Blockchain technology provider Polymath announced today that Polymesh, an institutional-grade permissioned blockchain built specifically for regulated assets, will be launched by the Polymesh Association on October 13. The mainnet launch follows the success of its Incentivized Testnet (ITN), which saw more than 4,300 unique verified users.
The 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 service providers. The global community of operators includes Entoro Capital, Tokenise, Marketlend, Oasis, Genesis Block, Gibraltar Stock Exchange (GSX), Scrypt, B89, Digivault, Saxon Advisors, Bloxxon AG, and Etana Custody. The requirement for operators to be permissioned, regulated entities is one of many unique characteristics of the Polymesh network as it seeks to improve the scalability and transparency of its offerings, along with the credibility of the blockchain industry as a whole.
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 and provides a chain built from the ground-up to be compatible with capital market needs.
In addition, Polymesh’s native protocol token, POLYX, is a utility token under Swiss laws (based on guidance provided by the Swiss financial regulator FINMA). This marks a big step forward in 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,” said 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 focus on the development of the Polymesh protocol and ecosystem. To fulfill its mission, the association will be funded with $8 million and 250 million POLYX to offer for 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.