Unveiling Polymath Core — “Toro”

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Note: This blog post was originally published on Medium on April 6, 2018.

The wait is over. We are very excited to announce the next major version of Polymath Core — codename: “Toro”. Toro is now fully open-source and available on our GitHub. See the public code repository here. 

Our team has worked tirelessly on this release for the past few months. It involves a major architecture refactoring, which has made Polymath Core considerably more modular and easy to use. This allows Polymath and others to easily plug in custom-developed components for various types of issuances, legal requirements, and offering processes. It will serve as the perfect starting point for Polymath and the developer community to build countless issuances.

Since we often get asked, “What is an ST-20 token?” — we’ll lay it out here from Pablo Ruiz, VP of Engineering:

An ST-20 token is an Ethereum-based token implemented on top of the ERC-20 protocol that adds the ability for tokens to control transfers based on specific rules. ST-20 tokens rely on Transfer Managers to determine the ruleset the token should apply in order to allow or deny a transfer, be it between the issuer and investors, in a peer to peer exchange, or a transaction with an exchange.

What functionality does Toro deliver?

Toro implements two major functionalities in one repository:

  1. The new Polymath Core ST-20 platform / “base code”
  2. An example STO (Security Token Offering) Module for typical “crowdfunding” offerings

Within the new base code, there are four major components: a Security Token, the Ticker Registry, the Security Token Registry, and the Module Registry. We will be creating in-depth technical education documents that define the architecture further. For now, find out more about these components in the repositories README.

How can developers and the wider community use it?

This solid base lays the foundation upon which the Polymath platform will be built. Other technical parties can now develop new STO Modules on top of this base which define how token issuances are processed and implemented. Polymath has delivered one sample STO Module, which will be the first of many real STO Modules.

It is important to note that we are now at an inflection point. We will now go from a world where very few security tokens exist, to a world where security tokens can be created quickly and easily, with the necessary trading restrictions and compliance requirements built in. This creates a massive opportunity for developers, businesses, and Polymath community members to build useful tools (the bridges, roads, tunnels, and pipes) that will be used over and over again in the security token issuance process.

What will you build on the Polymath protocol?

Polymath is a blockchain technology provider. Polymath is not a broker-dealer, funding portal, trading platform or otherwise engaged in the business of trading in securities or providing advisory services regarding the issuance, buying or selling of securities. Polymath is not making any recommendation or giving any advice with respect to any company or proposal discussed in this communication.

 

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