hyper crypto bull market or institutional adoption of Polymath is paramount. Currently, it is down 90% from its high at $0.503. Since May 2020, the on-chain activity is looking to pick up again. The global outlook towards Blockchain and cryptocurrency acceptance has also increased considerably with the rise of stablecoin projects and other blockchain applications.
Final Verdict
Cryptocurrency helps in adding distributed consensus and transparency where the blockchain can be used in a trustless manner. It also provides incentives for investors and security issuers while eliminating a number of intermediaries.
Polymath is a long-term venture bet in the crypto space. The regulatory compliance with the SEC in the US makes it a safer bet than most. Moreover, the market capitalization of the S&P 500 is over $28 trillion, with trillions in the commodity markets as well. Polymath can enable global access to many financial securities while complying with international laws. Hence, opening the world to businesses of all types.
The word ‘Polymath’ is derived from Greek which means ‘universal man.’ Nevertheless, the blockchain project is being specifically built for security tokens.
Polytoken was a pioneer in the formation of the Security Token Standard (ERC1400) which is a library of protocols for the creation of compliant security tokens. It includes other sub-standards for security tokens which include ERC1594, ERC1643, ERC1644 and so on. Financial markets are very specific about the finality of transactions, identity and regulatory compliance. Hence, Polymath is looking to serve the global financial markets specifically through its platform.
Regulations, ICO Details, and Supply Model
Polymath Inc. is registered with the U.S. Security and Exchange Commission (SEC) and incorporated in the state of Barbados. Trevor Koverko is the co-founder and director of Polymath Inc.
It filed the notice of Exempt Offering of securities via ICO (Initial Coin Offering) on 2018-01-25. The link to the page of all the SEC filings by Polymath can be found here.
The ICO was active since July 2017 and ended on 13 JAN 2018. It raised more than $100 million in the ICO. Polymath raised $58.7 million using a simple agreement for future tokens in January 2018, according to a filing with the SEC.
1 billion POLY was created with ~240,000,000 tokens distributed on launch. The remaining ~760,000,000 tokens are released periodically on a set schedule until 2022. The company locked 7.5% its tokens for five years in January 2019 from the company and developer fund to showcase solidity of their financial management during one of the worst bear markets.
Chris Housser, the co-founder of Polymath told the media last year,
“Thankfully we decided early to diversify a lot of ETH/BTC holdings,”
Currently, from the total supply of 1 Billion tokens, 520,770,098 POLY is in circulation.
Presently, the token is listed on leading crypto exchanges like Binance, Bitfinex and Huobi Global, along with leading Indian exchanges at WazirX and CoinDCX. The volume of trading, however, it negligible on Bitfinex and Huobi Global. According to the company, they have 200 tokens deployed and over 20 with five or more stakeholders.
Recent Updates
Beginning 23rd June 2020, the long-awaited first Polymesh test net, Aldebaran, will be opening for general admission. Until now it has operated as an ERC-20 token. The firm announced the Polymesh blockchain at the end of January this year and has rolled the test net in less than six months. The four pillars of Polymesh blockchain are Confidentiality, Identity, Governance, and Compliance.
Trevor Koverko noted in the announcement,
“A year ago, we built an aggressive roadmap to deliver the capabilities required to satisfy regulators and institutions and give everyone equal access to economic growth.”
The native token of the Polymesh blockchain will be POLYX, and all POLY tokens currently existing on Ethereum will be able to be upgraded to POLYX at a 1:1 ratio. Polymesh will be run using the Nominated Proof-of-Stake consensus method.
The Polymesh blockchain is being built in collaboration with Charles Hoskinson who is the creator of Cardano and co-founder of Ethereum. This begs the question as to why Hoskinson who is working on a universal token issuance platform, EOS, would contribute to Polymath. He cites the reason that regulatory compliance and traditional finance needs a targetted approach. He says,
The financial domain is unique as it needs to bridge traditional finance into public ledgers, attract risk-averse institutions and has unique characteristics that require creative and innovative solutions.
