Polymesh is a blockchain project developed to serve asset regulation at the institutional level. The platform adheres to many financial principles with the main goal of minimizing fixed costs for users when operating on the blockchain.
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What is Polymesh?
Polymesh is a unique blockchain project developed to serve the regulation of assets at an institutional level. The platform addresses infrastructure challenges in areas such as governance, identity, security, protection, and payments.
The platform adheres to various financial principles with the primary goal of minimizing fixed costs for users when operating on the blockchain. The project also supports developers in building decentralized applications (dApps) through the use of security tokens.
It can be seen that Polymesh offers developers the opportunity to enjoy the unique benefits of a private, permissionless network. Along with that, it efficiently addresses issues related to regulatory compliance, identity verification (KYC), legal compliance, and data protection.
What makes Polymesh stand out?
Below is a summary of the most notable features of the Polymesh project, including:
- Governance: The project is built on the Substrate framework, allowing for seamless upgrades without the need for hardforks, ensuring that there is only one version of blockchain.
- Identity: The project requires a mandatory identity verification process to create on-chain identities for every individual or organization participating in the network, ensuring that all interactions on the blockchain can be traced back to verified real-world entities.
- Compliance: The project offers the ability to create and manage security tokens integrated directly into the blockchain’s base layer. Features such as regulatory compliance and rule enforcement are optional and can be automated.
- Security: The project uses the MERCAT (Mediated, Encrypted, Reversible, Secure Asset Transfers) protocol to enable confidential issuance and transfer of assets, allowing users to maintain privacy in transactions while ensuring that the project does not compromise compliance or transparency.
- Instant Settlement: The project supports instant settlement for both on-chain and off-chain assets through its on-chain settlement tool, enabling two-way transaction confirmation and nearly immediate finality.
How does Polymesh work?
The way the Polymesh project operates revolves around the Nominated Proof-of-Stake (NPoS) mechanism, where all activities are managed by node operators. These operators are verified through staking POLYX and receive rewards for block validation. Currently, the platform has 61 validators.
In this process, the node operators and stakers work together to secure the blockchain and validate blocks. It is essential to ensure that each block is approved by at least two-thirds of the validating nodes before being recorded in the ledger and made immutable, ensuring efficient transaction processing.
When node operators successfully validate blocks, they receive rewards in POLYX with a commission of up to 10%. The remaining rewards are distributed to the stakers who have staked their POLYX for the node operators.
What is POLYX?
POLYX is Polymesh’s native token, operated on the project and can be used for many different utility activities.
Specifications
- Token Name: Polymesh
- Ticker: POLYX
- Contract: 0x236036ad617b4b9de31e742ab2118ba8f8250c2a
- Total Supply: 1.038.751.088 POLYX
- Circulating Supply: 839.746.422 POLYX
Distribution rate
Currently POLYX is being allocated according to the following specific ratios:
- Reserve: 52%
- Pre-sale and airdrop: 24%
- Team: 20%
- Investors: 2%
- Reserve bonus: 2%
POLYX Use Cases
POLYX can be used for the following purposes:
- Staking to participate in the network security process.
- Pay transaction fees.
- Participate in the governance process.
How to own POLYX?
If you want to own POLYX, the best way is to buy it, the best crypto exchanges we can recommend for you are Binance, Gate.io, KuCoin, HTX, Upbit,…
Conclusion
So we have also succeeded in sharing with you all the most general and easy-to-understand content about the Polymesh project. Thank you for taking the time to follow and see you again in other content from AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
