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Polymesh is a public permissioned blockchain. Public permissioned is that's defined as all node operators that operate the network and secure the network, are all regulated entities. They all carry a license from a financial services entity and they must report up to a higher power. So all actors on the chain that help to secure the network in a truly decentralized fashion are all from key segments within the financial services sector from different countries from around the world.
00;00;54;23 - 00;01;27;18
On top of that, we added an additional layer of compliance to the core blockchain, and that is that all users that are onboarded to the blockchain with a wallet have to go through a form of KYC, and that KYC is performed by some of our partners. And our partners, hold the the credentials and walk through the KYC process, and they're embedded into the chain level and they're also embedded into the Polymath Capital Platform as well.
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And since we're based in the United States, we're under the most stringent regulation, and we believe that regulators will want a purpose-built blockchain and some of the amenities that the Polymesh blockchain has. So that was a really big deciding factor for us to move forward with Polymath.
00;01;48;26 - 00;03;13;27
Ernst and Young issued a report earlier this year where they interviewed several Fortune 500 enterprise organizations on security tokens and on blockchains as well. And would they deploy on a purely public blockchain, private blockchain or public permissioned blockchain? 60% of the respondents actually came back with public permissioned as their answer - which leads to, again, everything that we're doing here at Polymath and Polymesh and how we're approaching the overall industry.
And I can't say enough that, you know, the first thing actually that we think of is how do we build a community and a platform of trust where all partners and parties on the chain and on the platform trust each other. And so that's really fundamentally important to us that it's taking that trust down to the deeper layers as far as how we're building capabilities and features into the chain. But even actually the partners that we engage with as well.