We promised that the Polymesh Mainnet would go live in 2021, and we're thrilled to now affirm that Polymesh will be launched by the Polymesh Association on October 13, 2021.
The Mainnet Launch comes six months following the successful Incentivized Testnet (ITN), which went live for users on April 13 of this year. The ITN gave users and node operators the opportunity to complete challenges and earn points to climb the leaderboard, with the potential to be rewarded in POLYX. From the beginning, the response to the Polymesh ITN exceeded expectations. Within the first week, we witnessed a huge user base onboard with more than 2, 300 users applying from more than 80+ countries. Flash-forward five months later and there are more than 4, 300 unique verified users who have created over 3, 700 tokens on the chain.
Polymesh was purpose-built to incorporate identity, compliance, confidentiality, governance, and deterministic finality.
The Polymesh network will launch with 14 financially regulated entities acting as operators running validator nodes, with plans to continue onboarding new operators, customer due diligence providers, and various other service providers. The global community of operators includes Entoro Capital, Tokenise, Marketlend, Oasis, Genesis Block, GATENet (subsidiary of GSX Group), Scrypt, B89, Digivault, Saxon Advisors, Bloxxon AG, and Etana Custody. The requirement for operators to be permissioned, regulated entities is one of the many unique characteristics of the Polymesh network and ensures industry-leading security, efficiency, and transparency.
Most existing public blockchains were built for pseudonymity, censorship resistance, and transparency, and rely on probabilistic settlement. In contrast, Polymesh was purpose-built to incorporate identity, compliance, confidentiality, governance, and deterministic finality. Through key design principles built into the chain's core, Polymesh solves issues with public infrastructure, providing for the first time a chain built from the ground up to be compatible with capital market needs.
Based on guidance provided by the Swiss financial regulator FINMA, Polymesh's native protocol token POLYX is a utility token under Swiss laws.
Based on guidance provided by the Swiss financial regulator FINMA, Polymesh's native protocol token POLYX is a utility token under Swiss laws. This marks a huge step forward in the regulatory understanding of blockchain technology and its potential beyond payments and securities.
"Polymath set out to build the world's first blockchain specifically for security tokens in 2019, and we've achieved that and more. We're excited to announce the Polymesh mainnet launch by the Polymesh Association, especially after the community's passionate response to the Incentivized Testnet with over 4, 300 users", says Chris Housser, Interim CEO of Polymath.
The Polymesh blockchain will be deployed by the Polymesh Association, a not-for-profit association based in Switzerland whose mission is to promote and develop technologies and applications in the field of blockchain, with a particular focus on the development of the Polymesh protocol and ecosystem. To fulfill its mission, the Association will be equipped with $8 million USD and 250 million POLYX to offer grants and incentives.
As part of the launch process, the Polymesh Association will deploy a one-way 1:1 POLY:POLYX upgrade bridge for users to upgrade POLY to POLYX. Aside from the one-way bridge, there will be no newly minted supply except for rewards as part of the consensus validation process.
For more information about Polymesh, please visit https://polymesh.network.
Polymath makes it easy to create, issue, and manage tokens on the blockchain. More than 200 tokens have been deployed using our Ethereum-based solution. Polymath developed the open-source code for Polymesh, an institutional-grade blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving the inherent challenges with public infrastructure around identity, compliance, confidentiality, governance, and settlement.