Do I Own a Shitcoin?




Polymath - Shitcoin Review

on Aug 23, 2018


POLYMATH POLY



Think ICO’s are hot shit?

Wait until we start to really tokenize securities (STO’s)

That will BOOM...way bigger marketcaps and fundraises than ICO’s.

Today we’ll discuss Polymath, a project aiming to streamline the STO process.

 

Let’s dig in….

Polymath (ticker: POLY)

Mid-Tier Shitcoin

 

Wtf is this shit?

Polymath is a token services platform aiming to streamline the process for companies to create security tokens and for investors to purchase tokens.

Compared to utility tokens which are used for…”utility,” security tokens are used to represent securities or shares in a company, which have different functions such as dividends, dividend dates, voting rights and more.

As a result, Polymath created their own security token standard, ST20 to cover all of these different aspects.

Polymath streamlines the STO process in a very practical manner. The participants involved are issuers (the company wanting to make a token), legal delegates, KYC providers, developers, and investors. 

First, an issuer must submit their token specifications to the Polymath network. The specifications include various company documents, registrations, KYC information, dividend information, logo, company name, legal information, etc. 

Once accepted, the token is almost instantly created. For the token to be used legally, the next step in the process is to choose a legal delegate (lawyer) to actually help you with documentation depending on where you want to operate. Each lawyer has different fees which you pay in POLY through a smart contract.

Next, you can choose delegated (chosen) developers to assist with any further technical functionality as well as creating and auditing smart contracts to handle your security token hub.

Lastly, there are investors. To be able to legally purchase security tokens, you must go through proper KYC. Once again, you can pay a fee to whom you would like to help you go through the proper KYC process for onboarding to the platform. There are many KYC providers to choose from.

In a very very short nutshell, that is what the hype around Polymath is about. They are offering services at each point in the process for both investors and issuers to be part of the soon to come STO craze.  

TL;DR - they streamline the process for issuers by offering delegated developers, lawyers and investors for various services. All fees are paid in POLY and issuers can offer more or less POLY to attract talent.

 

Who tf is behind this shit?

Trevor Koverko and Chris Housser are the two founders of Polymath. Trevor Koverko (an ex-professional hockey player) has a long history in the investments field. Specifically related to crypto, he is an investor in Shapeshift.io, EOS, as well as MaidSafe, Ethereum, Litecoin, Bancor, Bitcoin of course, and more. He seems to have a successful track record as an investor in traditional companies as well, making him a suitable CEO for Polymath.

Chris Housser has a legal and military background. He is a lawyer and seems to be well suited for the COO role.

A hockey player and a ex-army guy, who'da thunk...

 

All in all, mid-tier shitcoin. STO’s will be huge in our opinion. To act as a service provider in the space will only grow to be more and more competitive. Yet, they are early and have a solid name in the space for now. Let’s see how they do.

Hope you learned some shit.

 

Chat soon!

- Mike and Aaron