There are 196 live tokens on running on Polymath, and 20 among them with five or more stakeholders.
On-Chain Activity
The on-chain activity on the cryptocurrency has improved substantially since the last halving Bitcoin halving (May 2020) and as the Aldebaran test-net got closer. However, there is a considerable drop from the levels up to July 2019, when the dominance of altcoins reduced massively.
The value on transfers on the blockchain is reaching parity with the mid-2019 range after a slowdown since the second half of the year.
Lately, the adjusted value of transfers is fluctuating between $180,000 and $2 million. Since it is a utility token and not a payment focused currency the transfers are usually managed by token issuers and security investors.
The mainnet public launch of the Polymesh blockchain is likely to accentuate the on-chain activity with the shift from POLY to POLYX. Although, the number of active addresses of Polymath token is ranging below 200.
Price Analysis
In recent times, post COVID-19 crash, many altcoins have begun an uptrend led by Ethereum. Polymath has gained over 200% since the crash, and 156.1% post halving crash, while Bitcoin has continued to range in the $8,800-$9,800 range.
Moreover, at the beginning of this month, the trend itched a golden cross between the 50 and 200-period Moving Average (MA). The support at $0.04 and $0.031 will be critical for the bulls.
The oscillators, MACD and CMF, have reversed towards bearish momentum with the recent correction after the test-net update on a daily scale. On a weekly scale, the MACD is still bullish, but the CMF continues to be bearish.
On the long-term scale, the ideal pivotal point to for oscillation between bullish and bearish momentum would be around 0.00002129 BTC. Since last year, the price has remained in a downtrend with no significant change in the long-term charts until recently. The cryptocurrency is looking to break past the 50-EMA (Exponential Moving Average) at 0.00000673.
Like the USD scale, the oscillators, MACD and CMF, on the Bitcoin scale have reversed towards bearish momentum as well on the daily chart. On a weekly scale as well, the MACD is still bullish, but the CMF continues to be bearish.
The Price Action on altcoins is usually determined by the trend in Bitcoin and altcoin dominance. As Bitcoin struggles in the $9000-$10,000 range, the altcoins have seen a higher percentage increase compared to Bitcoin. The dominance of BTC has broken down below the uptrend and is blow the 50 and 200 EMA as well.
However, the market capitalization of Polymath is $23 million which is minuscule compared to the total cryptocurrency market capitalization. With the ranking of 160, it is classified under small-cap altcoins which are usually the last one’s to receive the flow of liquidity from the large and mid-cap cryptocurrencies.
The way forward in realizing gains towards All-Time High (ATH) a hyper crypto bull market or institutional adoption of Polymath is paramount. Currently, it is down 90% from its high at $0.503. Since May 2020, the on-chain activity is looking to pick up again. The global outlook towards Blockchain and cryptocurrency acceptance has also increased considerably with the rise of stablecoin projects and other blockchain applications.
Final Verdict
Cryptocurrency helps in adding distributed consensus and transparency where the blockchain can be used in a trustless manner. It also provides incentives for investors and security issuers while eliminating a number of intermediaries.
Polymath is a long-term venture bet in the crypto space. The regulatory compliance with the SEC in the US makes it a safer bet than most. Moreover, the market capitalization of the S&P 500 is over $28 trillion, with trillions in the commodity markets as well. Polymath can enable global access to many financial securities while complying with international laws. Hence, opening the world to businesses of all types.
With around 50% of the supply designated to be released in the market until 2022, the inflation in the cryptocurrency is high which can lead to a further dilution in price. However, due to the small market capitalization, adoption and issuance of notable securities can soon initiate a mega uptrend in price. Look out for the announcements about the project here.
With around 50% of the supply designated to be released in the market until 2022, the inflation in the cryptocurrency is high which can lead to a further dilution in price. However, due to the small market capitalization, adoption and issuance of notable securities can soon initiate a mega uptrend in price. Look out for the announcements about the project here.
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