CommPRO Editorial Staff
Polymath Network (polymath.network), the decentralized platform for security tokens, today announced a major upgrade to its Ethereum based protocol – codename “Poho” (the Sesotho word for Bull) or version 3.0. This upgrade makes Polymath’s ST-20 standard fully compliant with ERC-1400 improving interoperability and communication within the security token ecosystem. Polymath enables every stakeholder, from issuers and investors to exchanges and wallets, to speak the same language through standardization, while providing the necessary tools for security token issuers to comply with regulations across multiple jurisdictions.
Much like how ERC-20 brought a standard for utility tokens, Polymath developed ST-20 to meet the market’s demand for a security token standard. ST-20 is an extension of ERC-20, but goes beyond ERC-20’s capabilities by allowing security token issuers to maintain regulatory compliance through transfer restrictions and other measures. Since it is built on Ethereum and compatible with ERC-20, ST-20 is interoperable with much of today’s existing blockchain infrastructure, including custodians and exchanges. ST-20’s advanced features, standardized concepts, and flexible architecture are all available through the Polymath platform and DApp.
“Until now, organizations have been developing their own patchwork solutions for security token infrastructure. Now, with the ERC-1400 standard, every developer and stakeholder can speak the same language, opening up significant opportunities in this vertical” said Adam Dossa, Head of Technology at Polymath. “With the “Poho” release of our Polymath protocol, ST-20 tokens are fully ERC-1400 compliant as well as being future-proofed through on-chain upgradability and a sophisticated modular structure.”
Along with being fully ERC-1400 compliant, the Polymath 3.0 release introduces many new features designed to make ST-20 tokens easier and more flexible to manage. One of the core features of ST-20 is the ability to add functionality to tokens through purpose specific modules which encapsulate business rules for compliance, fund-raising, capital distribution and governance. This means that ST-20 tokens can be fully customized for a specific asset or jurisdiction, and that organizations can future-proof the functionality associated with their ST-20 tokens.
The Consensys Diligence team audited the Polymath 3.0 release. Their report can be found here. Polymath 3.0 was released on the Kovan Ethereum test network in early July, and on Ethereum Mainnet on July 29th. The Polymath Token Studio is the best place for a non-technical security token issuer to use the 3.0 contracts to create and manage a security token.