Amazing Facts About POLY Coin
Polymath (POLY) Coin:
Owner: Polymath is a decentralized platform for security token issuance and management. It is a community-driven project without a single owner or centralized entity. Polymath’s governance and development are influenced by its community members, developers, and users.
Uses: Polymath and its native cryptocurrency, POLY, are primarily associated with the security token space. Some of the key uses of POLY tokens include:
- STO Creation: POLY tokens are used to create and launch Security Token Offerings (STOs) on the Polymath platform. These STOs represent fractional ownership in various assets, including real estate, companies, and investment funds.
- Compliance Services: Polymath provides compliance services, and POLY tokens are used for these services. This includes Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
- Governance: POLY token holders may participate in governance decisions related to the platform’s development and direction.
Seed Sale: Polymath conducted an initial coin offering (ICO) in January 2018 to fund the project. During the ICO, POLY tokens were sold to early investors.
Working Principles and Limitations: Polymath operates as a platform for tokenizing traditional assets and enabling them to be traded on blockchain networks. Some key working principles and limitations include:
- Security Tokens: Polymath is designed specifically for security tokens, which are regulated digital assets. This focus on compliance and security sets it apart from other token platforms.
- Smart Contracts: Polymath utilizes smart contracts to enforce compliance rules and regulatory requirements for security tokens. This ensures that securities laws are followed.
- Interoperability: Polymath aims to be interoperable with various blockchain networks, allowing security tokens issued on the platform to be traded on different exchanges and networks.
- Regulatory Compliance: While regulatory compliance is a key feature, it can also be a limitation, as it may require additional steps and processes to launch and manage security tokens.
Current Value: To check the current value of POLY tokens, you can visit cryptocurrency market data websites or use financial platforms that track the prices of various cryptocurrencies. POLY is actively traded on various exchanges.
How to Buy and Sell Polymath (POLY) Coin: To buy and sell POLY tokens, follow these general steps:
- Select an Exchange: Choose a cryptocurrency exchange that lists POLY tokens. Some popular exchanges that offer POLY trading pairs include Binance, Huobi, and Bittrex.
- Create an Account: Sign up for an account on your chosen exchange, complete any necessary identity verification (KYC) procedures, and secure your account.
- Deposit Funds: Deposit funds into your exchange account, typically in the form of fiat currency like USD or other cryptocurrencies like Bitcoin or Ethereum.
- Buy POLY: Place a buy order for POLY tokens on the exchange, specifying the amount you want to purchase and the price at which you’re willing to buy.
- Secure Storage: Consider transferring your POLY tokens to a secure cryptocurrency wallet, especially if you plan to hold them for the long term. POLY is an ERC-20 token and can be stored in compatible Ethereum wallets.
- Sell POLY: To sell POLY tokens, navigate to the trading section of the exchange and place a sell order, specifying the amount and price.
Always exercise caution, conduct research, and be aware of the risks associated with cryptocurrencies when buying or selling POLY tokens. Additionally, understand the specific rules and fees imposed by the exchange you choose to use.
