After being launched in the Ethereum Blockchain in January 2018, the POLYX native token has been the main unit of account used to issue securities tokens throughout its network. Following the ERCS-20 POLY tokens launched on Ethereum, the Polymath network is migrating to a custom-built blockchain, Polymesh.
We know all of this might sound a bit like a technical jargon, but if you’re researching the topic from the point of view of asking how the POLYX token is changing the crypto game, you are indeed anticipating a little bit of technical insight so as to gain that deeper understanding…
So, let’s get right into it, shall we?
The Polymath-launched Polymesh purpose-built blockchain will also introduce the native POLYX token. The POLYX token will power the Polymesh’s purpose-built blockchain similar to the gas fees of the Ethereum blockchain ecosystem. Additionally, the native POLYX token will be the main means of exchange on their Polymath Token Studio network.
Additionally, when Polymesh’s main network is earmarked to launch, the Polymesh governance board will oversee a transition from the POLY tokens to POLYX for a minimum one year following the launch. Polymath will update between 240 and 250 million POLYs into POLYX, which will be held in the Treasury of the Polymesh network.
Originally developed on the Ethereum Blockchain, Polymath is introducing a custom-built blockchain, Polymesh, to ease the enterprise adoption of securities tokens using a compliance framework meeting specific needs from securities regulators. To further streamline and make the process of issuing security tokens frictionless, Polymath is introducing the Polymesh blockchain. Tokenized securities, or security tokens, are issued on blockchains such as Polymesh, an institutional-grade blockchain built specifically for regulated assets like security tokens.
This opens up new possibilities, since those tokens could be re-used for liquidity during a startup, or recycled into a new game. Since the collectibles in Blockchain are living in distributed open databases represented by tokens, it means that it is reuseable beyond the boundaries of PUBG, and marketplaces such as Rarebits Rare Bits and Opensea exist to buy and sell these collectibles. ALICE, a native ERC-20 token on the Metaverse, has a number of uses, including within-game transactions such as buying or selling items within a game.
Its native asset, SAND, is an ERC-20 token that facilitates in-game transactions, including purchasing virtual plots of land. Its utility token, POLYX, is used for governance, securing the network via staking, and creating and managing security tokens. Using its utility token POLYX, Polymesh rewards actors accordingly within the blockchain ecosystem in order to improve the blockchain’s security.
Polymath is the all-in-one platform for creating your own security token, gaining access to trusted partners on the network like KYC providers from law firms, issuing your own security tokens for complaints, and ultimately managing your own security tokens through quick and simple issuing.
Later, the team launched testnet V1 for testing the custom built Blockchain called Polymesh Wallet, the upgrade bridge, the Polymath Token Studio, and the governance of the token holders.