Polymath Partners With Cardano To Build 'World's First Security Token Blockchain'

Polymath Partners With Cardano To Build 'World's First Security Token Blockchain'

Polymath Partners With Cardano To Build 'World's First Security Token Blockchain'

Polymath has announced today at Consensus 2019 that they will build “Polymesh,” the "world’s first security token blockchain", reports Forbes on May 14.

The report states that Charles Hoskinson, co-founder of Ethereum and Founder of Cardano, will collaborate with Polymath, taking on the title of Polymesh’s co-architect.

“Polymesh is a new security token layer one blockchain. It is purpose built, since security tokens have unique needs and characteristic that demand a specific foundation. Ultimately, we want to marry issuers, investors and regulators together, which is what the layer one architecture is designed to do,” Trevor Koverko, co-founder of Primary told Forbes.

Until now, Polymath has built its technology solution for security tokens on Ethereum. While there have been over 120 Security Tokens created using the Polymath Token Studio, adoption of security tokens has been minimal. Polymath believes this is due to compliance issues.

“After co-founding Ethereum and Cardano, two of the most widely used blockchains in the world, I am looking forward to working on Polymesh. There are quadrillions of dollars of financial securities, and building a blockchain to secure them is an incredibly exciting task,” said Charles Hoskinson, co-founder of Ethereum and founder of IOHK and Cardano.

According to Polymath, Ethereum lacks regulations and compliance, making it better suited to enable “unstoppable applications”. By contrast, Polymesh is being built from the ground up, taking in mind certain considerations to ensure that it will eventually become the underlying infrastructure for the world’s capital markets.

“Most regulators know that regardless of the law they have to understand certain key facts about transactions and the actors behind that. We understand this. However, the biggest challenge regulators obsess about is compliance. A lot of commissioners appreciate that we have to innovate in this space,” said Hoskinson.

Source:

https://www.forbes.com/sites/rachelwolfson/2019/05/13/cardano-founder-partners-with-polymath-to-build-a-compliant-securities-blockchain/#2992660c243d

Leave a comment

Login to comment