How To Buy Polymath (POLY)?

A common question you often see on social media from crypto beginners is “Where can I buy Polymath?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Polymath on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Polymath (POLY)

First, you will need to open an account on a cryptocurrency exchange that supports Polymath (POLY).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Polymath (POLY) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Polymath (POLY)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Polymath (POLY) or Polymath (POLY) trading pairs. Look for the section that will allow you to buy Polymath (POLY), and enter the amount of the cryptocurrency that you want to spend for Polymath (POLY) or the amount of fiat currency that you want to spend towards buying Polymath (POLY). The exchange will then calculate the equivalent amount of Polymath (POLY) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Polymath (POLY) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Polymath (POLY)?

Polymath’s network is pioneering tokenized financial securities. Polymath is unlocking trillions of dollars in asset value by creating programmable automation solutions for standardized token issuance. Originally developed on the Ethereum blockchain, Polymath is introducing the purpose-made Polymesh blockchain to facilitate enterprise adoption of security tokens using a compliant framework that meets the specific needs of securities regulators.

Polymath is responsible for issuing more than 150 different tokens on Ethereum. Now, with the Polymesh blockchain unlocking the true potential of security tokens, the platform aims to protect user confidentiality and ensure identity validation in a way that is not possible on Ethereum alone. 

With the introduction of the Polymesh blockchain comes a token migration from the ERC-20 POLY token to the native POLYX token. The POLYX token will be an essential part of the nominated proof-of-stake (NPoS) consensus mechanism. Also, it provides holders with voting rights. Moreover, Polymath aims to bring transparency, confidentiality, and compliance to security tokens while paving the way for institutional adoption via regulatory frameworks. As such, all Polymath network validators will be “known, regulated entities”. 

What is a Security Token?

Security tokens can be considered digital, liquid, fractional contracts for an asset. Fractional ownership on the blockchain provides transparency for investors while helping to bridge the traditional financial sector with the world of decentralized finance (DeFi). Moreover, security tokens can act as liquid contracts for any asset class. This includes tokenized equity rights, corporate stock, art, and real estate.

Additionally, security token issuance can play a crucial role in securing funding during a startup or a security token offering (STO). In turn, security tokens provide market access, deep liquidity, and democratization 24/7 without the need for intermediaries.

What is the POLY Token?

The POLY token is an ERC-20 standard utility token that supports the Polymath network. Polymath raised almost $59 million during an initial coin offering (ICO) in January of 2018. Following the launch on Ethereum in the same month, the POLY token has been the primary unit of account for security token issuance throughout the Polymath network. The POLY token is transacted via token issuance, the creation of smart contracts, and legal validation. The creation of security tokens on Ethereum uses the Polymath Ethereum ST-20 token standard. The ST-20 token standard has built-in regulatory requirements for financial securities to simplify compliance. However, to make the process of security token issuance even more streamlined and frictionless, Polymath introduced the Polymesh blockchain. Also, the network will see a migration of the POLY token to the native POLYX token.

What is the POLYX Token?

The POLYX token will be the native cryptocurrency underpinning the NPoS consensus mechanism of the Polymesh blockchain. Whereas the POLY token has a limited supply of one billion tokens, the POLYX token will not have a capped supply. Instead, the supply of POLYX tokens will initially be overseen by the Polymesh governing council. Plus, the POLYX token will provide holders with voting rights for governance proposals. This will enable the Polymath community to have a say in the future direction of the protocol and the distribution of grants and subsidies.

Who are the founders of Polymath?

Polymath was founded by two Canadians, Trevor Koverko and Chris Housser. Koverko had previously worked in numerous fintech companies before transitioning into cryptocurrency in 2015. Housser spent four years in Toronto working as an associate in financial and employment law. Polymath was founded while searching for a solution to tokenize a private fund. During this process, it became clear that complex technical and legal challenges made it very difficult to launch securities on the blockchain. This led to a much larger vision: instead of launching just one tokenized microfund, why not make it easy for anyone to launch a security token? With this idea, Polymath was born.  As of today, Polymath has team members and contributors worldwide and a growing list of over 50 global service providers.

What makes Polymath unique?

Security tokens represent a tremendous market opportunity, but there are significant barriers standing in the way of institutional adoption. Polymath addresses these barriers with Polymesh, an institutional-grade blockchain built for security tokens and the first specialized chain of this nature. The foundations of Polymesh are focused on providing through key design principles the most crucial elements that issuers and investors need, and that institutions and regulators require: identity, compliance, confidentiality, and governance. When put together, these four pillars also support more complex operations, such as settlement. When it comes to creating and managing digital securities, Polymesh’s specificity gives it, and the applications built on it, a distinct advantage over general-purpose blockchains. The purpose-built infrastructure addresses the gaps in standard blockchain architecture to align the functioning of the blockchain with the requirements of modern capital markets. In addition to engineering Polymesh, Polymath has also built a series of tools on the chain that offer non-technical users an intuitive means to access the chain’s functionality. By combining Polymesh’s deep functionality with user-friendly tools, Polymath stands to transform capital markets.

Polymath development updates in 2023

Polymath (POLY) made notable progress in its development and features in 2023. Key developments in Polymath’s ecosystem this year include:

• Polymesh Blockchain: Polymath developed Polymesh, a purpose-built blockchain to meet the specific requirements and regulations of security tokens. Polymesh operates on a nominated Proof-of-Stake consensus and includes the finality gadget GRANDPA and token protocol POLYX.

• Native Protocol Token: POLY is the ERC-20 token deployed on the Ethereum network, while POLYX is the native protocol token that powers the Polymath platform. POLYX is essential for transaction fees and network operations, and POLY holders can upgrade their tokens to POLYX at a 1:1 ratio.

• Smart Extensions and Token Studio: Polymath’s platform features smart extensions that enable issuers to embed specific rules into security tokens, ensuring compliance and functionality. The Token Studio provides end-to-end service, aiding in creating security tokens with features like broker-dealer services, legal firms, and KYC/AML providers.

• Focus on Confidentiality, Governance, Compliance, and Identity: Polymesh is designed with key principles like confidentiality for data protection, governance for proposal and action management, compliance structures for security tokens, and identity features for verified transactions.

• Development Milestones: Polymath’s journey began with the launch of its smart contract on Ethereum in 2018, followed by the introduction of the Polymesh Blockchain in collaboration with Charles Hoskinson. Significant milestones include the launch of the Polymesh testnet for wallet testing and governance, and the mainnet launch in 2021.

• Future Roadmap: Polymath aims to continuously enhance its technology and platform, with ongoing work towards advancements in blockchain technology and the expansion of its ecosystem.

These developments highlight Polymath’s commitment to providing a comprehensive platform for security token issuance and management, with a focus on compliance, governance, and innovation in the blockchain space​​.

Official website: https://polymath.network/

Best cryptocurrency wallet for Polymath (POLY)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Polymath (POLY)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).